33BState and Territory fisheries R&D money

33B State and Territory fisheries R&D money

(1) This section applies if: (a) a State or Territory makes a payment to an R&D Corporation in respect of research and development in respect of the fishing industry; or (b) the Commonwealth makes a payment to an R&D Corporation of money paid by a State or Territory to the Commonwealth in respect of research and development in respect of the fishing industry. (2) The R&D Corporation must, within 5 years of receiving the payment, spend an equal amount on research and development activities of relevance to the State or Territory.