Industrial Development (No. 2) Act, 1975

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Number 29 of 1975

INDUSTRIAL DEVELOPMENT (No. 2) ACT, 1975

ARRANGEMENT OF SECTIONS

Number 29 of 1975

INDUSTRIAL DEVELOPMENT (No. 2) ACT, 1975

AN ACT TO AMEND AND EXTEND THE INDUSTRIAL DEVELOPMENT ACTS, 1969 TO 1975. [19th December, 1975]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Definition.

1.—In this Act “the Principal Act” means the Industrial Development Act, 1969 .

Amendment of section 17 of Principal Act.

2.—Section 17 of the Principal Act (as amended by the Industrial Development Act, 1972 ) is hereby amended by the substitution for subsections (2) and (3) of the following:

“(2) (a) The aggregate amount of grants made by the Authority under the Industrial Grants Act, 1956 , and of grants (other than grants under section 12 of the Act of 1952) made by An Foras Tionscal and the Minister under the Undeveloped Areas Acts, 1952 to 1969, and the Industrial Grants Acts, 1959 to 1969, and by the Authority under this Act, and of payments made by An Foras Tionscal and the Minister on foot of guarantees given by An Foras Tionscal and the Minister under the Industrial Grants Act, 1959 , and of payments made by An Foras Tionscal or the Authority under section 4 of the Act of 1966 and of payments made by the Authority under section 15 of this Act, shall not exceed £400,000,000.

(b) The aggregate amount of moneys guaranteed in respect of principal by the Authority under section 37 of this Act and outstanding, and of payments made by the Authority in respect of principal on foot of guarantees under that section, shall not at any time exceed £100,000,000.

(3) (a) The aggregate amount of grants under section 12 of the Act of 1952, section 3 of the Industrial Grants Act, 1956 , and subsection (1) (b) of this section (excluding any amounts required by the Authority to enable it to meet its obligations or liabilities arising from guarantees under section 37 of this Act) shall not exceed £400,000,000.

(b) The aggregate amount of grants made by the Minister to the Authority to enable it to meet its obligations or liabilities arising from guarantees under section 37 of this Act in respect of principal shall not exceed £100,000,000.

(c) In relation to a guarantee referred to in paragraph (b) of this and the preceding subsection in money in a currency other than the currency of the State, the references to principal in those paragraphs shall be taken as referring to the equivalent in currency of the State of the actual principal, such equivalent being calculated according to the cost in the currency of the State of the actual principal at the time of the giving of the guarantee.”.

Amendment of section 37 of Principal Act.

3.—Section 37 of the Principal Act is hereby amended by the insertion of the following subsection after subsection (4):

“(5) The Authority shall not, without the prior permission of the Government, give in respect of a particular industrial undertaking a guarantee under this section of repayment of principal exceeding £500,000.”.

Short title, construction and collective citation.

4.—(1) This Act may be cited as the Industrial Development (No. 2) Act, 1975.

(2) This Act shall be construed as one with the Industrial Development Acts, 1969 to 1975, and shall be included in the collective citation, the Industrial Development Acts, 1969 to 1975.