Commonwealth Numbered Acts

AUSTRALIAN MEAT AND LIVE-STOCK RESEARCH AND DEVELOPMENT CORPORATION ACT 1985 No. 12 of 1985 - SECT 8

8. (1) Without limiting the generality of sub-section 7 (1), the Corporation
may enter into an agreement with another person, an authority or an
organization for the purposes of, or for purposes in connection with, the
funding by the Corporation of a meat and live-stock research and development
activity that has been specified by the Corporation in the annual operational
plan that is in force at the time when the agreement is entered into.

(2) Without limiting the generality of sub-section (1), an agreement made by
the Corporation with a person, authority or organization under that
sub-section in relation to money that is to be provided by the Corporation
may-

   (a)  provide for-

        (i)    the money provided under the agreement, and any property
               acquired with that money or with money that includes that
               money, to be used only for the purposes specified in the
               agreement; and

        (ii)   the payment by the person, authority or organization to the
               Corporation of an amount equal to the whole, or such part as
               the Corporation determines, of the money provided under the
               agreement if any of the money provided under the agreement or
               any of the property referred to in sub-paragraph (i) is used
               for a purpose not specified in the agreement;

   (b)  provide for the payment by the person, authority or organization to
        the Corporation for the purposes of the Corporation, of an amount
        equal to the whole, or such part as the Corporation determines, of any
        net income derived by the person, authority or organization from-

        (i)    property acquired with money provided under the agreement or
               with money that includes that money; or

        (ii)   interests in, rights to apply for patents in respect of, or
               patents for, inventions made, or any other property acquired,
               in the course of carrying out a
               meat and live-stock research and development activity to which
               the agreement relates or doing any other act or thing with that
               money or with money that includes that money;

   (c)  provide for the assignment by the person, authority or organization to
        the Corporation of any property referred to in sub-paragraph (b) (i),
        of any interests, rights, patents or other property referred to in
        sub-paragraph (b) (ii); and

   (d)  provide for the payment by the person, authority or organization to
        the Corporation for the purposes of the Corporation in the event of
        the disposal, otherwise than to the Corporation, of any property of a
        kind referred to in paragraph (b), of an amount equal to the whole, or
        such part as the Corporation determines-

        (i)    in the case of a disposal by way of sale or assignment for
               value-of the net proceeds of the sale or assignment; and

        (ii)   in any other case-of the value of the property as determined by
               the Corporation.

(3) For the purposes of this section, a meat and live-stock research and
development activity shall be taken to have been specified by the Corporation
in an annual operational plan if that activity is included within a class of
meat and live-stock research and development activities that are described in
that plan as activities of the kind that the Corporation is prepared to fund.