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Industrial Development Act 1982

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This is the original version (as it was originally enacted).

12Powers to promote careers in industry etc.

(1)The Secretary of State may make such grants or loans to any body as he considers appropriate for the purpose of assisting in—

(a)the promotion of the practice of engineering ;

(b)the encouragement and improvement of links between industry, or any part of industry, and bodies or individuals concerned with education;

(c)the encouragement of young persons and others to take up careers in industry, or in any part of industry, and to pursue appropriate educational courses.

(2)Any grants under this section may be made on such conditions, and any loans under this section may be made at such rates of interest, as the Secretary of State may with the approval of the Treasury determine.

(3)The Secretary of State shall not determine a rate of interest in respect of a loan under this section which is lower than the lowest rate for the time being determined by the Treasury under section 5 of the National Loans Act 1968 in respect of comparable loans out of the National Loans Fund.

(4)The Secretary of State may, with the approval of the Treasury, guarantee obligations (arising out of loans) incurred by any body which falls within subsection (5) below and which in his opinion is concerned with promoting the practice of engineering.

(5)A body falls within this subsection if—

(a)it is established by Royal Charter ; and

(b)its members are for the time being appointed by the Secretary of State.

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