24Accounting records for meat chicken levy

24 Accounting records for meat chicken levy

(1) For paragraph 40 (1) (a) of the PIRD Act, the Corporation must keep separate accounting records of the funding of R & D activities relating to the meat chicken industry. (2) For paragraph 40 (1) (b) of the PIRD Act, the following amounts must be credited in the accounting records kept under subregulation (1): (a) amounts of levy mentioned in subregulation 23 (2) that are received by the Commonwealth under the Collection Act and paid to the Corporation under paragraph 30 (1) (a) of the PIRD Act; (b) amounts paid to the Corporation by the Commonwealth under paragraph 30 (1) (b) of the PIRD Act; (c) amounts received by the Corporation as contributions to the cost of R & D activities relating to the meat chicken industry; (d) amounts received by the Corporation: (i) from the sale of property paid for by money spent by the Corporation under section 33 of the PIRD Act on R & D activities relating to the meat chicken industry; or (ii) from the sale of property produced in the course of carrying out R & D activities relating to that industry; or (iii) from dealing in patents or other intellectual property arising out of the carrying out of R & D activities relating to that industry; or (iv) for work paid for by money spent by the Corporation under section 33 of the PIRD Act on R & D activities relating that industry; (e) amounts paid to the Corporation as interest on investment of an amount mentioned in any of paragraphs (a) to (d). (3) For paragraph 40 (1) (b) of the PIRD Act, all amounts spent under section 33 of the PIRD Act in relation to the meat chicken industry are to be debited in the accounting records kept under subregulation (1). (4) For subsection 40 (2) of the PIRD Act, the only R & D activities on which amounts credited under subregulation (2) can be spent are R & D activities in relation to the meat chicken industry.