Development of Inventions Act 1954
| Jurisdiction | UK Non-devolved |
| Citation | 1954 c. 20 |
| Year | 1954 |
Development of Inventions Act, 1954.
(2 & 3 Eliz. 2) CHAPTER 20
An Act to extend to ten years the period during which advances may be made to the National Research Development Corporation out of the Consolidated Fund and during which the Board of Trade may with the approval of the Treasury waive payments by way of interest on such advances; to make further provision as to the functions of the Corporation relating to research; and otherwise to amend the Development of Inventions Act, 1948.
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:—
1 Extension of period for making advances to National Research Development Corporation and for waiving interest on such advances.
(1) In section seven of the principal Act, (which empowers the Board of Trade with the consent of the Treasury to make advances up to five million pounds to the Corporation to defray capital expenditure, but limits the time within which such advances may be made to five years from the establishment of the Corporation), in subsection (1) for the words ‘five years’ there shall be substituted the words ‘ten years’.
(2) In subsection (2) of section eight of the principal Act (which enables the Board of Trade with the approval of the Treasury to waive payments of interest due within five years from the establishment of the Corporation) for the words ‘five years’ there shall be substituted the words ‘ten years’.
2 Functions of Corporation relating to research.
(1) For the avoidance of doubt it is hereby declared that the activities which may be carried on by the Corporation under subsection (3) of section one of the principal Act (which empowers the Corporation to carry on activities ancillary to the Corporation's functions of securing the development and exploitation of inventions) 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 said functions extend or to enhance the value of such inventions.
(2) Subject to the provisions of this section, the functions of the Corporation shall include...
To continue reading
Request your trial