18Amendments as to general loans and grants.
(1)Where a person carrying on or proposing to carry on an undertaking in a development area is a company incorporated in the United Kingdom—
(a)the terms on which the Board may agree to make a loan for the purposes of that undertaking under section 4 of the [1960 c. 18.] Local Employment Act 1960 may include terms providing for the indebtedness to the Board to be discharged by the issue of shares or stock in the company; and
(b)the Board may, instead of or as well as giving assistance under that section by making a loan or grant, give assistance under that section by subscribing for or otherwise acquiring shares or stock in the company;
and the provisions of the said section 4 shall have effect in relation to assistance given under that section by virtue of paragraph (b) above as they have effect in relation to assistance given under that section by the making of loans or grants.
(2)Without prejudice to section 24 of the said Act of 1960 (performance of functions of the Board under that Act) any document required to be executed by the Board in connection with the exercise of their powers under the said section 4 as extended by this section may be executed by any of the persons mentioned in the said section 24.
(3)Section 66 of the [1861 c. 47.] Harbours and Passing Tolls Act 1861 (which makes provision where lands are vested in the Board) shall have effect as if the expression " lands " in that section included any shares or stock vested in the Board in pursuance of subsection (1) of this section.
(4)A grant may be made under the said section 4 in respect of expenditure incurred outside a development area in connection with the transference of any undertaking to a development area.