32Restrictions applicable to project grant agreements

#### 32 Restrictions applicable to project grant agreements (1) There shall be specified in a project grant agreement: (a) the year or years in which any project grant is, or project grants are, to be payable under the agreement; and (b) the amount of the project grant, or the aggregate of the amounts of the project grants, payable under the agreement in that year or in each of those years. (2) Where a project grant agreement provides for the payment of project 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. (3) A project grant agreement shall not provide for the payment of a project grant in respect of expenditure in a year subsequent to the year commencing on 1 July 1988. (4) The provisions of a project grant agreement shall be such that, unless the Minister otherwise approves in relation to the agreement, the amount of the project grant, or of the aggregate of the project grants, payable under the agreement shall not exceed an amount equal to 50 per cent of the total amount that, in the opinion of the Board, is or will be the expenditure by the company or companies, after the date of the making of the application in pursuance of which the agreement is entered into, in respect of the project to which the agreement relates. (6) In entering into a project grant agreement, the Board shall ensure that the sum of so much of the amounts of project grants payable in a year as is attributable to expenditure of a company, or of 2 or more companies that are, by virtue of section 5, deemed to be related to each other at any time during that year, does not exceed $750,000 or such greater amount as the Minister approves in relation to that company, or those companies, in respect of that year. (7) Without prejudice to the duty of the Board to comply with the provisions of this Act and to observe the limits of its powers under this Act, a project grant agreement is not invalidated by reason of a provision of this Act not having been complied with by the Board in relation to the agreement or by reason of its not being within those limits. (8) In this section, project grant agreement means an agreement entered into by the Board with a company under section 30.