12Advances on account of bounty

12 Advances on account of bounty

(1) An advance on account of eligible costs bounty, or eligible research and development expenditure bounty, may be made to a person on such terms and conditions, including terms and conditions relating to the insurance of the vessel, as are approved by the Secretary in writing. (2) If a person receives by way of advances on account of eligible costs bounty, or eligible research and development expenditure bounty, in respect of the construction or modification of a vessel an amount greater than the amount of that bounty that is payable to the person in respect of that construction or modification, the person is liable to repay to the Commonwealth the amount of the excess. (3) If a person receives an amount by way of advances on account of eligible costs bounty, or eligible research and development expenditure bounty, and that bounty does not become payable, the person is liable to repay to the Commonwealth the amount so received.