Microenterprise Loan Fund Act 2012
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Interpretation. |
2.— (1) In this Act— | |
“Act of 1963” means the Companies Act 1963 ; | ||
“Fund” has the meaning assigned to it by section 4 ; | ||
“material interest” shall be construed in accordance with section 2 (3) of the Ethics in Public Office Act 1995 ; | ||
“microenterprise” shall be construed in accordance with subsection (2); | ||
“Minister” means the Minister for Jobs, Enterprise and Innovation; | ||
“Social Finance Foundation” means the company of that nameformed and registered under the Companies Acts on 25 January 2007; | ||
“subsidiary” has the meaning assigned to it by section 11 . | ||
(2) For the purposes of this Act, a person is a microenterprise if— | ||
(a) the person is established in the State and employs fewer than 10 persons (calculated in accordance with Commission Recommendation (2003/361/EC) of 6 May 2003 1 concerning the definition of micro, small and medium-sized enterprises) whether or not in the State, and | ||
(b) the person’s— | ||
(i) annual turnover does not exceed €2 million (calculated in accordance with the said Commission Recommendation) whether or not earned in, or derived from activities carried on, in the State, | ||
(ii) estimated annual turnover (in circumstances where the person has been carrying on business for less than 12 months) in the year concerned does not exceed €2 million (calculated in accordance with the said Commission Recommendation) whether or not estimated to be earned, or derived from activities carried on, in the State, or | ||
(iii) annual balance sheet total does not exceed €2 million (calculated in accordance with the said Commission Recommendation). | ||