Industrial Development Act, 1995
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County Enterprise Boards. |
10.—(1) This section applies to any body, referred to in the Schedule to this Act as a County Enterprise Board (“a Board”), established for the purpose of promoting and assisting economic development within its area of operations and incorporated with the approval of the Minister as a company limited by guarantee under the Companies Act, 1963 . | |
(2) The Minister may, out of moneys provided by the Oireachtas, make grants of such amounts as the Minister, with the consent of the Minister for Finance, may sanction to enable a Board to meet its administration and general expenses and to discharge its obligations and liabilities incurred in the performance of its functions under subsection (4). | ||
(3) (a) The aggregate amount of grants made by the Minister under this section shall not exceed £100,000,000. | ||
(b) The aggregate expenses, obligations and liabilities of a Board shall not exceed the total of the grants made to it under this section except to the extent of its receipts from other sources and provided for in subsection (4) (f). | ||
(4) A Board may for the purpose of promoting and assisting economic development within its area of operations, in particular by means of enterprise creation and business development— | ||
(a) make a loan, upon such terms and conditions as it may determine, to an undertaking, | ||
(b) make a grant, upon such terms and conditions as it may determine, to an undertaking, | ||
(c) make an equity investment, upon such terms and conditions as it may determine, in an undertaking, | ||
(d) support, in such manner as may be deemed expedient, local developments likely to contribute to enterprise creation and business development or other economic benefits and in general to foster in the area an awareness of the need for enterprise creation and development, | ||
(e) subject to the prior consent in writing of the Minister, take over, purchase, lease, exchange, hire or otherwise acquire any real, leasehold or personal property and to sell, lease, mortgage, exchange, dispose of or otherwise deal with any such real, leasehold or personal property, | ||
(f) receive grants, donations, contributions, subscriptions, and generally manage, invest and expend all properties and moneys belonging to the Board, | ||
(g) employ such personnel (including a chief executive officer) in such manner and on such terms as have been approved by the Minister (with the consent of the Minister for Finance) as the Board may think desirable or necessary for the furtherance of its objects, and | ||
(h) do such other things as are consistent with its objects. | ||
(5) (a) Where a Board makes a loan, grant or equity investment under this section, such loan, grant or equity investment shall be in such form and on such terms and conditions as may be specified in a scheme governing the loan, grant or equity investment sanctioned by the Minister with the consent of the Minister for Finance. | ||
(b) A Board shall not borrow or give securities, or provide loan guarantees. | ||
(c) The Minister may exercise any function under this section in relation to a Board either directly or by means of any person or body authorised to do so in pursuance of and in accordance with regulations made by the Minister under this section. | ||
(6) The Minister shall not be liable for any loss suffered by a Board in the exercise of any function under this Act. |