Part III

Financial Provisions

22. —There may be paid to an tÚdarás in each year, out of moneys provided by the Oireachtas, grants of such amounts as the Minister,with the concurrence of the Minister for Finance, may sanction to enable an tÚdarás to meet its administrative and general expenses and to pay grants under this Act.

23. —(1) For the purpose of enabling an tÚdarás to perform its functions the Minister for Finance may, on the recommendation of the Minister, advance from time to time to an tÚdarás out of the Central Fund or the growing produce thereof such sums as an tÚdarás may from time to time request.

(2) (a) The Minister for Finance may from time to time determine the terms as to repayment, interest and other matters in relation to advances made to an tÚdarás or Gaeltarra Éireann.

(b) Any advance made to Gaeltarra Éireann before the 1st day of April, 1965, shall be deemed to have ceased on that date to be repayable.

(c) Any advance made to Gaeltarra Éireann after the 1st day of April, 1965, and any advance made to an tÚdarás shall not be repayable (nor shall interest be payable thereon) until such date as the Minister for Finance, after consultation with the Minister, shall determine.

(3) All sums paid by an tÚdarás in repayment of an advance or in pursuance of any term determined in relation to an advance shall be paid into or disposed of for the benefit of the Exchequer.

(4) The aggregate at any one time of sums advanced under this section and not repaid shall not exceed £50,000,000.

24. —An tÚdarás may, with the consent of the Minister given with the concurrence of the Minister for Finance, borrow temporarily by arrangement with bankers such sums as it may require for the purpose of providing for its expenditure.

25. —No stamp duty shall be payable on any instrument under which any property is acquired by an tÚdarás and, for the purpose of this section, “property” includes interests and rights of any description.

26. —(1) Where—

(a) premises for an industrial undertaking are erected, enlarged or improved, and

(b) an tÚdarás certifies that the erection, enlargement or improvement was carried out by an tÚdarás or Gaeltarra Éireann or was the subject of financial assistance by an tÚdarás or Gaeltarra Éireann,

a local authority may, if they think fit, remit—

(i) two-thirds of a rate leviable by them in respect of any premises so erected, or

(ii) two-thirds of any additional rate leviable by them in respect of any such enlargement or improvement.

(2) A remission under this section shall, subject to subsection (3), have effect in respect of the local financial year next following that in which the erection, enlargement or improvement was completed and in respect of each of the next nine local financial years.

(3) If, in any local financial year, an tÚdarás certifies that the undertaking has failed to observe the terms upon which financial assistance was provided, a remission under this section shall not have effect in respect of that local financial year.

(4) A remission under this section shall not be granted more than once in respect of the same erection, enlargement or improvement.

(5) Where premises are not separately valued under the Valuation Acts, the Commissioner of Valuation may, on the application of an tÚdarás, apportion to the premises such part as he thinks proper of the rateable valuation of the property in which the premises are comprised.

(6) The powers conferred on a local authority by this section shall be reserved functions for the purposes of the County Management Acts, 1940 to 1972.