Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) An R&D Corporation must:
(a) as soon as practicable after 30 June next following the day on which its R&D plan comes into operation; and
(b) as soon as practicable after each subsequent 30 June occurring before the day of expiration of the plan;
review the plan and consider whether a variation of it is necessary.
(2) An R&D Corporation may, at any other time, review its R&D plan (whether or not the plan has come into operation) and consider whether a variation of it is necessary.
(3) Where the Minister gives to an R&D Corporation a notice requesting that the Corporation vary its R&D plan and setting out the reasons for making the request, it must consider, having regard to the reasons, whether the requested variation of the plan is appropriate.
(4) Where an R&D Corporation considers that:
(a) a variation of its R&D plan is necessary; or
(b) a variation of its R&D plan, requested by the Minister, is appropriate;
it may vary the plan with the Minister's approval.
(5) When requesting the Minister's approval for a variation of the plan, the Corporation must, unless the variation was requested by the Minister, provide the Minister with:
(a) a statement of its reasons for making the request; and
(b) such other information as the Minister requests.
(6) The Minister may, after considering the request (together with the material (if any) provided under subsection (5)):
(a) approve the requested variation; or
(b) reject the requested variation.
(7) Where the Minister approves a requested variation, the Corporation is, no later than one month after the day on which it is approved by the Minister, to provide a copy of the varied plan as approved by the Minister to the Presidents (or the holders of the equivalent office) within each of the representative organisations of the Corporation.
(8) If the Minister rejects the requested variation he or she must give the Corporation his or her written reasons for doing so.