Cap. 325 Art. 18Provision of factories, etc.

(1) Subject to the provisions of subarticle (4), the Corporation may, consistently with the aims and objectives of the industrial policy of the Government, procure for a qualifying company industrial buildings and structures at the following rent:

(a) €4.08 per square metre for the first three per annum years of the lease;

(b) at a rate which shall not exceed €9.32 per square metre for the next thirteen years of the lease; per annum

(c) thereafter at the rate determined under the preceding paragraph which rate, however, shall be adjusted immediately, and subsequently every five years, to take account of movements in the index of inflation contemplated in the Schedule to the Housing

(Decontrol) Ordinance between the first year of the lease and the date on which every such adjustment is effected.

(2) Subject to the provisions of subarticle (4), the Corporation may, consistently with the aims and objectives of the industrial policy of the Government, procure for a qualifying company, land on the following terms:

(a) in the case of land adjoining an industrial building or structure, by title of lease and the rent payable shall be -

(i) fifty-four cents (0.54) per square metre per for the first sixteen years of the lease; annum

(ii) thereafter at a rate which shall be adjusted immediately, and subsequently every five years, to take account of movements in the aforesaid index of inflation between the first year of the lease and the date on which every such adjustment is effected;

(b) in the case of land which is made available by the Corporation in an undeveloped state, the land shall be granted by title of temporary emphyteusis for a minimum consideration of fifty-four cents (0.54) per square metre per annum which shall be revised every twenty-five years (whether the concession is subsequently extended or not) to take account of movements in the said index of inflation as from the date of the grant.

(3) The Corporation may in any particular case provide industrial buildings and structures constructed according to the requirements of a qualifying company, or make alterations to existing buildings and structures, on such terms as the Corporation may agree with the company.

(4) The Minister may from time to time, by notice in the Gazette, vary the rates and the method of revision of such rates established in subarticles (1) and (2).

(5) With effect from 1st January, 1993, no duty shall be payable under the Duty on Documents Act* in respect of any deed or other instrument whereby any land is transferred pursuant to the provisions of this article.

(6) The Corporation may also procure for a qualifying company industrial buildings and structures by title of temporary emphyteusis or undeveloped land by title of lease at such terms and conditions as may be prescribed by the Minister from time to time.

(7) Without prejudice to the terms of any agreement then subsistent, with effect from such date as may be determined by the † Minister by order in the Gazette , the consideration contemplated in this article shall no longer apply and the rentals to be charged by the Corporation for the lease of immovable property as contemplated by this article, shall be determined by the Corporation.