Development of Inventions Act 1965
| Jurisdiction | UK Non-devolved |
| Citation | 1965 c. 21 |
| Year | 1965 |
Development of InventionsAct 1965
1965 CHAPTER 21
An Act to amend the Development of Inventions Acts1948 to 1958.
[2nd June 1965]
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 Exchequer advances to Corporation.
(1) In section 7(2) of the Development of Inventions Act 1948 (which, as amended by the Development of Inventions Act 1958 , limits the amount outstanding in respect of Exchequer advances to the National Research Development Corporation (in this Act referred to as ‘the Corporation’) to 10 million) for the words ‘ten million pounds’ there shall be substituted the words ‘twenty-five million pounds’.
(2) In subsection (1) of the said section 7 (which, as amended by the Development of Inventions Act 1958, authorises the making of Exchequer advances to the Corporation within twenty years from the establishment of the Corporation)—
(a ) the provisions which limit the purposes for which the advances may be made to the purpose of defraying expenditure properly chargeable to capital account, and
(b ) the words ‘within twenty years of the establishment of the Corporation’,
shall cease to have effect.
(3) Any payments made on or after 1st April 1966 by the Minister under section 7 of the Development of Inventions Act 1948 (hereafter in this Act referred to as ‘the principal Act’) shall be paid out of money provided by Parliament and section 11 of that Act (which requires their payment out of the Consolidated Fund) shall cease to have effect.
(4) So much of section 12(1) of the principal Act as requires sums paid into the Exchequer by the Minister to be issued out of the Consolidated Fund and dealt with as specified in that subsection shall cease to have effect on 1st April 1966.
(5) A statement of the Corporation's accounts shall be prepared under section 10(1) of the principal Act for the period of nine months from the end of June 1965 to the end of March 1966 (instead of for the period of twelve months ending with June which is at present the Corporation's financial year under the said section 10(1)), and thereafter the Corporation's financial year under that section shall end on 31st March.
(6) No account shall be prepared under section 12(2) of the principal Act (account of advances and repayments) for the financial year ending in 1967 or any subsequent financial year, but, on receipt by the Minister under section 10(4) of the principal Act of the Corporation's copy of their statement of accounts for the financial year ending in 1967 and any subsequent year, the Minister shall send a copy of the statement (with a copy of any accompanying report by the auditors) to the Comptroller and Auditor General.
(7) The Comptroller and Auditor General shall examine every statement and report sent to him under the last foregoing subsection, and may inspect the accounts to which the statement relates and any records relating thereto, and shall certify the statement and lay a copy of it together with his report thereon before Parliament.
(8) In section 10(1) of the principal Act (form of Corporation's accounts) the words ‘being a form which shall conform with the best commercial standards’ shall cease to have effect.
2 Remission of liability to repay advance where the advance is represented by an asset with a written-down value.
(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 incurred by the Corporation under section 2(2) or (3) of the Development of Inventions Act 1954 (research), and
(b ) the Corporation apply to the Minister for relief under this section in respect of their liability to repay an advance under section 7 of the principal Act, being an advance which in the opinion of the Minister was used to defray all or any part of the expenditure represented by the asset.
(2) If the Minister with the consent of the Treasury so directs, the Corporation's liability up to the amount specified in the direction, but not exceeding the amount written down, shall be extinguished from the date as on which the value of the asset is so written down.
(3) The extinction under subsection (2) of this section of any liability shall not affect the obligation of the Corporation to pay interest under section 8(1)(b ) of the principal Act on the extinguished debt in respect of any period or part of a period before the date on which the liability is extinguished.
(4) No account shall be taken of the extinction of a liability under subsection (2) of this section for the purposes of section 7(2) of the principal Act (which imposes a limit on the aggregate amount outstanding in respect of advances made to the Corporation under that section).
(5) If at any time after the giving of a direction under subsection (2) of this section it appears to the Minister that in consequence of a change in circumstances since the giving of the direction the value of the asset has increased, he may direct that all or any part of the liability extinguished shall revive, and where a direction is given under this subsection interest shall become payable by the Corporation under section 8(1)(b ) of the principal Act for any period after the direction takes effect; and it shall be the duty of the Corporation to give the Minister such information as he may from time to time require for the purpose of enabling him to...
To continue reading
Request your trial