Commonwealth Consolidated Acts

INDUSTRY RESEARCH AND DEVELOPMENT ACT 1986 - SECT 31B

             (1)  The consequences in subsection (2) apply if a finding (the group finding ) under this Part:

                     (a)  is for an R&D entity that is the head company of a consolidated group or MEC group; and

                     (b)  is in force immediately before the time (the leaving time ) another R&D entity ceases to be a subsidiary member of the group; and

                     (c)  is for an activity to be conducted by or for the other R&D entity wholly or partly after the leaving time; and

                     (d)  is not a deemed finding.

             (2)  The consequences are as follows:

                     (a)  a corresponding finding (the continuing finding ) in the same terms is taken to come into force at the leaving time for the other R&D entity and the activity;

                     (b)  everything that happened under this Part before the leaving time in relation to the group finding is taken to have happened in relation to the continuing finding;

                     (c)  the group finding ceases to be in force at the leaving time.