27Accounting records for pasture seed levy

27 Accounting records for pasture seed 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 in relation to the growing of pasture seeds. (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 pasture seed levy 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 in relation to the growing of pasture seeds; (d) amounts received by the Corporation: (i) from the sale of property paid for in connection with research and development relating to the growing of pasture seeds; or (ii) from the sale of property produced in connection with research and development relating to the growing of pasture seeds; or (iii) from dealing with patents in respect of inventions made in connection with, or intellectual property arising out of, research and development relating to the growing of pasture seeds; or (iv) in respect of work paid for in connection with research and development relating to the growing of pasture seeds; (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 specified in section 33 of the PIRD Act that are required to be paid by the Corporation in relation to the growing of pasture seeds 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 growing of pasture seeds.