30Accounting records for rice levy

30 Accounting records for rice levy

(1) For paragraph 40 (1) (a) of the PIRD Act, the Corporation must keep separate accounting records of funding of R & D activities relating to the growing of rice. (2) For paragraph 40 (1) (b) of the PIRD Act, the following amounts must be credited in the accounting records: (a) amounts of rice 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 rice; (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 rice; or (ii) from the sale of property produced in connection with research and development relating to the growing of rice; 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 rice; or (iv) in respect of work paid for in connection with research and development relating to the growing of rice; (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 growing of rice are to be debited in the accounting records. (4) For subsection 40 (2) of the PIRD Act, amounts credited in the accounting records may be spent only on R & D activities related to the growing of rice.