Highlands and Islands Development (Scotland) Act 1968 (repealed)
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Change 1
2 Further powers of Board relating to loans and other financial assistance to certain companies.
(1) Conditions imposed by the Board under section 8(2) of the principal Act on making a loan under that section to a company may include conditions providing for the indebtedness to the Board to be discharged wholly or in part by the issue to the Board of shares or stock in the company. (2) Assistance by the Board under the said section 8 to a company may, instead of or as well as assistance by way of grant or loan, consist of assistance by subscribing for or otherwise acquiring shares or stock in the company, and the Board on giving such assistance may impose such conditions as they think fit. (3) In accordance with any such arrangements as are mentioned in the said section 8, the Board may hold or dispose of any shares or stock acquired by the Board as mentioned in subsection (1) or (2) above, but any shares or stock so acquired shall be held by them only so long as the company concerned carries on or proposes to carry on any such undertaking or activity as is mentioned in the said section 8(1).
2 Further powers of Board relating to loans and other financial assistance to certain companies.
(1) Conditions imposed by the Board under section 8(2) of the principal Act on making a loan under that section to a company may include conditions providing for the indebtedness to the Board to be discharged wholly or in part by the issue to the Board of shares or stock in the company. (2) Assistance by the Board under the said section 8 to a company may, instead of or as well as assistance by way of grant or loan, consist of assistance by subscribing for or otherwise acquiring shares or stock in the company, and the Board on giving such assistance may impose such conditions as they think fit. (3) In accordance with any such arrangements as are mentioned in the said section 8, the Board may hold or dispose of any shares or stock acquired by the Board as mentioned in subsection (1) or (2) above, but any shares or stock so acquired shall be held by them only so long as the company concerned carries on or proposes to carry on any such undertaking or activity as is mentioned in the said section 8(1).
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