33Expenditure of money of R&D Corporations

#### 33 Expenditure of money of R&D Corporations (1) Subject to this section, an R&D Corporation’s money may be spent only: (a) for the purpose of funding research and development activities included in the broad groupings of research and development activities specified in an annual operational plan prepared by the Corporation and in force; and (b) in payment or discharge of the expenses and liabilities incurred by the Corporation in the performance of its functions or the exercise of its powers; and (c) in payment of remuneration and allowances payable: (i) under sections 68 and 81 to the Corporation’s directors; or (ii) under section 89 to members of committees established by the Corporation under that section; and (d) in payment to the Commonwealth of amounts payable under the Primary Industries Levies and Charges Disbursement Act 2024; and (e) in payment of amounts in respect of expenses (including the payment of remuneration and allowances) incurred by a Selection Committee in performing its function, and exercising its powers, in relation to the selection of directors for appointment to the Corporation; and (f) in making any other payments that the Corporation is authorised or required to make under this Act. (1AA) Money paid to an R&D Corporation under the Primary Industries Levies and Charges Disbursement Act 2024 may be spent by the R&D Corporation only in accordance with that Act. (1A) Subsection (1) does not apply to an R&D Corporation’s money to the extent that it includes a gift, grant, bequest or devise of a kind mentioned in paragraph 11(eb). > Note: Under that paragraph, the R&D Corporation must use the gift, grant, bequest or devise to carry out marketing activities. (2) An R&D Corporation is liable to pay the expenses, and discharge the liabilities, incurred by a Selection Committee in connection with the performance of its function, and the exercise of its powers, in relation to the selection of directors for appointment to the Corporation. Spending must be in accordance with funding agreement (3) An R&D Corporation must not spend money that has been paid to the R&D Corporation by the Commonwealth unless the R&D Corporation does so in accordance with a written funding agreement.