Commonwealth Numbered Acts

INDUSTRY RESEARCH AND DEVELOPMENT ACT 1986 No. 89 of 1986 - SECT 29

29. (1) There shall be specified in a discretionary grant agreement-

   (a)  the financial year or years in which any discretionary grant is, or
        discretionary grants are, to be payable under the agreement; and

   (b)  the amount of the discretionary grant, or the aggregate of the amounts
        of the discretionary grants, payable under the agreement in that year
        or in each of those years.

(2) The provisions of a discretionary grant agreement shall be such that the
amount of the discretionary grant, or of the aggregate of the discretionary
grants, payable to a company under the agreement shall not exceed an amount
equal to 50% of the total amount that, in the opinion of the Board, is or will
be the expenditure incurred, or to be incurred, by the company, after the date
of the making of the application because of which the agreement is entered
into, in respect of the project to which the agreement relates.