Development of Inventions Act 1967
| Year | 1967 |
Development of InventionsAct 1967
1967 CHAPTER 32
An Act to consolidate the Development of Inventions Act 1948, the Development of Inventions Act 1954 and the Development of Inventions Act 1965.
[10th May 1967]
Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—
The National Research Development Corporation
1 Constitution.
(1) There shall continue to be a body corporate called the National Research Development Corporation (in this Act referred to as ‘the Corporation’).
(2) The Corporation shall consist of a chairman and a managing director appointed by the Minister of Technology (in this Act referred to as ‘the Minister’), and such number of other members so appointed, not being less than four or more than twelve, as the Minister may from time to time determine.
(3) The members of the Corporation shall be appointed from among persons appearing to the Minister qualified as having had experience, and shown capacity, in matters relating to science, technology, industry, finance, administration or the acquisition and disposal of rights in inventions.
(4) The provisions of the Schedule to this Act shall have effect with respect to the remuneration of members of the Corporation out of the funds of the Corporation, as to the appointment and tenure and vacation of office of the said members, and otherwise in relation to the Corporation.
2 Functions.
(1) The Corporation shall have the following functions, that is to say—
(a ) securing, where the public interest so requires, the development or exploitation of inventions resulting from public research, and of any other invention as to which it appears to the Corporation that it is not being developed or exploited or sufficiently developed or exploited;
(b ) acquiring, holding, disposing of and granting rights (whether gratuitously or for consideration) in connection with inventions resulting from public research and, where the public interest so requires, in connection with inventions resulting from other sources;
(c ) promoting and assisting, where the public interest so requires, research for satisfying specific practical requirements brought to the knowledge of the Corporation where they are of opinion that the research is likely to lead to an invention; and
(d ) assisting, where the public interest so requires, the continuation of research where it appears to the Corporation that the research has resulted in any discovery such that the continuation of the research may lead to inventions of practical importance.
(2) In the exercise of their functions under paragraph (a ), (c ) or (d ) of subsection (1) of this section the Corporation shall have power, subject to the provisions of this Act, to carry on any activity the carrying on of which appears to the Corporation to be requisite, advantageous or convenient for or in connection with the exercise of their said functions, and in particular may carry on, or promote or facilitate the carrying on by other persons of, any business.
(3) The activities which may be carried on by the Corporation under the last foregoing subsection shall include promoting and assisting research where in the opinion of the Corporation the results of the research are likely to further the development or exploitation of inventions to which the Corporation's functions extend or to enhance the value of such inventions.
(4) The Corporation shall, except where it appears to them that special circumstances otherwise require, exercise their function of securing the exploitation of any invention by entrusting the exploitation thereof, on terms appearing to the Corporation to be appropriate, to persons engaged in the industry concerned.
(5) In this section ‘public research’ means research carried out by a Government department or other public body or any other research in respect of which financial assistance is provided out of public funds.
3 General directions.
(1) The Minister may, after consultation with the Corporation, give to them directions of a general character as to the exercise of their functions, and the Corporation shall comply with any such directions.
(2) It is hereby declared that the power to give directions to the Corporation under the foregoing subsection includes power to vary or revoke a previous direction so given.
4 Matters requiring Ministerial approval.
(1) Subject to the provisions of this section, the approval of the Minister shall be requisite for the exercise by the Corporation of any of the following activities, that is to say—
(a ) the carrying out by the Corporation, or the entering by the Corporation into any agreement for the carrying out on their behalf, of any project for the making of goods, the construction of works or the provision of services, or the setting up by the Corporation of any company or other organisation for carrying out any such project;
(b ) the provision of financial assistance to any person undertaking the development or exploitation of any invention;
(c ) the acquisition of, or of any interest in, any undertaking;
and for the exercise by the Corporation of the functions conferred on them by section 2(1)(c ) and (d ) of this Act.
(2) Notwithstanding paragraphs (a ) or (b ) of subsection (1) of this section, the approval of the Minister shall not be requisite—
(a ) by virtue of the said paragraph (a ), for anything done only by way of experiment or trial, or
(b ) by virtue of the said paragraph (b ), for the giving of assistance to a person in any year where the amount of that assistance together with any other assistance given to him by the Corporation in that year (less, where that other assistance took the form of a loan, any repayment made by him) does not exceed 1,000.
(3) The approval of the Minister may be given for the purposes of this section either as respects any particular case or as respects any class of cases and subject to such conditions and limitations as the Minister thinks fit.
Financial provisions
5 Financial duty.
(1) The Corporation shall so exercise their functions as to secure, in so far as can be done consistently with the fulfilment of their purposes, that the return to them from their activities shall be sufficient to meet their outgoings on revenue account, taking one year with another.
(2) Nothing in the foregoing subsection shall be taken as preventing the Corporation from exercising their functions so that the return to them from their activities exceeds their outgoings on revenue account.
(3) Any surplus on revenue account shall be applied by the Corporation in such manner as the Minister, with the approval of the Treasury, and after consultation with the Corporation, may direct; and any such direction may require the whole or any part of the surplus to be paid into the Exchequer.
6 Temporary borrowing.
(1) With the approval of the Minister given, with the consent of the Treasury, either generally or as respects the particular case, the Corporation may borrow temporarily, whether by way of overdraft or otherwise, sums required by them for meeting any of their obligations or discharging any of their functions:
Provided that the aggregate amount outstanding of any sums borrowed under this section shall not at any time exceed 250,000.
(2) A person lending money to the Corporation shall not be bound to inquire whether the borrowing is within the power of the Corporation.
7 Exchequer advances.
(1) The Minister with the consent of the Treasury may out of moneys provided by Parliament make advances to the Corporation within the limit specified in the next following subsection.
(2) The aggregate amount outstanding in respect of any advances made under this section shall not at any time exceed 25 million.
(3) The Corporation shall make to the Minister at such times and in such manner as the Minister may with the approval of the Treasury direct—
(a ) payments of such amounts as the Minister may with the like approval direct in or towards repayment of advances made to the Corporation under this section; and
(b ) payments of interest on any sums for the time being outstanding in respect of such advances at such rate as the Minister may with the like approval direct.
(4) Different rates of interest may be directed under this section as respects different advances and as respects interest for different periods.
(5) Sums received by the Minister under this section shall be paid into the Exchequer.
(6) The Minister shall lay before each House of Parliament a statement of any payment due from the Corporation under this section which is not duly paid to him as required thereunder.
8 Remission of liability to repay advances.
(1) This section applies where—
(a ) the Corporation have written down, or propose to write down, the value in their books of any asset which in the opinion of the Minister represents expenditure incurred by the Corporation exclusively for or in connection with the development of an invention or...
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