PART 3Exemptions
CHAPTER 2Minimal or SPEI financial assistance
Minimal financial assistance
I1I237Section 36: procedural requirements
1
Before giving minimal financial assistance, a public authority must give to the enterprise a minimal financial assistance notification.
2
A “minimal financial assistance notification” means a written statement—
a
explaining that the authority is proposing to give to the enterprise a subsidy by way of minimal financial assistance,
b
specifying the gross value amount of the assistance, and
c
requesting written confirmation from the enterprise that the total amount specified in section 36(1) will not be exceeded by the enterprise receiving the proposed assistance.
3
The public authority may proceed to give the assistance only after it has received the confirmation referred to in subsection (2)(c).
4
On giving the assistance, the public authority must provide to the enterprise a minimal financial assistance confirmation.
5
A “minimal financial assistance confirmation” means a written statement confirming—
a
that the subsidy is given as minimal financial assistance,
b
the date on which it is given, and
c
the gross value amount of the assistance.
6
The enterprise must keep a written record detailing—
a
that it has received a subsidy by way of minimal financial assistance,
b
the date on which it was given, and
c
the gross value amount of the assistance.
7
The record required by subsection (6) must be kept for at least three years beginning with the date mentioned in paragraph (b) of that subsection.
8
In this section—
“the enterprise” means the enterprise that receives, or would receive, minimal financial assistance;
“gross value amount” of minimal financial assistance means the gross cash amount (see subsection (5)(a) of section 36) or the gross cash equivalent (see subsection (5)(b) of that section).