Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) An R&D Corporation's money may be spent only:
(a) for the purpose of funding R&D activities included in the broad groupings of R&D activities specified in an annual operational plan prepared by the Corporation and in force when payments are made; and
(b) in payment or discharge of the expenses and liabilities incurred by the Corporation in the performance of its functions or the exercise of its powers; and
(c) in payment of remuneration and allowances payable:
(i) under sections 68 and 81 to the Corporation's directors; or
(ii) under section 89 to members of committees established by the Corporation under that section; and
(ca) in payment to the Commonwealth of amounts payable under subsection 30A(2B), 30B(4) or 32(1A); and
(d) in payment to the Commonwealth of amounts payable under section 34; and
(da) in payment to the Commonwealth of amounts payable under subsection 18(3) of the Primary Industries Levies and Charges Collection Act 1991 ; and
(e) in payment of amounts in respect of expenses (including the payment of remuneration and allowances) incurred by a Selection Committee in performing its function, and exercising its powers, in relation to the selection of directors for appointment to the Corporation; and
(f) in making any other payments that the Corporation is authorised or required to make under this Act.
(1A) Subsection (1) does not apply to an R&D Corporation's money to the extent that it includes a gift, grant, bequest or devise of a kind mentioned in paragraph 11(eb).
Note: Under that paragraph, the R&D Corporation must use the gift, grant, bequest or devise to carry out marketing activities.
(2) An R&D Corporation is liable to pay the expenses, and discharge the liabilities, incurred by a Selection Committee in connection with the performance of its function, and the exercise of its powers, in relation to the selection of directors for appointment to the Corporation.
Spending must be in accordance with funding agreement
(3) After 30 June 2015, an R&D Corporation must not spend money that has been paid to the R&D Corporation by the Commonwealth unless the R&D Corporation does so in accordance with a written funding agreement.
(4) The Minister may enter into a funding agreement with an R&D Corporation. The agreement must specify the terms and conditions on which money paid to the R&D Corporation by the Commonwealth will be spent.
(5) A funding agreement must be published on the website of the R&D Corporation concerned as soon as practicable after it is made or varied.