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Sec. 3 INDUSTRIAL DEVELOPMENT ACT, 1995
Power of Agencies to acquire, hold and dispose of land and other property.
Power of Agencies to acquire, hold and dispose of land and other property.
Power of Agencies to acquire, hold and dispose of land and other property.
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3.—(1) The First Schedule to the Act of 1993 is hereby amended by the substitution, for paragraph 1(2) thereof, of the following
“(2) Forfás and each Agency shall have the power to acquire, hold and dispose of land and other property or any interest therein.”.
(2) All land which, immediately before the commencement of this section, was vested in Forfás, and all rights, powers and privileges relating to or connected with such land shall, on such commencement, without any conveyance or assignment, stand vested in IDA for all the estate or interest for which it was vested in Forfás but subject to all trusts and equities affecting the land subsisting and capable of being performed.
(3) The powers and functions set out in section 16 of the Industrial Development Act, 1986, may be exercised by IDA notwithstanding anything to the contrary in subsection (1) of section 9 of the Act of 1993.
(4) Forfás and each Agency may sell, lease or otherwise dispose of land otherwise than in accordance with subsection (1) of section 16 of the Industrial Development Act, 1986, with the express consent of the Minister.