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Power of Agencies to invest in certain bodies.
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6.—(1) Forfás shall, in pursuance of its function of encouraging the development of industry and technology in the State, and in addition to any other powers vested in it under the Act of 1993, have power to invest or make a loan, out of moneys at its disposal, in or to a body to which this section applies, subject to such financial limits and such other terms and conditions as may from time to time be specified in a scheme governing the making of such investments or loans drawn up by Forfás and the Agencies and sanctioned by the Minister with the concurrence of the Minister for Finance a copy of which scheme shall be laid before each House of the Oireachtas as soon as may be after the making and sanctioning thereof.
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(2) The power conferred on Forfás by subsection (1) shall, in relation to a specific scheme or schemes, be assigned to, and exercised by, an Agency in accordance with such directions as Forfás, with the concurrence of the Minister, may from time to time determine.
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(3) The reference in subsection (1) to moneys at the disposal of Forfás—
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(a) includes a reference to moneys arising from schemes, grants and other financial facilities involving the disbursement of European Union Funds, and
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(b) for the purposes of subsection (2), means moneys at the disposal of the Agencies.
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(4) This section applies to a body which is a body corporate, partnership or other body which is established for the purpose of investing in industry in the State, or a particular sector of industry in the State, and which administers, or proposes to administer, an investment fund or funds for that purpose.
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(5) Forfás and the Agencies shall include full details of all investments and loans made by them or any of them in their annual report.
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