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	Statutes of Northern Ireland
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INDUSTRIES DEVELOPMENT (NORTHERN IRELAND) ORDER 1976

INDUSTRIES DEVELOPMENT (NORTHERN IRELAND) ORDER 1976 - LONG TITLE

[12th April 1976]
[{1}#75 million]. B>(2) In paragraph (1)( b ) the expression
""general external borrowing'' means C >>( a ) in relation to the
Agency, sums borrowed by it other than E >> >(i) sums borrowed
from a body corporate which is at the time of the loan one of
the Agency's wholly-owned subsidiaries; E >>> (ii) any sums mentioned
in paragraph (1)( c ); or E > < >(iii) sums borrowed by the Agency
for the purposes of giving assistance under Article 7; and C >>( b
) in relation to a wholly-owned subsidiary of the Agency, sums
borrowed by it when it was such a subsidiary other than sums
borrowed from the Agency or from another wholly-owned subsidiary, B
but does not include any debt assumed by the Agency under paragraph
6(1) of Schedule 2. N >> Art.11 spent ]
shall pay to each member such remuneration and such allowances as
the Department may, with the approval of the Department of Finance,
determine and where a member of the Agency is in the employ of
any other person, the Agency may make to that other person in
consideration of the services to the Agency of that member such
payments as the Department may, with the approval of the Department
of Finance, determine.

7. The Agency shall make such provision as may be determined by
the Department, with the approval of the Department of Finance, for
the payment of pensions, allowances or gratuities (including refunds
of contributions to any pension fund with or without interest or
other additions) to or in respect of such members or past members
of the Agency as may be so determined.

8. Where a person ceases to be a member otherwise than on the
expiry of his term of office, and it appears to the Department
that there are special circumstances which make it right for that
person to receive compensation, the Department, with the approval of
the Department of Finance, may direct the Agency to make to that
person a payment of such amount as the Department may, with the
approval of the Department of Finance, determine.

Para.9 amends sch.1 to 1969 c.25 (NI). Para.10 amends sch.1 to 1975
c.25

11.(1) Without prejudice to Article 3(7), the Agency may employ such
officers and servants as appear to the Agency necessary for the
exercise of its functions.

(2) The Agency may pay to persons employed by it such remuneration
as the Agency may determine but the remuneration payable to such of
those persons as the Department may from time to time determine
shall be subject to the approval of the Department and the
Department of Finance.

(3) The Agency may pay to persons employed by it such reasonable
allowances in respect of expenses as the Department may, with the
approval of the Department of Finance, determine.

(4) The Agency may

(a)pay such pensions, allowances or gratuities to or in respect of
such persons employed by it;

(b)make such payments towards the provision of such pensions,
allowances or gratuities (including refunds of contributions to any
pensions fund with or without interest or other additions); and

(c)provide and maintain such schemes (whether contributory or not)
for the payment of such pensions, allowances or gratuities;

(5) Where a person employed by the Agency and participating in a
scheme for the payment of pensions, allowances or gratuities which
is applicable to such persons becomes a member of the Agency, his
service as a member may be treated for the purposes of the scheme
as service as a person employed by the Agency, whether or not
provision for or in respect of him is made under paragraph 7.

(6) Except so far as the Agency is satisfied that adequate
machinery exists for the purpose, it shall be the duty of the
Agency to seek consultation with any organisation appearing to it to
be appropriate with a view to the conclusion between the Agency and
that organisation of such agreements as appear to the parties to be
desirable with respect to the establishment and maintenance of
machinery for the settlement by negotiation of terms and conditions
of employment of persons employed by the Agency, with provision for
reference to arbitration in default of such agreement in such cases
as may be determined by or under the agreements.

12. The quorum of the Agency and the arrangements relating to
meetings of the Agency shall be such as the Agency may determine.

13.(1) A member who is in any way directly or indirectly interested
in a contract made or proposed to be made by the Agency, or in
any other matter whatsoever which falls to be considered by the
Agency, shall disclose the nature of his interest at a meeting of
the Agency, and the disclosure shall be recorded in the minutes of
the meeting.

(2) Such a member shall not

(a)in the case of any such contract, take part in any deliberation
or decision of the Agency with respect to the contract; and

(b)in the case of any other matter, take part in any deliberation
or decision of the Agency with respect to the matter if the Agency
decides that the interest in question might prejudicially affect the
member's consideration of the matter.

(3) For the purposes of this paragraph, a notice given by a member
at a meeting of the Agency to the effect that he is a member of
a specified body corporate or firm and is to be regarded as
interested in any contract which is made with the company or firm
after the date of the notice, and in any other matter whatsoever
concerning the company or firm which falls to be considered by the
Agency after that date, shall be a sufficient disclosure of his
interest.

(4) A member need not attend in person at a meeting of the Agency
in order to make a disclosure which he is required to make under
this paragraph, if he takes reasonable steps to secure that the
disclosure is made by a notice which is taken into consideration
and read at such a meeting.

14. The validity of any proceedings of the Agency shall not be
affected by any vacancy among the members or by any defect in the
appointment of a member or by any failure to comply with the
requirements of paragraph 13.

15.(1) In connection with the exercise of its functions, the Agency
may establish such committees as appear to it to be appropriate,
and the composition and remit of such a committee and the terms on
which its members hold office shall be determined by the Agency.

(2) The Agency shall pay to members of any committee established
under sub-paragraph (1), who are not members of the Agency,
travelling and other allowances, including compensation for loss of
remunerative time, in accordance with arrangements to be determined
by the Department with the approval of the Department of Finance.

16. The application of the seal of the Agency to any document
shall be attested by the signature of the chairman of the Agency
or some other person authorised by the Agency for that purpose.

17.(1) Stamp duty shall not be chargeable on any instrument which
is certified to the Commissioners of Inland Revenue by the Agency
as having been made or executed, for the purposes of the transfer
to the Agency of securities or other property held

(a)by or on behalf of the Crown; or

(b)by a company all of whose shares are held by or on behalf of
the Crown or by a wholly-owned subsidiary of such a company.

(2) No such instrument as is mentioned in sub-paragraph (1) shall
be deemed to be duly stamped unless it is stamped with the duty
for which it would, but for this paragraph, be liable, or it has,
in accordance with the provisions of the Stamp Act 1891 been
stamped with a particular stamp denoting that it is not chargeable
with any duty or that it is duly stamped.

(3) Property vested in the Agency by virtue of Article 13 shall
not be treated as so vested by way of sale for the purposes of
section 12 of the Finance Act 1895 (which requires enactments to be
stamped as conveyances on sale in certain cases).

18. Section 200 of the Companies Act (Northern Ireland) 1960 (power
to acquire shares of shareholders dissenting from scheme or contract
approved by majority) shall have effect in relation to the transfer
of shares or any class of shares in a company to the Agency and
references to a transferee company in that section shall be
construed accordingly.

19. Section 13(1) of the Prevention of Fraud (Investments) Act
(Northern Ireland) 1940 shall not apply to documents which the
Agency distributes in the discharge of its functions or causes to
be so distributed or has in its possession for the purposes of
such distribution and the distribution of such documents is, for the
purposes of section 14(2)(c) of the Prevention of Fraud (Investments)
Act 1958, hereby authorised by this Order.

1.(1) The Agency may borrow money only

(a)in accordance with sub-paragraphs (2) and (3), or

(b)from its wholly-owned subsidiaries.

(2) The Agency may borrow temporarily, by way of overdraft or
otherwise, such sums as it may require for meeting its obligations
and discharging its functions

(a)in sterling from the Department; or

(b)with the consent of the Department and the approval of the
Department of Finance, or in accordance with any general authority
given by the Department with the approval of the Department of
Finance, either in sterling or in a currency other than sterling
from a person other than the Department.

(3) The Agency may borrow otherwise than by way of temporary loan
such sums as it may require for capital purposes or for fulfilling
guarantees entered into by it

(a)in sterling from the Department; or

(b)with the consent of the Department and the approval of the
Department of Finance, in sterling from the Commission of the
European Communities or the European Investment Bank, or

(c)with the like consent and approval in any currency other than
sterling from a person other than the Department.

(4) References to borrowing in this paragraph do not include
borrowing under Article 7.

2.(1) The Department may lend to the Agency any such sums which
the Agency has power to borrow from it under paragraph 1, and the
Department of Finance may issue to the Department out of the
Consolidated Fund any sums necessary to enable the Department to
make loans in pursuance of this sub-paragraph.

(2) The Department of Finance may borrow money for the purpose of
providing for issues out of the Consolidated Fund under sub-paragraph
(1).

(3) Any loans made in pursuance of sub-paragraph (1) shall be
repaid to the Department at such times and by such methods, and
interest on the loan shall be paid to it at such times and at
such rates, as it may from time to time direct.

(4) All sums received from the Agency by the Department as interest
on loans or repayment of loans shall be paid into the Consolidated
Fund.

(5) The Department shall prepare in respect of each financial year
an account, in such form as the Department of Finance may direct,
of the sums issued by it in pursuance of sub-paragraph (1) and the
sums received by it from the Agency as interest on loans or
repayment of loans and of the disposal by it of those sums and
shall send the account to the Comptroller and Auditor General before
the end of the month of November next following the end of that
year; and the Comptroller and Auditor General shall examine, certify
and report on the account and lay copies of it and of his report
before the Northern Ireland Assembly.

3. It shall be the duty of the Agency to secure that no
wholly-owned subsidiary of its borrows money otherwise than from the
Agency or from another wholly-owned subsidiary of its except with
the consent of the Department and the approval of the Department of
Finance.

4.(1) The Department of Finance may guarantee, in such manner and
on such conditions as it thinks fit, the repayment of the principal
of, and the payment of interest on, any sums which the Agency
borrows from a person other than the Department.

(2) Any sums required by the Department of Finance for fulfilling a
guarantee under this paragraph shall be charged on and issued out
of the Consolidated Fund and that Department may borrow money for
the purpose of providing for such issues.

(3) If any sums are issued in fulfilment of a guarantee given
under this paragraph, the Agency shall make to the Department of
Finance, at such time and in such manner as the Department of
Finance from time to time directs, payments of such amounts as the
Department of Finance so directs in or towards repayment of the
sums so issued and payments of interest, at such rate as the
Department of Finance so directs, on what is outstanding for the
time being in respect of sums so issued.

(4) Any sums received by the Department of Finance in pursuance of
sub-paragraph (3) shall be paid into the Consolidated Fund.

(5) The Department of Finance shall include with the Finance
Accounts presented to the Northern Ireland Assembly under section
10(2) of the Exchequer and Financial Provisions Act (Northern
Ireland) 1950

(a)a statement of the total amount of the guarantees, if any, given
under this paragraph during the then last preceding financial year;
and

(b)an account up to the end of that financial year of the total
sums, if any, which have been issued under sub-paragraph (2) out of
the Consolidated Fund or paid to the Department of Finance under
sub-paragraph (3).

5.(1) The Department may pay to the Agency such sums (in this
Schedule referred to as "public dividend capital") as the Department
thinks fit.

(2) The Department may direct that so much of the debt assumed by
the Agency under paragraph 6 as it may, with the approval of the
Department of Finance, determine shall be treated as an addition to
that capital.

(3) Public dividend capital may, in such cases as the Department
may determine, be used to repay the principal of loans referred to
in Article 10(1)(a) and the Department may make contributions towards
any interest due and outstanding on such loans at the time when
they are so repaid.

(4) In consideration of receiving public dividend capital the Agency
shall make to the Department, as respects each financial year
(except such a year as respects which the Agency satisfies the
Department that it is inappropriate to make a payment in pursuance
of this sub-paragraph), payments of such amounts as may be proposed
by the Agency and agreed by the Department or such other amounts
as the Department may determine, after consultation with the Agency;
and any sums received by the Department in pursuance of this
sub-paragraph shall be paid into the Consolidated Fund.

(5) The account prepared in respect of any financial year in
pursuance of paragraph 2(5) shall include particulars of the sums
which in that year are paid to the Agency or are paid into the
Consolidated Fund in pursuance of this paragraph.

(6) The Department shall not make a payment, signify agreement, or
make a determination in pursuance of this paragraph except with the
approval of the Department of Finance.

6.(1) Upon any acquisition to which this paragraph applies, the
Agency shall assume a debt to the Department of such amount as may
be notified to the Agency in writing by the Department, with the
approval of the Department of Finance.

(2) This paragraph applies to any acquisition by the Agency

(a)of securities or other property held

(i)by or on behalf of the Crown; or

(ii)by a company all of whose shares are held by or on behalf of
the Crown or by a wholly-owned subsidiary of such a company; or

(b)under Article 7.

(3) Subject to sub-paragraph (4), in a case to which sub-paragraph
(2)(a) applies, the amount to be notified is the aggregate of the
following, namely

(a)the consideration given when the property was first brought into
public ownership, and

(b)the costs and expenses of and incidental to it being brought
into public ownership.

(4) If it appears to the Department in any such case that there
has been such a change in circumstances since the property was
first brought into public ownership that its true value would not
be reflected by reference to the consideration mentioned in
sub-paragraph (3), the Department, with the approval of the
Department of Finance, shall determine the amount to be notified.

(5) In a case to which sub-paragraph (2)(b) applies, the amount to
be notified is the aggregate of the consideration for the
acquisition and the costs and expenses of and incidental to it.

(6) The rate of interest payable on so much of the Agency's
capital debt as the Department does not direct to be treated as an
addition to the Agency's public dividend capital, and the date from
which interest is to begin to accrue, the arrangements for paying
off the principal, and the other terms of the debt shall be such
as the Department, with the approval of the Department of Finance,
may from time to time determine; and different rates and dates may
be determined under this sub-paragraph with respect to different
portions of the debt.

(7) Any sums received by the Department under sub-paragraph (6)
shall be paid into the Consolidated Fund.

7.(1) The Agency shall keep proper accounts and other records in
relation to the accounts and shall prepare in respect of each
financial year a statement of accounts in such form and containing
such information as the Department, with the approval of the
Department of Finance, may determine, the form being such as shall
conform to the best commercial standards.

(2) The accounts of the Agency shall be audited by auditors
appointed by the Agency with the approval of the Department and
shall be vouched to the satisfaction of such auditors.

(3) The Agency shall, at such time in each year as the Department
may direct, transmit copies of the statement of accounts for the
financial year last ended, certified by the auditors, to the
Department and to the Comptroller and Auditor General.

(4) The Comptroller and Auditor General shall examine a copy of
each annual statement of accounts and shall make a report thereon
and shall send copies of that report to the Department and to the
Agency and the Department shall lay a copy of the report before
the Northern Ireland Assembly.

(5) The Agency shall provide the Department with such information
relating to its activities or proposed activities as the Department
may from time to time require and for that purpose shall permit
any person authorised in that behalf by the Department or the
Comptroller and Auditor General to inspect and make copies of the
Agency's accounts, books, documents or papers, and the Agency shall
afford to that person such explanation thereof as he may reasonably
require.

8.(1) It shall be the duty of the Agency to make to the
Department, as soon as possible after the end of each financial
year, a report dealing with the operations of the Agency during
that year and such report shall be in such form and contain such
information as the Department may direct.

(2) The Department shall lay before the Northern Ireland Assembly a
copy of each report made to it under this paragraph together with
a copy of each annual statement of accounts transmitted to it under
paragraph 7(3).

(3) If a report laid under sub-paragraph (2) sets out a direction
under Article 6, a copy of which has not been laid in accordance
with paragraph (4) of that Article, a statement of the reason why
the copy was not so laid shall be annexed to the Agency's report
by the Head of the Department and the said paragraph (4) shall not
apply to the direction.

1. In the case of a person to be employed by the Agency on or
after the day appointed for the coming into operation of Article
13, who immediately before that day was employed by the Northern
Ireland Finance Corporation, the Agency shall ensure that

(a)so long as he continues in the employment of the Agency and
until he is served with a statement in writing specifying new terms
and conditions of employment, each such person enjoys terms and
conditions of employment not less favourable, taken as a whole, than
those he enjoyed as a member of the Corporation's staff immediately
before joining the Agency's staff;

(b)the new terms and conditions are such that, so long as he is
engaged in duties reasonably comparable to those in which he was
engaged immediately before he joined the Agency's staff, the terms
and conditions of his employment, taken as a whole, are not less
favourable than those which he then enjoyed.

2. The Department shall by regulations made with the consent of the
Department of Finance require the Agency to pay, in such cases and
to such extent as may be determined by or under the regulations,
compensation to or in respect of persons hitherto employed by the
Corporation who suffer loss of employment or loss or diminution of
emoluments or pension rights in consequence of the provisions of
this Order.

3. Regulations under paragraph 2 may be so framed as to have
effect as from a date prior to the making thereof, so, however,
that so much of any regulations as provides that any provision
thereof is to have effect from a date earlier than the making
thereof shall not place any person other than the Agency in a
worse position than he would have been in if the regulations had
been made to have effect only from the date of the making thereof.

4. Regulations under paragraph 2

(a)may prescribe the procedure to be followed in making claims for
compensation, and the manner in which, and the person by whom, the
question whether any or what compensation is payable is to be
determined; and

(b)may apply, with or without modifications, the provisions of any
other rules or regulations relating to similar matters.

5. For the purposes of the Contracts of Employment and Redundancy
Payments Act (Northern Ireland) 1965 there shall be deemed to have
been no break in the employment of any person who is transferred
from the employment of the Northern Ireland Finance Corporation to
that of the Agency.