sec.42Commercialised incentive payments for intellectual property

### sec.42 Commercialised incentive payments for intellectual property This section applies in relation to an item of intellectual property that— is produced by a person as part of the person’s employment, contractual or other arrangement with the council; and is owned by the council. If the council has a net commercialisation revenue amount for an item of intellectual property, the council may pay each person who produced the intellectual property a payment (a commercialised incentive payment ) in accordance with the following limits— a maximum total amount of $10m may be paid in relation to the item of intellectual property in a financial year; a maximum amount of $5m may be paid to a person in relation to the item of intellectual property in a financial year. The council may pay a commercialised incentive payment in excess of a maximum amount stated in subsection (2) if, before the payment is made, the Governor in Council approves the payment. A commercialised incentive payment must be paid from the net commercialisation revenue amount for the item of intellectual property. The council may pay a person a commercialised incentive payment in addition to any other payment the council must pay the person. In this section— net commercialisation revenue amount , for an item of intellectual property, means the council’s net earnings derived from the commercialisation of the intellectual property. (sec.42-ssec.1) This section applies in relation to an item of intellectual property that— is produced by a person as part of the person’s employment, contractual or other arrangement with the council; and is owned by the council. (sec.42-ssec.2) If the council has a net commercialisation revenue amount for an item of intellectual property, the council may pay each person who produced the intellectual property a payment (a commercialised incentive payment ) in accordance with the following limits— a maximum total amount of $10m may be paid in relation to the item of intellectual property in a financial year; a maximum amount of $5m may be paid to a person in relation to the item of intellectual property in a financial year. (sec.42-ssec.3) The council may pay a commercialised incentive payment in excess of a maximum amount stated in subsection (2) if, before the payment is made, the Governor in Council approves the payment. (sec.42-ssec.4) A commercialised incentive payment must be paid from the net commercialisation revenue amount for the item of intellectual property. (sec.42-ssec.5) The council may pay a person a commercialised incentive payment in addition to any other payment the council must pay the person. (sec.42-ssec.6) In this section— net commercialisation revenue amount , for an item of intellectual property, means the council’s net earnings derived from the commercialisation of the intellectual property. - (a) is produced by a person as part of the person’s employment, contractual or other arrangement with the council; and - (b) is owned by the council. - (a) a maximum total amount of $10m may be paid in relation to the item of intellectual property in a financial year; - (b) a maximum amount of $5m may be paid to a person in relation to the item of intellectual property in a financial year.