Industrial development act, 1995

• Act Number: 28
• Enactment Date: 08 November 1995

Number 28 of 1995
INDUSTRIAL DEVELOPMENT ACT, 1995
ARRANGEMENT OF SECTIONS
Section 1. Short title, collective citation, construction and commencement. 2. Interpretation. 3. Power of Agencies to acquire, hold and dispose of land and other property. 4. Transfer of securities to Agencies. 5. Establishment of subsidiaries. 6. Power of Agencies to invest in certain bodies. 7. Amendment of Shannon Free Airport Development Company Limited Act, 1959. 8. Amendment of Shannon Free Airport Development Company Limited (Amendment) Act, 1986. 9. Exemption from stamp duty. 10. County Enterprise Boards. 11. Expenses of Minister.
SCHEDULE
Number 28 of 1995
INDUSTRIAL DEVELOPMENT ACT, 1995
AN ACT TO MAKE FURTHER PROVISION FOR THE DEVELOPMENT OF INDUSTRY AND FOR THAT PURPOSE TO MAKE PROVISION FOR THE ESTABLISHMENT AND FUNCTIONS OF COUNTY ENTERPRISE BOARDS, THE EXTENSION OF THE POWERS OF FORFÁS AND ITS AGENCIES, THE AMENDMENT OF THE INDUSTRIAL DEVELOPMENT ACTS, 1986 TO 1993, AND THE SHANNON FREE AIRPORT DEVELOPMENT COMPANY LIMITED ACTS, 1959 TO 1991, AND FOR OTHER MATTERS CONNECTED WITH THE MATTERS AFORESAID. [8th November, 1995]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
	Short title, collective citation, construction and commencement.	1.—(1) This Act may be cited as the Industrial Development Act, 1995.
	(2) The Industrial Development Acts, 1986 to 1993, and this Act, so far as it relates to those Acts, may be cited together as the Industrial Development Acts, 1986 to 1995.
	(3) The Shannon Free Airport Development Company Limited Acts, 1959 to 1991, and this Act, so far as it relates to those Acts, may be cited together as the Shannon Free Airport Development Company Limited Acts, 1959 to 1995.
	(4) The Industrial Development Acts, 1986 to 1993, and this Act, so far as it relates to those Acts, shall be construed together as one Act.
	(5) The Shannon Free Airport Development Company Limited Acts, 1959 to 1991, and this Act, so far as it relates to those Acts, shall be construed together as one Act.
	(6) This Act shall come into operation on such day or days as may be fixed therefor by order or orders of the Minister, either generally or with reference to a particular purpose or provision, and different days may be so fixed for different purposes and different provisions of this Act.
	Interpretation.	2.—(1) In this Act—
	“the Act of 1993” means the Industrial Development Act, 1993 ;
	“Agency” means Forbairt or IDA, as the context requires;
	“the Company” means Shannon Free Airport Development Company Limited;
	“Forbairt” means the body established by that name by the Act of 1993;
	“Forfás” means the body established by that name by the Act of 1993;
	“IDA” means the body established by the name of “Industrial Development Agency (Ireland)” by the Act of 1993;
	“the Minister” means the Minister for Enterprise and Employment.
	(2) In this Act—
	(a) a reference to a section is a reference to a section of this Act unless it is indicated that reference to some other enactment is intended;
	(b) a reference to a subsection or paragraph is to the subsection or paragraph of the provision in which the reference occurs, unless it is indicated that reference to some other provision is intended.
	(3) In this Act, a reference to any enactment includes a reference to that enactment as amended by any other enactment including this Act.
	Power of Agencies to acquire, hold and dispose of land and other property.	3.—(1) The First Schedule to the Act of 1993 is hereby amended by the substitution, for paragraph 1(2) thereof, of the following:
	“(2) Forfás and each Agency shall have the power to acquire, hold and dispose of land and other property or any interest therein.”.
	(2) All land which, immediately before the commencement of this section, was vested in Forfás, and all rights, powers and privileges relating to or connected with such land shall, on such commencement, without any conveyance or assignment, stand vested in IDA for all the estate or interest for which it was vested in Forfás but subject to all trusts and equities affecting the land subsisting and capable of being performed.
	(3) The powers and functions set out in section 16 of the Industrial Development Act, 1986 , may be exercised by IDA notwithstanding anything to the contrary in subsection (1) of section 9 of the Act of 1993.
	(4) Forfás and each Agency may sell, lease or otherwise dispose of land otherwise than in accordance with subsection (1) of section 16 of the Industrial Development Act, 1986 , with the express consent of the Minister.
	Transfer of securities to Agencies.	4.—(1) Forfás shall determine the appropriate Agency to which each of the securities referred to in subsection (2) shall be transferred under that subsection and, for that purpose, shall draw up and submit for the Minister's approval a Schedule showing the Agency to which it proposes that they be transferred and a copy of such Schedule shall as soon as it has been approved by the Minister be laid before each House of the Oireachtas.
	(2) Securities in any body corporate which were, immediately before the commencement of this subsection, standing vested in Forfás shall, on such commencement, be transferred to Forbairt or IDA without assignment, in accordance with the Schedule drawn up under subsection (1).
	(3) (a) Where securities have been transferred to one of the Agencies under subsection (2), and it subsequently appears to Forfás that any of the securities concerned should be further transferred to the other Agency (whether by reason of a change in the controlling interest of the body corporate concerned or otherwise), Forfás shall, following consultation with both Agencies, have power to direct that such further transfer take place without assignment.
	(b) Where Forfás makes a direction under paragraph (a), the transfer referred to in that paragraph shall have effect on the date of the notification referred to in subsection (4).
	(4) Where securities are transferred under this section, Forfás shall notify the body corporate concerned of the transfer and evidence of the transfer shall be entered in any register required to be maintained in respect of the securities by the body corporate concerned.
	(5) Every right and liability transferred by this section to an Agency may thereupon be sued on, recovered or enforced by or against that Agency in its own name and it shall not be necessary for that Agency to give notice to the person whose right or liability is transferred by this section of the transfer.
	(6) A transfer of securities in a body corporate under this section shall not be affected by any provision, whether in the memorandum or articles of association of the body corporate or otherwise, purporting to restrict the transfer of such securities.
	(7) Section 12 of the Finance Act, 1895 , shall not apply to the vesting in an Agency of any property or right transferred by or under this Act.
	(8) This section shall not apply to any securities held by Forfás, immediately before the commencement of any of the provisions of this section, in International Development Ireland Limited.
	(9) In this section—
	(a) “securities” includes stocks, shares, debentures and loans, and
	(b) a reference to the appropriate Agency shall be construed as a reference to Forbairt or IDA, as the case may require.
	Establishment of subsidiaries.	5.—(1) An industrial development body may, without prejudice to its general responsibilities under this Act, perform any of its functions, provide any of its services or carry on any of its activities through a subsidiary (within the meaning of the Companies Act, 1963 ) which is wholly owned by that body and, accordingly, that body may, with the consent of the Minister and the Minister for Finance, for the purpose of such performance, provision or...