Commonwealth Numbered Acts

TEXTILES, CLOTHING AND FOOTWEAR DEVELOPMENT AUTHORITY ACT 1988 No. 14 of 1988 - SECT 33

33. (1) Where the Authority is satisfied that:

   (a)  an applicant for financial assistance under the program will, by the
        acquisition of certain modern plant and equipment, be in a position to
        maximise the efficiency, international competitiveness and potential
        for export of the applicant's business as a producer and be entitled
        to receive a reduced amount of bounty in respect of the production of
        bountiable yarn; and

   (b)  the business plan submitted by the applicant under paragraph 29 (2)
        (c) is financially viable; the Authority may approve, in writing, the
        grant to the applicant of financial assistance, in such amount as is
        determined by the Authority, to enable the applicant to acquire such
        modern plant or equipment as is specified in the approval.

(2) If the Authority is of the opinion that it will be to the benefit of the
applicant to obtain finance for this purpose, the Authority may state in the
instrument of approval that a specified amount not exceeding 20% of the grant
may be used by the applicant as working capital for purposes related to the
operation of the plant or machinery.

(3) Where, at any time, the funds available for the provision of financial
assistance under the program are not sufficient to allow the Authority to
approve all the grants of financial assistance that it would have approved
under the program if sufficient funds had then been available, the Authority
shall determine which of those grants are to be approved having regard to:

   (a)  the funds then available for the purposes of the program; and

   (b)  the extent to which each of the applicants will, by the proposed
        acquisition of plant and equipment, be likely to satisfy the criteria
        referred to in paragraph (1) (a).