Industrial Development Act 1966

28 Grants for fishing vessels and equipment.

(1) In section 3 of the [1962 c. 31.] Sea Fish Industry Act 1962 (which relates to grants in pursuance of schemes made under section 1 or 6 of the [1953 c. 17.] White Fish and Herring Industries Act 1953 towards expenditure on fishing vessels and engines and other equipment for such vessels)—

(a) subsection (5) (which precludes the approval of applications for such grants after 31st December 1972), and

(b) subsection (7) (which provides that the aggregate amount of such grants shall not exceed £17 million or such greater sum as may from time to time be prescribed),

shall cease to have effect; and subsection (8) (which limits the amount of such a grant to three-tenths of the expenditure where the vessel in question is less than eighty feet in length, and to one quarter of the expenditure in any other case) shall have effect, in relation to any such grants as are mentioned in subsection (2) of this section, with the substitution for the words " three-tenths " of the words " two-fifths " and for the words " one quarter " of the words " seven-twentieths ".

(2) The grants referred to in the foregoing subsection are grants in respect of expenditure consisting of payments made on or after 17th January 1966, being grants under a scheme made (whether before or after the commencement of this Act) under section 1 or 6 of the said Act of 1953 ; and any such scheme made before the commencement of this Act may be varied accordingly and, in particular, so as to provide for making up the amount of a grant already paid under the scheme to the amount permitted by this section.