Rural Research and Development Legislation Amendment Act 2013 (146 of 2013)

Schedule 3   Funding agreements

Primary Industries and Energy Research and Development Act 1989

2   At the end of section 33

Add:

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.