36Accounting records for bee levies

36 Accounting records for bee levies

(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 queen bee breeding 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 35 (1) 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 queen bee breeding 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 queen bee breeding 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 dealings 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 to 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 queen bee breeding 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 queen bee breeding industry.