IE-1969-act-32 — Industrial Development Act, 1969

Short title. 1. —This Act may be cited as the Industrial Development Act, 1969. Definitions. 2. —In this Act— “the Act of 1950” means the Industrial Development Authority Act, 1950 ; “the Act of 1952” means the Undeveloped Areas Act, 1952 ; “the Act of 1966” means the Industrial Grants (Amendment) Act, 1966 ; “the Authority” means the Industrial Development Authority; “fixed assets” means machinery, plant, equipment, land, buildings, services and other works of or for an industrial undertaking; “industrial undertaking” includes an undertaking ancillary to industry; “land” includes messuages, tenements and hereditaments, houses and buildings of any tenure; “local authority” has the same meaning as in section 2 of the Local Government Act, 1941 ; “the Minister” means the Minister for Industry and Commerce. Commencement. 3. —( a ) This Act shall come into operation on such day or days as may be fixed therefor by order or orders of the Minister, either generally or with reference to a particular purpose or provision, and different days may be so fixed for different purposes and different provisions of this Act. ( b ) An order made under this section shall as soon as may be after it is made be laid before each House of the Oireachtas. Repeals. 4. —The enactments specified in column (1) of the Third Schedule to this Act are hereby repealed to the extent mentioned in column (3) of that Schedule. Expenses. 5. —The expenses incurred by the Minister in the administration of this Act shall, to such extent as may be sanctioned by the Minister for Finance, be paid out of moneys provided by the Oireachtas. Designated areas. 6. —(1) Each of the following shall be a designated area for the purposes of this Act— ( a ) the congested areas as defined in section 3 of the Act of 1952, ( b ) an area which before the commencement of this section was declared by an order under section 3 of the Act of 1952 to be an area to which that Act applied, ( c ) any area which the Minister from time to time, with the consent of the Minister for Finance, declares by order to be a designated area. (2) An order under this section may declare an area to be a designated area for such period as is specified in the order. (3) An order made under this section shall as soon as may be after it is made be laid before each House of the Oireachtas. PART II Provisions Relating to the Dissolution of an Foras Tionscal Dissolution of An Foras Tionscal. 7. —An Foras Tionscal (in this Part of this Act and in the First Schedule to this Act referred to as the dissolved Board) is hereby by virtue of this section dissolved. Transfer of powers, functions, etc. to Industrial Development Authority. 8. —Save as otherwise provided by this Act, the powers, functions and rights conferred on the dissolved Board by the Undeveloped Areas Acts, 1952 to 1969, and the Industrial Grants Acts, 1959 to 1969, and the duties and liabilities imposed by those Acts on the dissolved Board are hereby transferred to the Authority. Provisions consequential on dissolution. 9. —The First Schedule to this Act shall have effect in relation to the dissolution effected by this Part of this Act. Winding up of superannuation schemes. 10. —(1) The Minister may, on or after the commencement of this Part of this Act by regulations made with the consent of the Minister for Finance, provide for the winding up of a scheme made under section 6 of the Act of 1966. (2) Regulations under this section may contain such consequential or ancillary provisions as appear to the Minister to be necessary. (3) A regulation made under this section shall as soon as may be after it is made be laid before each House of the Oireachtas. PART III Industrial Development Authority Chapter I General Provisions Additional functions of the Authority. 11. —The Authority shall have, in addition to the functions assigned to it by section 3 of the Act of 1950, the following general functions— (i) to act under the Minister as a body having national responsibility for the furtherance of industrial development; (ii) to provide and administer such grants and other financial facilities for industry as it may be authorised by the Oireachtas to provide and to administer; (iii) to develop, construct, maintain and administer industrial estates and factory buildings (other than at the Shannon Customs Free Airport) together with the associated facilities of such estates and buildings; (iv) to provide and arrange, where the Authority considers it necessary, housing for employees in industry; (v) to foster the national objective of regional industrial development. Promotion of regional development. 12. —The Authority may in the exercise of its functions have regard to the extent to which an industrial undertaking will serve to promote national objectives for regional development. Restriction of section 5 of Act of 1950. 13. —Section 5 of the Act of 1950, which relates to the Authority's power to summon witnesses, shall not apply to the functions conferred on the Authority by this Act. Authority not to make grants relating to undertakings at Shannon Customs Free Airport. 14. —The Authority shall not make a grant in respect of the establishment, development or maintenance of an industrial undertaking at the Shannon Customs Free Airport. Provision of sites and services by the Authority for industrial development. 15. —(1) The Authority may provide sites, buildings, services and facilities in any part of the State (other than at the Shannon Customs Free Airport) where the Authority considers or anticipates that industrial development will or is likely to occur. (2) The powers conferred on An Foras Tionscal by section 5 of the Act of 1952 and vested in the Authority by virtue of Part II of this Act may be exercised by the Authority for the purposes of subsection (1) of this section in any part of the State other than the Shannon Customs Free Airport. Provision by Authority of housing for employees in industry. 16. —(1) The Authority may provide and arrange the provision of housing intended for occupation by employees in industry and, for this purpose, may buy, lease or sell lands, subsidise rents and do everything necessary or ancillary to such provision. (2) The Authority may carry out its functions under this section by arrangement with or through the agency of the National Building Agency Limited, a local authority or the industry in connection with which the housing is being provided. Grants to the Authority. 17. —(1) In each financial year there may be paid by the Minister to the Authority out of moneys provided by the Oireachtas grants of such amounts as the Minister with the consent of the Minister for Finance may sanction to enable the Authority— ( a ) to meet its administration and general expenses, and ( b ) to discharge the obligations or liabilities incurred by the Authority under this Act or otherwise, including any obligations or liabilities incurred by reason of any transfer of powers or functions effected by this Act. (2) 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 the Authority on foot of guarantees given under this Act 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 £100,000,000. (3) 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 shall not exceed £100,000,000. Transfer of certain powers to An Chomhairle Oiliúna. 18. —(1) The Minister may by order, made with the consent of the Minister for Labour, provide for the transfer to An Chomhairle Oiliúna of some or all (as may be specified in the order) of the powers conferred on the Authority by section 39 of this Act. (2) An order under this section may make such consequential and ancillary provisions and such adaptations as appear to the Minister to be necessary. (3) An order made under this section shall as soon as may be after it is made be laid before each House of the Oireachtas. Authority's power to accept gifts. 19. —(1) The Authority may accept a gift of money, land or other property on such trusts and conditions as may be specified by the donor. (2) The Authority shall not accept a gift if a condition attached by the donor to the acceptance of the gift is inconsistent with the functions of the Authority. Temporary borrowing by Authority. 20. —The Authority may, with the consent of the Minister given with the concurrence of the Minister for Finance, borrow temporarily by arrangement with bankers such sums as it may require for the purpose of providing for current expenditure. Authority's power to employ consultants and advisers. 21. —The Authority may, out of moneys at its disposal, from time to time employ such consultants or advisers as it may consider necessary for the discharge of its functions. Application of Second Schedule. 22. —The Second Schedule to this Act shall apply to the Authority. Exemption from stamp duty. 23. —No stamp duty shall be payable on any instrument under which any land, easement, way-leave, water right or other right whatsoever over or in respect of land or water is acquired by the Authority. Chapter II Provisions Relating to Members and Staff Remuneration, etc. of members of Authority. 24. —The remuneration, terms of appointment and conditions of service of the Chairman, Deputy Chairmen and other members may be fixed by contracts entered into with them by the Minister with the consent of the Minister for Finance. Member of Authority becoming candidate for membership of House of Oireachtas. 25. —Section 4 of the Act of 1950 is hereby amended by the substitution of the following for subsection (9) ( a ): “( a ) Where a member of the Authority is nominated either as a candidate for election to either House of the Oireachtas or as a member of Seanad Éireann, he shall thereupon cease to be a member of the Authority”. Officers and servants of Authority. 26. —(1) The Authority may appoint such and so many persons to be officers and servants of the Authority as it thinks proper from time to time. (2) An officer or servant of the Authority shall hold office or employment on such terms and conditions as the Authority may from time to time determine. (3) A person who immediately before the commencement of this section was a person who was appointed by the Minister under section 6 (3) of the Act of 1950 shall on and from such commencement become and be an officer or servant of the Authority. (4) A person who was appointed an officer or servant of An Foras Tionscal under section 5 (1) of the Act of 1966 shall on and from the commencement of this section become and be an officer or servant of the Authority. (5) A person who was appointed by the Minister pursuant to an order made under section 5 (1) of the Civil Service Commissioners Act, 1956 , to serve the Authority shall on and from the commencement of this section become and be an officer or servant of the Authority and any such order shall on and from the commencement of this subsection cease to have effect. (6) An officer or servant of the Authority shall be paid such remuneration and allowances as the Authority, with the consent of the Minister and the Minister for Finance, may from time to time determine. Superannuation of staff referred to in section 26. 27. —(1) The Authority shall prepare and submit to the Minister a contributory scheme or schemes for the granting of pensions, gratuities and other allowances on retirement to or in respect of such officers and servants referred to in section 26 of this Act as it may think fit. (2) Every such scheme shall fix the time and conditions of retirement for all persons to or in respect of whom pensions, gratuities or allowances on retirement are payable under the scheme, and different times and conditions may be fixed in respect of different classes of persons. (3) The Authority may at any time prepare and submit to the Minister a scheme amending a scheme previously submitted and approved of under this section. (4) A scheme submitted to the Minister under this section shall, if approved of by the Minister with the concurrence of the Minister for Finance, be carried out by the Authority in accordance with its terms. (5) If any dispute arises as to the claim of any person to, or the amount of, any pension, gratuity or allowance payable in pursuance of a scheme under this section, such dispute shall be submitted to the Minister who shall refer it to the Minister for Finance, whose decision shall be final. (6) Every scheme submitted and approved of under this section shall be laid before each House of the Oireachtas as soon as may be after it is approved of and if either House, within the next twenty-one days on which that House has sat after the scheme is laid before it, passes a resolution annulling the scheme, the scheme shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder. (7) An officer or servant of the Authority becoming entitled to superannuation benefits under this section shall, if appointed a whole-time member of the Authority, not be entitled to the superannuation benefits to which, but for this subsection, he would have been entitled under section 28 of the Superannuation and Pensions Act, 1963 . Disclosure of documents. 28. —The Authority shall not, without the consent of the Minister, disclose any document in its custody or under its control, production of which is sought in relation to any legal proceeding, and the Minister may claim the like privilege in respect of the document as if it were in his own custody. Disclosure of information. 29. —(1) No person who is an officer or servant of, or an adviser or consultant to, the Authority shall disclose any information obtained by him while performing duties as such officer, servant, adviser or consultant. (2) A person who contravenes subsection (1) of this section shall be guilty of an offence and shall be liable on summary conviction to a fine not exceeding £50. (3) Nothing in subsection (1) of this section shall prevent— ( a ) disclosure of information in a report made to the Authority or (on behalf of the Authority) to the Minister, ( b ) disclosure of information by the Authority for the purpose of a scheme of research or development. (4) A member of the Authority shall not be prevented from disclosing information for the purpose of a scheme of research or development. Officer or servant of Authority becoming member of House of Oireachtas. 30. —(1) Where a person who is either an officer or a servant in the employment of the Authority becomes a member of either House of the Oireachtas— ( a ) he shall, during the period (in this section referred to as the secondment period) commencing upon his becoming entitled under the Standing Orders of that House to sit therein and ending either when he ceases to be a member of that House or, if it should sooner happen, upon his resignation or retirement from that employment by the Authority, stand seconded from that employment, ( b ) he shall not be paid by, or entitled to receive from, the Authority any remuneration or allowances in respect of the secondment period, ( c ) if there is in force a scheme made under section 27 of this Act and the scheme establishes a fund to which the Authority and the person pay contributions— (i) the secondment period shall, for the purposes of the scheme, be deemed to be service of that person which is reckonable for superannuation benefits under the scheme if, but only if— (I) he was in the permanent employment of the Authority and was a contributor under the scheme immediately before the commencement of the secondment period, (II) he elects, by notice in writing given to the Authority within three months after the commencement of the secondment period, to pay contributions under the scheme in respect of the secondment period in accordance with the provisions of this section, and (III) he pays, at such times and in such manner as the person duly appointed to administer the scheme may specify, contributions under the scheme in respect of the secondment period equal in amount to the aggregate of the contributions which he would have paid and the contributions which the Authority would have paid in respect of the secondment period if he had remained without secondment under this subsection in the service of the Authority during the secondment period and had been in receipt of remuneration from the Authority during the period, (ii) the Authority shall not pay any contributions under the scheme in respect of the secondment period, but that part of the contributions payable by him as aforesaid which is equal to the amount of the contributions which the Authority would have paid under the scheme in respect of the secondment period if he had remained without secondment under this subsection in the service of the Authority during the secondment period and had been in receipt of remuneration from the Authority during that period shall, for the purposes of the scheme, be deemed to have been paid by the Authority, (iii) if the secondment period is terminated by his death or by his retirement from that employment, he shall, for the purposes of the scheme, be deemed to have died in or to have been retired from the service of the Authority, as the case may be, and to have been in receipt of remuneration from the Authority immediately before such death or retirement, as the case may be, (iv) if he does not pay or if, having paid contributions under the scheme in accordance with the provisions of this subsection, he ceases to pay contributions as aforesaid, he shall, for the purposes of the scheme, be deemed to have resigned from that employment, (I) in case he ceases to pay contributions as aforesaid—on the date of the last payment, and (II) in any other case—immediately before the commencement of the secondment period. (2) If a person who is or was an officer or servant of the Authority becomes entitled to a pension under the Ministerial and Parliamentary Offices Acts, 1938 to 1968— ( a ) he shall not be entitled to reckon the whole or any part of his period of pensionable service, within the meaning of those Acts, for any superannuation benefits payable under a scheme made in pursuance of section 27 of this Act, ( b ) if he has paid any contributions in accordance with the provisions of subsection (1) of this section in respect of that period, so much thereof as is equal to the amount of the contributions which he would have paid in respect of that period under the scheme if he had remained without secondment under the said subsection (1) in the service of the Authority during that period and had been in receipt of remuneration from the Authority during that period, shall be returned to him if and when a payment of benefit or a return of other contributions is made to him under the scheme. (3) A reference in subsection (1) or (2) of this section to the receipt by any person of remuneration from the Authority shall be taken as a reference to the receipt by that person of remuneration from the Authority at the rate at which he was being remunerated by the Authority on the last day of his whole-time employment with the Authority before his secondment under the said subsection (1). (4) A person who is for the time being entitled under the Standing Orders of either House of the Oireachtas to sit therein shall, while so entitled, be disqualified from becoming an officer or servant of the Authority. Transfer to Authority of technical advisers. 31. —All persons who immediately before the commencement of this section were employed by the Minister under paragraph 9 (3) of the First Schedule to the Act of 1952 shall on and from such commencement become and be employees of the Authority, and shall hold such employment on such terms and conditions as the Authority may from time to time determine. Amendment of section 28 of Superannuation and Pensions Act, 1963. 32. — Section 28 of the Superannuation and Pensions Act, 1963 , is hereby amended by the insertion after subsection (5) ( a ) (ii) of the following— “and (iii) in the case of a person who was first appointed a full time member of the Authority on the 19th day of March, 1965, with effect from the 1st day of April, 1965, the period from the 1st day of January, 1960, to the 31st day of March, 1965”. Chapter III. Provisions Relating to Grants . Authority's general grant-making powers. 33. —(1) The Authority may make a grant, on such terms and conditions as it thinks proper, towards the cost of fixed assets of or for an industrial undertaking to which this section applies. (2) The amount of a grant under this section shall not exceed 40 per cent of the cost of the fixed assets in the case of an industrial undertaking in a designated area, or 25 per cent of the cost of the fixed assets in the case of an industrial undertaking elsewhere than in a designated area. (3) This section applies to an industrial undertaking in respect of which the Authority is satisfied that— ( a ) it would be likely to provide or maintain employment in the State, ( b ) financial assistance is necessary to ensure its establishment, maintenance or development, and ( c ) it is of a reasonably permanent nature and will be carried on efficiently. Further grants by Authority. 34. —(1) Where the Authority has made a grant under section 33 of this Act in respect of fixed assets it may make a further grant, on such terms and conditions as it thinks proper, in respect of those assets if the industrial undertaking is one to which this section applies. (2) The amount of a grant under this section shall not exceed 20 per cent of the cost of the fixed assets. (3) This section applies to an industrial undertaking in respect of which the Authority is satisfied that— ( a ) the significance and character of the employment likely to be provided by the undertaking warrants the making of the further grant, ( b ) the undertaking will result in the development or utilization of local materials, agricultural products or other natural resources or will achieve significant linkages either with existing firms or potential new enterprises, ( c ) the undertaking will have a high technological or scientific content, or ( d ) the industry in which the undertaking is engaged is likely to have an exceptional growth potential. Grants by Authority for fixed assets leased. 35. —(1) The Authority may make a grant on such terms and conditions as it thinks proper in respect of the cost of fixed assets which have been leased for the purpose of an industrial undertaking which conforms to the requirements of section 33 (3) of this Act. (2) The amount of a grant under subsection (1) of this section shall not exceed 40 per cent of the cost of the fixed assets in the case of an industrial undertaking in a designated area or 25 per cent of the cost of the fixed assets in the case of an industrial undertaking elsewhere than in a designated area. (3) Where the Authority has made a grant under subsection (1) of this section, in respect of the cost of fixed assets, it may make a further grant, on such terms and conditions as it thinks proper, in respect of the cost of those assets if the undertaking conforms to the requirements of section 34 (3) of this Act. (4) The amount of a grant under subsection (3) of this section shall not exceed 20 per cent of the cost of the fixed assets of the industrial undertaking. (5) Where a grant under this section is payable by instalments over a period of years, the amount of the grant shall, for the purposes of subsection (2) and (4) of this section, be taken to be the capital value of such instalments as determined by the Authority. Grants by Authority towards reduction of interest. 36. —(1) The Authority may, in the case of an industrial undertaking which conforms to the requirements of section 33 (3) and 34 (3) of this Act, make a grant on such terms and conditions as it thinks fit towards a reduction of the interest payable on a loan raised to provide fixed assets for that undertaking. (2) A grant under this section shall not be reckoned in the calculation of the maximum grants payable to the undertaking concerned for the purpose of sections 33 (2) and 34 (2) of this Act. (3) Where a grant is made by the Authority under subsection (1) of this section, the grant shall be in such form and on such terms and conditions as may be specified in a scheme governing the making of such grants sanctioned by the Minister with the concurrence of the Minister for Finance. Guarantee by Authority of loans. 37. —(1) The Authority may guarantee the due repayment of the whole or part of the principal of any moneys (including moneys in a currency other than the currency of the State) borrowed in respect of fixed assets of an industrial undertaking or the payment of interest on such moneys or both the repayment of the principal and the payment of such interest, if (in each such case) the undertaking conforms to the requirements of sections 33 (3) and 34 (3) of this Act. (2) Whenever a loan is guaranteed under this section, the guarantee shall be in such form and manner and on such terms and conditions as may be specified in a scheme governing the giving of such guarantees sanctioned by the Minister with the concurrence of the Minister for Finance. (3) Moneys required by the Authority to meet sums which may become payable by the Authority under a guarantee shall be paid out of funds at the disposal of the Authority and shall not be reckoned in the calculation of the maximum grants payable to the undertaking concerned for the purposes of sections 33 (2) and 34 (2) of this section. (4) In relation to a guarantee under this section in a currency other than the currency of the State, the reference to moneys in subsection (3) of this section shall be taken as referring to the cost in the currency of the State of the actual moneys payable by the Authority. Grants by Authority towards re-equipment, etc. 38. —(1) The Authority may make a grant, on such terms and conditions as it thinks proper, towards the cost of fixed assets required for the re-equipment, modernisation, improvement or expansion of an industrial undertaking or in respect of fixed assets leased by an industrial undertaking for the re-equipment, modernisation, improvement or expansion of the undertaking. (2) The amount of a grant under this section shall not exceed 35 per cent of the cost of the fixed assets in the case of an industrial undertaking in a designated area, or 25 per cent of the cost of the fixed assets in the case of an industrial undertaking elsewhere than in a designated area. (3) The total amount of moneys paid in grants under this section in respect of an industrial undertaking shall not exceed £350,000. (4) Notwithstanding anything in this section the Government may, in respect of a particular industrial undertaking, permit the making by the Authority of grants under subsection (1) of this section exceeding in amount £350,000, but provided that in each such case the percentage limits specified in subsection (2) of this section are not exceeded. (5) Where a grant under this section is payable by instalments over a period of years, the amount of the grant shall be taken to be the capital value of such instalments as determined by the Authority. Training grants by Authority. 39. —(1) The Authority may make grants (in this Act referred to as training grants), on such terms and conditions as it thinks proper, for the training (either in the State or elsewhere) of persons in the processes of an industrial undertaking, if the Authority is satisfied that— ( a ) the undertaking would be likely to provide or maintain employment in the State, ( b ) financial assistance is necessary to secure the establishment, maintenance or development of the undertaking, and ( c ) the undertaking is of a reasonably permanent nature and will be carried on efficiently. (2) A training grant may be made for the training of persons for positions of supervision or management in an industrial undertaking or for the engagement of instructors, technical advisers or consultants to train (or assist in the training of) persons for such positions. (3) The amount of training grants made in respect of a particular industrial undertaking shall not exceed the sum of the amount of wages or salaries paid by the undertaking during the period of training to the persons being trained, the amount of expenses paid to those persons by the undertaking for travel and subsistence and the amount paid by the undertaking in respect of fees (including fees and remuneration of instructors, advisers and consultants) and similar expenses connected with the training. Research grants by Authority. 40. —(1) The Authority may make grants (in this Act referred to as research grants), on such terms and conditions as it thinks proper, towards the cost of projects of research and development to which this section applies. (2) This section applies to projects of research and development which— ( a ) have as their primary object the promotion or development of new or improved industrial processes, methods or products in the State, and, in particular, such processes, methods or products as are likely either to involve the use or development of local materials, local agricultural produce or local natural resources or to offer prospects of expansion in existing industries or prospects of promotion of new industries, and ( b ) are carried out wholly or mainly in the State and wholly or mainly sponsored by one or more than one industrial undertaking in the State. (3) For the purpose of a research grant the Authority may consult such adviser, consultant, institute or other organisation or person as it considers proper. (4) ( a ) Subject to paragraph ( b ), the amount of a research grant shall not exceed 50 per cent of the approved costs of the project concerned or £15,000, whichever is the smaller sum. ( b ) The amount of a research grant may, with the approval of the Government in a particular case, exceed £15,000 by such sum as the Government shall in that case specify but provided that the percentage limit specified in paragraph ( a ) of this subsection is not exceeded. ( c ) In this subsection “approved costs” means, in relation to a particular proposed research grant, such expenditure by the industrial undertaking or undertakings concerned as the Authority is satisfied has been incurred for the purpose of promoting the project concerned and has been expended on— (i) the provision of sites or premises (including the acquisition of land), the construction and adaptation of buildings, and the provision of services and other works; (ii) the provision of plant, machinery, equipment and materials; (iii) the payment of salaries and wages to persons engaged on the project; (iv) the payment of fees or other remuneration to technical advisers consulted in connection with the project. Percentage limits on aggregate of certain grants. 41. —(1) Where in respect of an industrial undertaking grants have been made under two or more of the sections to which this section applies, the aggregate amount of such grants shall not exceed the amount of grants payable under sections 33 and 34 of this Act. (2) This section applies to sections 33 , 34 , 35 and 46 of this Act. Maximum amount of certain grants. 42. —(1) The total amount of moneys granted under one or more of the following sections of this Act, namely sections 33, 34, 35 and 46, to or in respect of a particular industrial undertaking shall not exceed £350,000. (2) Notwithstanding anything in this section the Government may, in respect of a particular industrial undertaking, permit the making of a grant or grants under one or more of the said sections of this Act exceeding in amount £350,000, but provided that in each such case the percentage limits specified in sections 33 (2), 34 (2), 35 (2) and 35 (4) of this Act (as may be appropriate) are not exceeded. Authority's powers to value assets, etc. 43. —For the purpose of making a grant or other payment under this Part of this Act, the Authority may determine at its discretion the cost or value of assets of an industrial undertaking or the capital value of any payments made to or benefits received or receivable by an industrial undertaking. Authority's power to purchase shares in certain industrial undertakings. 44. —(1) Where, in the opinion of the Authority, an industrial undertaking conforms to the requirements of sections 33 (3) and 34 (3) of this Act, the Authority may out of funds at its disposal purchase or take shares in the body corporate owning, controlling or managing the undertaking. (2) Shares purchased or taken by the Authority under this section shall be registered in the name of the Minister for Finance. (3) All amounts representing dividends or other moneys received by the Minister for Finance in respect of shares purchased or taken under this section shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance may direct. Contravention of term or condition attached to grant. 45. —Whenever there is a contravention of a term or condition attached to a grant or other payment under this Part of this Act, the amount of such grant or payment shall be repayable to the Authority and in default of being so repaid may be recoverable by the Authority as a simple contract debt. Grants to secure reduction of factory rents. 46. —(1) Where, in the opinion of the Authority, a grant may be made under section 9 of the Act of 1966 to a person, the Authority may, in lieu of making the grant to that person, make the grant on such terms and conditions as it thinks proper, to the person carrying on (or intending to carry on) the industrial undertaking concerned. (2) The amount of a grant under the said section 9 (as extended by this section of this Act) made after the commencement of this section shall not exceed the amount of the grant which may be made in respect of a factory building under section 33 or sections 33 and 34 of this Act (as the case may be). (3) Notwithstanding anything in the said section 9, a grant under that section (as extended by this section) may be made to or in respect of an industrial undertaking in an area which is not an industrial estate. (4) Where a grant under the said section 9 (as so extended) is payable by instalments over a period of years, the amount of the grant shall be taken to be the capital value of the instalments as determined by the Authority. Leasing by Authority of land at concessionary rent. 47. —Where land is leased by the Authority to or for an industrial undertaking at a rent less then the economic rent as determined by the Authority, the capital value of the difference between the rent so payable and the economic rent so determined shall be deemed to be a grant for the purposes of section 35 of this Act.