Cap. 463 Art. 8Functions of Corporation.

(1) The Corporation shall have the following functions:

(a) to originate, lead and further initiatives relating to the economic and social development of Malta in line with the objectives, policies and goals set out by Government in terms of article 4;

(b) to lead Malta’s strategy as relates to all forms of enterprise, ensuring the implementation of such activity through a co-ordinated and coherent approach developed and implemented with other Government bodies, national constituted bodies and the private sector;

(c) to develop, and to provide the required assistance and support services to enterprise in Malta;

(d) to promote Malta as a location for enterprise, to assist and co-ordinate its promotion as such a location;

(e) to promote, assist and develop the establishment, competitiveness and internationalisation of enterprise in Malta;

(f) to develop the technological, human resource, and skills bases, and to strengthen the capacity of undertakings, to undertake strategic assessment and formulation, to innovate, and to undertake research, development and design activities;

(g) to provide and manage land, sites, premises, services, and facilities for business enterprises;

(h) to administer schemes, grants and other financial facilities requiring the disbursement of funds, including funds originating from foreign sources;

(i) to advise the Minister on any matter relating to the operations and purposes of this Act; and

(j) to carry out such other functions as may be assigned to it by the Minister from time to time.

(2) In the exercise of the above functions, the Corporation shall have power to:

(a) make all forms of investment, including direct ownership of undertakings in its own right or in partnership with other persons, grant loans and advances to undertakings, subscribe, underwrite or deal in shares and debentures of companies, guarantee loans and advances to other persons, make grants to undertakings, and manage and control undertakings: provided that in any such transaction as aforesaid the investment or liability of the Corporation shall be made or assumed at fair risk;

(b) acquire, sell or otherwise dispose of or lease land, plant, machinery and equipment, and other property, and to otherwise make available property for use by other persons;

(c) manage land, and to develop land, and to carry out works on land, and to maintain works or assist in their maintenance;

(d) provide advisory or other services or facilities in relation to any of its functions, or to assist in their provision; and

(e) generally do all such things as may be incidental or conducive to the performance of its functions.

(3) For the better carrying out of the provisions of this Act, the Corporation may, in furtherance of any of its functions and powers, from time to time:

(a) issue and publish guidelines to establish inter alia:

(i) the terms and conditions of any arrangements, incentives or schemes including the determination of rules for the eligibility of undertakings to any benefits and incentives under any such schemes and all matters related and ancillary thereto;

(ii) the applicability of such schemes to particular projects or undertakings; and

(iii) any additional requirements and conditions in relation to activities of undertakings, the conduct of their business, their responsibilities to the Corporation, reporting requirements to the Corporation, financial resources and related requirements, and any other matters as the Corporation may consider appropriate;

(b) pursuant to the delegation by the Minister by means of a relevant regulation, transpose any provisions in the relevant legislation into guidelines with such modifications as the Minister or the Corporation, as the case may be, may consider appropriate or necessary: Provided that in so far as existing projects are concerned, nothing in any guidelines issued pursuant to this power shall affect any right, benefit or incentive currently in force in favour of any undertaking or beneficiary, nor impose any more onerous conditions or obligations than currently in force, and in case of conflict between the guidelines and the relevant legislation, the provisions of the relevant legislation shall prevail;

(c) pursuant to the delegation by the Minister by means of a relevant regulation, reflect directives of the European Union which may be relevant or necessary in relation to the functions and areas of responsibility of the Corporation and pursuant to article 4(2) of the European Union Act, to designate the Minister as the relevant Minister and the Corporation as the relevant authority for the purposes as may be prescribed.

(4) Guidelines shall be binding on all undertakings in possession of an Incentive Entitlement Certificate and on other persons as may be specified therein in accordance with their terms.

(5) Guidelines shall be issued by the Board only after having obtained the written opinion of the Minister:

Provided that where the guidelines deal with measures of a fiscal nature, the concurrence of the Minister of Finance shall also be required.

(6) Except for amendments to the guidelines which are purely administrative in nature, and are expressly declared to be so by the Corporation, which come into force immediately upon the posting thereof on the official website of the Corporation, any new guidelines or amendments to guidelines shall come into force on the lapse of fifteen days after they are posted on the official website or on such later date as may be stated therein:

Provided that an amendment to the guidelines may not reduce, withdraw or cancel any benefit previously granted except in accordance with the terms of this Act or a regulation in terms of which it is issued.

(7) Where, after the coming into force of the provisions of subarticles (3), (4), (5) and (6), the Corporation proposes to issue guidelines which provide for the granting of any new or increased assistance, a copy of such proposed guidelines shall be forwarded to the State Aid Monitoring Board which shall communicate its opinions on the proposed assistance in accordance with applicable law.