26HProvisions of grant agreements

26H Provisions of grant agreements

(1) There shall be specified in a grant agreement:

(a) the year or years in which any grant is, or grants are, to be payable under the agreement; and

(b) the amount of the grant or the aggregate of the amounts of the grants payable under the agreement in that year or in each of those years.

(2) A grant agreement shall not provide for the payment of grants after this Act ceases to have effect. (3) Where a grant agreement provides for the payment of grants in each of 2 or more years, the number of those years shall not exceed 5 or such greater number as the Minister approves in relation to that agreement. (4) The provisions of a grant agreement shall be such that, unless the Minister otherwise approves in relation to the agreement, the amount of the grant, or of the aggregate of the grants, payable under the agreement, shall not exceed an amount equal to 50% of the total amount that, in the opinion of the Authority, is or will be the expenditure incurred by the company to which the grant is made, after the date of the making of the application in pursuance of which the agreement is entered into, in respect of the automotive development project to which the agreement relates. (5) A grant agreement with an eligible company shall include:

(a) a provision requiring the company to keep, in writing in the English language or in a form in which they are readily accessible and readily convertible into writing in the English language, such accounts, books, documents and other records as correctly record and explain particulars of all expenditure incurred by the company in respect of the automotive development project to which the agreement relates and the application of all grants in respect of the project;

(b) a provision requiring the company to arrange for a qualified accountant nominated by the company and approved by the Authority:

(i) to examine, from time to time, the particulars of expenditure of the company referred to in paragraph (a); and

(ii) to give to the Authority, at intervals specified by the Authority, a certificate stating whether, in the opinion of the accountant, the particulars are correct or not;

(c) a provision enabling members of the Authority, or persons appointed by the senior member to inspect records for the purpose of this Act, to inspect the records referred to in paragraph (a) at all reasonable times and to make and retain copies of, or take and retain extracts from, those records; and

(d) a provision requiring the company to keep the Authority informed of the progress of the automotive development project to which the agreement relates.

(6) The Authority shall not refuse to approve a qualified accountant nominated by an eligible company for the purposes of a provision of a grant agreement referred to in paragraph (5)(b) unless the Authority is satisfied that it is not appropriate to approve the accountant because of an association between the accountant and the eligible company. (7) Subject to this Act, to any regulations under this Act and any guideline directions, a grant agreement may include such provisions as the Authority considers necessary. (8) Nothing in this Part shall be taken as preventing the inclusion in a grant agreement with an eligible company of a provision for the repayment by the company to the Commonwealth, on breach by the company of the agreement or in any other circumstances specified in the agreement, of the whole or a part of a grant made to the company under the agreement. (9) Without prejudice to the duty of the Authority to comply with the provisions of this Act and to observe the limits of its powers under this Act, a grant agreement is not invalidated by reason of a provision of this Act not having been complied with by the Authority in relation to the agreement or by reason of its not being within those limits.