Section 4 Execution of particular tourist projects.
A Tourist Board shall have power—
in accordance with arrangements approved by the relevant Minister and the Treasury, to give financial assistance for the carrying out of any project which in the opinion of the Board will provide or improve tourist amenities and facilities in the country for which the Board is responsible;
with the approval of the relevant Minister and the Treasury, to carry out any such project as aforesaid.
Financial assistance under subsection (1)(a) of this section may be given by way of grant or loan or, if the project is being or is to be carried out by a company incorporated in Great Britain, by subscribing for or otherwise acquiring shares or stock in the company, or by any combination of those methods.
In making a grant or loan in accordance with arrangements approved under subsection (1)(a) of this section a Tourist Board may, subject to the arrangements, impose such terms and conditions as it thinks fit, including conditions for the repayment of a grant in specified circumstances; and Schedule 2 to this Act shall have effect for securing compliance with conditions subject to which any such grant is made.
A Tourist Board shall not dispose of any shares or stock acquired by it by virtue of this section except—
after consultation with the company in which the shares or stock are held; and
with the approval of the relevant Minister and the Treasury.
Annotations
Modifications
- C1
S. 4(1)(4) modified (1.7.1999) by S.I. 1999/672, art. 2, Sch. 1