19R&D plans

19 R&D plans

(1) An R&D Corporation must prepare, in written form, an R&D plan for each successive period referred to in subsections (3) and (4). (2) An R&D Corporation’s R&D plan is to include: (a) a statement of the Corporation’s objectives and priorities for the period to which the plan is expressed to relate; and (b) an outline of the strategies that the Corporation intends to adopt in order to achieve those objectives. (3) The first R&D plan is to be expressed to relate to: (a) if the R&D Corporation is established in the first 9 months of a financial year—that financial year and the 4 subsequent financial years; or (b) if the R&D Corporation is established in the last 3 months of a financial year—the next financial year and the 4 subsequent financial years. (4) Each subsequent R&D plan is to be expressed to relate to the period of 5 years commencing at the end of the period to which the immediately preceding R&D plan relates.