Search Legislation

The Industrial Development (Northern Ireland) Order 1982

What Version

 Help about what version
  • Latest available (Revised)
  • Original (As made)

Advanced Features

 Help about advanced features

Changes to legislation:

There are currently no known outstanding effects for the The Industrial Development (Northern Ireland) Order 1982, Section 7 . Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

Selective financial assistanceN.I.

7 .F1—(1) [F2INI] mayF2. . . provide financial assistance where, in its opinion—

(a)the financial assistance is likely to provide, maintain or safeguard employment in any part of Northern Ireland;

(b)the form and amount of the financial assistance is reasonable having regard to all the circumstances; and

(c)there are good prospects that the provision of such financial assistance will achieve one or more of the purposes set out below and is justified having regard to any of those purposes.

(2) The purposes mentioned in paragraph (1) are—

(a)to promote the development or modernisation of an industry or of any industrial undertaking;

(b)to promote the efficiency of an industry or of any industrial undertaking;

(c)to create, expand or sustain productive capacity in an industry or in any industrial undertaking;

(d)to promote the reconstruction, reorganisation or conversion of an industry or of industrial undertakings;

(e)to encourage arrangements for ensuring that any run down of an industry, or of any industrial undertaking, proceeds in an orderly way.

(3) Subject to the following provisions of this Article, financial assistance under this Article may be given on any terms or conditions, and by any description of investment or lending or guarantee, or by making grants, and may, in particular, be—

(a)investment by subscription for, or acquisition of, loan or share capital in any company including an acquisition effected by[F2 INI] through that company's holding company;

(b)investment by the acquisition of any industrial undertaking or of any assets;

(c)a loan; whether secured or unsecured, and whether or not carrying interest or interest at a commercial rate;

(d)any form of insurance or guarantee to meet any contingency, and in particular to meet default on payment of a loan, or of interest on a loan, or non-fulfilment of a contract.

(4) [F2INI] may, in return for any shares or stock acquired by it under paragraph (3) (a), cancel or amend any conditions attached to a grant made by[F2 INI] under any statutory provision.

(5) Where—

(a)a sum is outstanding in respect of a loan made under any statutory provision by[F2 INI] to a company; and

(b)[F2INI] has power to give assistance to the company under the foregoing provisions of this Article,

[F2INI] may, at its discretion, subscribe for or acquire stocks or shares in that company or its holding company in satisfaction of the sum outstanding or such part of it as may be agreed between[F2 INI] and the company.

Para. (6) rep. by 2002 c. 1 (NI)

(7) Subject to paragraph (8), where any[F2 amount] of principal or interest or both principal and interest due on foot of any loan made under this Article is more than thirty-one days in arrear, additional interest at such rate as may from time to time be determined by an order made by the Department of Finance and Personnel subject to negative resolution shall, notwithstanding and statutory provision or rule of law to the contrary, be chargeable on that[F2 amount] as from the date on which it fell due and shall be recoverable therewith.

(8) [F2INI] mayF2. . . in such cases as it thinks fit waive the payment of such additional interest as is mentioned in paragraph (7) or any part of such additional interest.

(9) Without prejudice to the foregoing provisions of this Article, where in the case of any undertaking—

(a)financial assistance under this Article has been given by any description of investment or lending or guarantee; and

(b)[F2INI] is satisfied that, with a view to safeguarding all or part of the investment or, as the case may be, enabling all or part of any moneys paid for fulfilling the guarantee or of the moneys lent to be recovered, it is expedient to provide further financial assistance for the purposes of the undertaking.

[F2INI] mayF2. . . provide such further financial assistance of such amount and on such terms and conditions as[F2 INI] may think proper.

(10) Any reference in this Article to the acquisition of stocks or shares by[F2 INI] shall include a reference to such acquisition by a company as nominee of[F2 INI].

Annotations: Help about Annotation
Close

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

F1functions transf. by 2002 c. 1 (NI)

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources