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Local Employment Act 1972

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This is the original version (as it was originally enacted).

4General power to make loans and grants and to acquire shares

(1)Where, in accordance with recommendations of the advisory committee, the Secretary of State is satisfied as respects any undertaking carried on, or proposed to be carried on, in a development area—

(a)that it is expedient for the purpose mentioned in section 2(1) of this Act to exercise his powers under this section; and

(b)that there are good prospects of the undertaking ultimately being able to be carried on successfully without further assistance under this section,

the Secretary of State may agree with the person carrying on, or proposing to carry on, the undertaking to give assistance under this section for the purposes of the undertaking.

(2)Assistance under this section may be given—

(a)where the person carrying on, or proposing to carry on, the undertaking is a company incorporated in the United Kingdom—

(i)by making loans or grants ;

(ii)by subscribing for or otherwise acquiring shares or stock in the company;

(iii)by a combination of the methods mentioned in sub-paragraphs (i) and (ii) of this paragraph;

(b)in any other case, by making loans or grants.

(3)A grant may be made under this section in respect of expenditure incurred outside a development area in connection with the transference of any undertaking to a development area.

(4)Assistance under this section shall be of such amounts and shall be given on such terms and conditions as may be recommended by the advisory committee and specified in the agreement made with the person to whom the assistance is given ; and those terms and conditions may include—

(a)in the case of a grant, conditions for repayment in specified circumstances;

(b)in the case of a loan to a company incorporated in the United Kingdom, terms providing for the indebtedness to the Secretary of State to be discharged by the issue of shares or stock in the company.

(5)In recommending the terms and conditions on which assistance under this section should be given, the advisory committee shall act in accordance with general directions given to them by the Secretary of State with the consent of the Treasury.

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