12Financial assistance for research and development activities

#### 12 Financial assistance for research and development activities (1) Subject to subsection (3), the Minister may approve the making of a grant of financial assistance to a person in relation to a research or development activity being undertaken, or to be undertaken, by the person. (2) Without limiting the generality of subsection (1), the Minister may, under that subsection, approve the making, in relation to a research or development activity, of a grant with respect to any of the following: (a) recurrent expenditure incurred or to be incurred; (b) the cost of acquiring land (with or without buildings); (c) the cost of acquiring, erecting, altering or extending buildings; (d) the cost of acquiring, altering or installing equipment. (3) The Minister shall not approve the making of a grant under subsection (1) unless the Minister is satisfied that the making of the grant would: (a) further the objects of this Act set out in section 3 and the principles and objectives formulated under section 5; and (b) comply with the guidelines formulated under section 5 that are applicable to the making of grants under subsection (1) of this section. (4) Where the Minister approves the making of a grant of financial assistance to a person under subsection (1) in relation to a research or development activity being undertaken, or to be undertaken, by the person, the Minister shall, subject to the regulations: (a) determine the amount of the financial assistance or the manner in which the amount of the financial assistance is to be calculated; (b) determine the time or times at which, and the instalments (if any) in which, the financial assistance is to be paid; and (c) specify the terms and conditions on which the financial assistance is granted. (5) Without limiting the generality of paragraph (4)(c), the terms and conditions that may be specified pursuant to that paragraph include terms and conditions with respect to: (a) the purposes for which the financial assistance may be applied; (b) the amounts to be applied by the person for those purposes or any other purpose, and the source of amounts to be so applied; (c) the furnishing of information; (d) the provision of certificates with respect to the fulfilment of terms and conditions; (e) the repayment of financial assistance; (f) the giving of security for the fulfilment of terms and conditions; (g) the use and disposal of, and the recovery of amounts that under the terms and conditions are to be taken as representing the Commonwealth’s interest in: (i) land acquired (with or without buildings); (ii) buildings acquired, erected, altered or extended; and (iii) equipment acquired, altered or installed; as a result of the application of the financial assistance or of the financial assistance and other money; and (h) the use, disposal, and ownership of anything produced by the research or development activity. (6) In this section, person includes a State or eligible organisation.