33Spending of matching payments

33 Spending of matching payments

(1) If a declared recipient body is paid an amount under subsection 23(1), then the amount may be spent by the body only on matters covered by this section. Research and development activities (2) A matter is research and development activities, for a designated primary industry sector in relation to the body, where expenditure on those activities is: (a) for the benefit of that sector and the Australian community generally; and (b) in accordance with the body’s funding agreement; and (c) in accordance with the rules (if any). Debt (3) A matter is making a payment of a debt (if any) mentioned in subsection 86(2), to the extent that the debt arose because of a purported payment under subsection 23(1) to the body. Matters prescribed by the rules (4) A matter is any matter that is prescribed by the rules for the purposes of this subsection in relation to: (a) the body; and (b) a designated primary industry sector in relation to the body. The rules may provide that expenditure by the body on the matter is subject to any conditions prescribed by the rules.