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Industrial Development Act (Northern Ireland) 2002

Section 5: Amendments and repeals

Section 5 (Subsections 1 and 4) gives effect to Schedule 3 and 4 to the Act.

Section 5 (Subsection 2) removes a restriction in Article 7(6) of the Industrial Development (NI) Order 1982 with regard to the taking of equity as a means of offering financial assistance.  Current policy thinking no longer sees the taking of equity as a ‘last resort’ and this amendment enables Invest NI to consider the taking of equity on the same basis as other options when considering offers of financial assistance.

Section 5 (Subsection 3) is a technical amendment to deal with a minor anomaly in the charging of interest on loans made under the Industrial Development (NI) Order 1982.

Schedule 4 sets out the statutory provisions to be repealed.

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Text created by the Northern Ireland Assembly department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes accompany all Acts of the Northern Ireland Assembly.

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