Commonwealth Consolidated Acts

INDUSTRIAL RESEARCH AND DEVELOPMENT INCENTIVES ACT 1976 - SECT 35

             (1)  Subject to subsection (1B), the Board may, in its discretion, authorize the payment to a company of an advance in respect of a commencement grant that may become payable to the company.

          (1A)  Subject to any direction of the Minister under section 19, the Board may authorize the payment to a company of an advance in respect of a project grant that may become payable to the company.

          (1B)  The Board shall not, under subsection (1), authorize the payment to a company of an advance in respect of a commencement grant unless the company gives adequate security for the repayment to the Commonwealth by the company of any amount repayable under subsection (2) in relation to the advance.

             (2)  Where an advance has been made to a company in pursuance of subsection (1) or subsection (1A) in respect of a grant, the company is liable, if the grant does not become payable or the amount of the grant is less than the advance, to repay to the Commonwealth, upon demand being made by the Minister for Finance, the amount of the advance or so much of the advance as exceeds the amount of the grant, as the case may be.

             (3)  Without limiting the rights of the Commonwealth under any security given in respect of an advance made to a company in pursuance of subsection (1A) or (1B), an amount repayable under subsection (2) is recoverable by the Commonwealth from the company in a court of competent jurisdiction as a debt due to the Commonwealth.