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Mineral Exploration and Investment Grants Act 1972

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2Investment grants in respect of hired assets or of ships.

Section 1 (abolition of investment grants) of the Investment and Building Grants Act 1971 shall have effect subject to the following provisions :—

(a)in relation to grants under section 4(2) (hired assets) of the Industrial Development Act 1966 in respect of expenditure incurred by a person in providing an asset for hiring out, any question under section 4(2)(a)(ii) whether (on certain assumptions) a grant could have been made to another person to whom the asset has been hired out shall be determined without regard to the operation of the said section 1; and

(b)in relation to grants under section 5 (ships) of the Industrial Development Act 1966, the reference in subsection (4) of the said section 1 to being entitled to the benefit of a contract for the construction of a new ship shall include being entitled subject to the rights of any assignee by way only of security to the benefit of such a contract.

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