INDUSTRIAL DEVELOPMENT AUTHORITY ACT, 1950

Type Act
Publication 1950-12-20
Last updated 1986-05-06
State Repealed superseded text
Text As published
articles 11

This is the act as published. Later amendments are not folded into the text below: each one is a separate act in this repository and an entry in this law's history.

2 amending acts · 1986-05-06, INDUSTRIAL DEVELOPMENT ACT, 1986

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AN ACT TO ESTABLISH AN INDUSTRIAL DEVELOPMENT AUTHORITY AND TO PROVIDE FOR CERTAIN MATTERS CONNECTED THEREWITH. [20th December, 1950.]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:—

1 Definitions.

1.—In this Act—

“the Authority” means the Industrial Development Authority;

“member” means a member of the Authority;

“the Minister” means the Minister for Industry and Commerce;

references to industry do not include references to banking, insurance or agriculture.

2 The Industrial Development Authority.

2.—(1) There shall be a body to be known as the Industrial Development Authority.

3 Functions of the Authority.

3.—The Authority shall be an autonomous body with the following functions:—

4 Members.

4.—(1) The period of office of a member shall be fixed by the Minister when appointing him and shall not exceed five years.

5 Power of Authority to summon witnesses, etc.

5.—(1) The Authority may for the purposes of their functions do all or any of the following things:—

he shall be guilty of an offence under this section and shall be liable on summary conviction thereof to a fine not exceeding fifty pounds.

6 Officers and servants.

6.—(1) The Minister, with the consent of the Minister for Finance, may appoint such officers and servants as he thinks necessary to assist the Authority in the performance of their functions.

7 Annual grant.

7.—In the financial year current at the passing of this Act and in every subsequent financial year, there shall be paid to the Authority out of moneys provided by the Oireachtas a grant of such amount as the Minister, with the consent of the Minister for Finance, may determine for defraying the remuneration of the members and such expenses, incident to their work, as the members in their sole discretion consider necessary to enable them to discharge their functions.

8 Finances, accounts and audit.

8.—(1) It shall be the duty of the Authority to administer the annual grant.

9 Disclosure of documents of Authority.

9.—The Authority shall not, without the consent of the Minister, disclose any document in their custody or under their control, production of which is sought in relation to any legal proceeding, and the Minister may claim the like privilege in respect of the document as if it were in his own custody.

10 Expenses.

10.—The expenses incurred by the Minister in the administration of this Act shall, to such extent as may be sanctioned by the Minister for Finance, be paid out of moneys provided by the Oireachtas.

11 Short title.

11.—This Act may be cited as the Industrial Development Authority Act, 1950.

SCHEDULE. First Members of the Industrial Development Authority.

1.

The appointments (made by the Minister for Industry and Commerce, with the approval of the Minister for Finance, by warrants dated the 26th day of May, 1949) of James Patrick Beddy as member and chairman and Kevin C. McCourt, Luke J. Duffy and John J. Walsh as members of the Industrial Development Authority shall take effect on the passing of this Act as appointments to the like offices of the Authority established by this Act for the period ending on the 25th day of May, 1954.

2.

The said James Patrick Beddy shall, as on and from the 26th day of May, 1949, be remunerated at a rate of not less than £2,500 a year and the said Kevin C. McCourt, Luke J. Duffy and John J. Walsh shall, as on and from the same date, be remunerated at a rate of not less than £2,000 a year.

3.

If the said James Patrick Beddy is chairman when he reaches the age of 65 years, he shall be entitled on resignation to a pension payable from moneys provided by the Oireachtas of an amount equal to that to which he would have been entitled if he had continued to serve with the Industrial Credit Company, Limited, after the 26th day of May, 1949, and had qualified for the full pension which he would have been entitled to be paid by that Company.

4.

(a) If at any time before he reaches the age of 65 years the said James Patrick Beddy is eligible for reappointment as Chairman and is not so reappointed, the provisions of paragraph (3) shall apply as if he had been so reappointed and had held office until he reached the age of 65 years.

5.

If the said James Patrick Beddy retires from the office of chairman on the ground of ill-health before reaching the age of 65 years, and his retirement is accepted by the Minister, he shall be entitled to be paid out of moneys provided by the Oireachtas such pension as he would have been entitled to had he then retired from the service of the Industrial Credit Company, Limited.

6.

The pension, whether arising under paragraph 3, 4 or 5, shall be computed by reference to the salary as chairman to which the said James Patrick Beddy shall have been entitled immediately before ceasing to hold office in the circumstances referred to in the relevant paragraph.

7.

Any award of pension under this Schedule shall be made by the Minister for Finance on the recommendation of the Minister for Industry and Commerce.

8.

If, after the award of pension, the pensioner holds a post remunerated out of moneys provided by the Oireachtas or out of the Central Fund or by a local authority or a board or body established under an Act of the Oireachtas or a Saorstát Éireann statute or jointly by two or more of the above-mentioned, then—

9.

If, after the award of pension, a second pension is payable to the pensioner in respect of service in a post of a kind referred to in paragraph 8, then—

10.

Payment of the pension shall be subject to the making by the pensioner of a declaration in such form and at such times as the Minister for Finance may require.

11.

(a) The Minister for Finance may determine that part of a payment in respect of the pension under this Schedule shall be borne by the Industrial Credit Company, Ltd.

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