8/12/2019 Nat'l Research Fund Act (5 Jan 10)

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Requested version was 05 Jan 2011; Closest available version is 31 Oct 2007; Generated on 05 Jan 201115:44:33G!"#$%&

Front Page ' Ju() to: *ront +a,e - .rran,e(ent o/ +rovisions- .ctual +rovisions

NATIONAL RESEARCH FUND ACT

(CHAPTER 201A)

History At 1! o"200#

200!RE$ISEDEDITION

.n .ct to establis a ational Researc *und and to )rovide /or its )ro)er ad(inistration&

%22n& A'g'st 200#

Arrangeent o"Pro*isions

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+rovisions

+.R" +R6!.R81 9ort title2 nter)retation3 !eanin, o/ researc and develo)(ent activities

+.R" ."O. R696.RC< *=>4 6stablis(ent o/ ational Researc *und5 +ur)oses o/ *und? 6@)enses7 Aitdrawals

+.R" .>!9"R."O O* *=>$ Res)onsibilitB /or *und ational Researc *oundation Doard10 ResearcE nnovation and 6nter)rise Council11 .ccounts to be Fe)t12 *inancial state(ents and audit re)orts

13 .))lication o/ *inancial +rocedure .ct

+.R" !9C6.6O=914 +ersons not to reveal trade secretsE etc&15 *or,erB o/ certi/icates and /alse in/or(ation1? O//ences bB bodies cor)orateE etc&17 >isclosure o/ interests o/ (e(ber o/ Doard or Council1$ Re,ulations

LE+ISLATION HISTOR,

At'a- Pro*isions ' Ju() to: *ront +a,e- .rran,e(ent o/ +rovisions- .ctual +rovisions

NATIONAL RESEARCH FUND ACT

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8/12/2019 Nat'l Research Fund Act (5 Jan 10)

2/6

(CHAPTER 201A)

.n .ct to establis a ational Researc *und and to )rovide /or its )ro)er ad(inistration&

%22n& A'g'st 200#

PART I

PRELI.INAR,

S/ort tit-e1"is .ct (aB be cited as te ational Researc *und .ct&

Interretation2n tis .ctE unless te conte@t oterwise requires HIDoardI (eans te ational Researc *oundation Doard establised under section ;ICouncilI (eans te ResearcE nnovation and 6nter)rise Council establised under section 10;I*undI (eans te ational Researc *und establised under section 4;

IinvestI includes enterin, into a transaction or an arran,e(ent /or te )rotection o/ invest(ents;IFnowled,eI (eans anB Fnowled,e or oter in/or(ationE weter or not te )ossessor o/ teFnowled,e or in/or(ation as anB le,allB en/orceable ri,ts in relation to it;I)ro)ertBI (eans anB le,al or equitable estate or interest weter )resent or /uture and wetervested or contin,ent% in real or )ersonal )ro)ertB o/ anB descri)tion;I)ublic autoritBI (eans anB board or autoritB establised bB or under anB written law to)er/or( or discar,e anB )ublic /unction;IsecuritiesI includes saresE inscribed stocFE debenturesE bondsE debenture stocFE notes or anBoter docu(ent creatin, evidencin, or acFnowled,in, indebtedness&

.eaning o" resear/ an& &e*e-oent ati*ities34H1% n tis .ctE researc and develo)(ent activities (eans Ha% sBste(aticE investi,ative or e@)eri(ental activities tat involve innovation and are carried oneiter wollB or )artlB witin 9in,a)ore /or te )ur)ose o/ Hi% increasin, or acquirin, new Fnowled,e weter or not tat Fnowled,e will ave s)eci/ic

)ractical a))lication%; orii% creatin, new or i()roved (aterialsE )roductsE devicesE )rocesses or services; orb% oter activities tat are carried on eiter wollB or )artlB witin 9in,a)ore /or a )ur)oserelated to te carrBin, on o/ activities o/ te Find re/erred to in )ara,ra) a% or incidental orconducive to te attain(ent or /urterance o/ te )ur)oses re/erred to in tat )ara,ra)E includin,Hi% scienti/ic and tecnical in/or(ation services suc as data collection% to su))ort activities o/ teFind re/erred to in )ara,ra) a%;ii% buildin, e@)enditure incurred in te acquisition or construction o/ a buildin,E or o/ ane@tensionE alteration or i()rove(ent toE or o/ (aintenance o/ a buildin, used or to be used /or inactivities o/ te Find re/erred to in )ara,ra) a%;iii% trainin, and (ana,e(ent o/ (an)ower /or activities o/ te Find re/erred to in )ara,ra) a%;iv% /easibilitB studies wit a view to establisin, te strate,ic direction o/ anB s)eci/ic researc

and develo)(ent activitB; andv% anB oter worF or services includin, )atentin,E licensin, and oter activities% necessarB tosu))ort activities o/ te Find re/erred to in )ara,ra) a%&2% *or te )ur)oses o/ tis sectionE te /ollowin, activities sall not be taFen to be sBste(aticEinvesti,ative or e@)eri(ental activities:a% (arFet researcE (arFet testin, or (arFet develo)(entE and sale )ro(otion includin,consu(er surveB%;b% testin, and standardisation;c% )ros)ectin,E e@)lorin, or drillin, /or (ineralsE )etroleu( or natural ,as /or te )ur)ose o/discoverin, de)ositsE deter(inin, (ore )reciselB te location o/ de)osits or deter(inin, te sie orqualitB o/ de)osits;d% te (aFin, o/ cos(etic (odi/ications or stBlistic can,es to )roductsE )rocesses or )roduction(etods;e% )re)roduction activities suc as de(onstration o/ co((ercial viabilitBE toolin,u) and trial

runs;/% routine collection o/ in/or(ationE e@ce)t as )art o/ te researc and develo)(ent )rocess;

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,% )re)aration /or teacin,;% routine so/tware develo)(ent;

i% le,al and ad(inistrative as)ects o/ )atentin,E licensin, and oter activitiesE unless re/erred toin subsection 1% b% v%;

K% activities associated wit co()lBin, wit statutorB require(ents or standards;F% anB activitB related to te re)roduction o/ a co((ercial )roduct or )rocess bB a )Bsical

e@a(ination o/ an e@istin, sBste( or )lanE blue)rintsE detailed s)eci/ications or )ubliclB availablein/or(ation&

PART II

NATIONAL RESEARCH FUND

Esta5-is/ent o" Nationa- Resear/ F'n&6H1% "ere sall be establised a /und to be called te ational Researc *und wic sall be

eldE (ana,ed and ad(inistered as a Govern(ent /und&2% "ere sall be )aid into te *und H

a% all (oneBs /ro( ti(e to ti(e a))ro)riated /ro( te Consolidated *und and autorised to be

)aid into te *und bB tis .ct or anB oter written law;b% all oter revenues o/ 9in,a)ore allocated bB anB written law to te *und;c% all ,i/ts and donations )aid bB anB )erson or or,anisation to te Govern(ent /or te )ur)oses

o/ te *und ,enerallB;d% a(ounts received bB te Doard or Govern(ent H

i% /ro( te sale o/ anB )ro)ertB )aid /or wit (oneB /ro( te *und;ii% /ro( te sale o/ anB )ro)ertB )roducedE or /ro( dealin, wit )atents or oter intellectual

)ro)ertB ri,ts in res)ect o/ inventions (adeE in te course o/ anB researc anddevelo)(ent activitB )aid /or wit (oneB /ro( te *und; or

iii% in res)ect o/ anB worF )aid /or wit (oneB /ro( te *und;e% all invest(ents out o/ (oneBs in te *und autorised to be (ade bB tis .ct or anB oter

written law and te )roceeds o/ anB suc invest(entE includin, te net inco(e /ro( sucinvest(ents; and

/% all su(s received bB waB o/ re)aB(ent o/ anB loan or advance /ro( te *und and anB interest

/ro( anB suc loan or advance&3% "e *und sall be re,arded as co()risin, )ublic (oneBs /or te )ur)oses o/ anB oter writtenlaw&

4% *or te )ur)oses o/ subsection 2% e%E te net inco(e /ro( invest(ents sall be te a(ountascertained bB addin, toE or deductin, /ro(E te inco(e received /ro( invest(ents o/ (oneBs in

te *und anB )ro/it derived or loss sustainedE as te case (aB beE /ro( te realisation o/ sucinvest(ents&

P'roses o" F'n&7H1% "e obKect o/ te *und is to (aFe )rovision /or te /undin, and ad(inistration o/ researc

and develo)(ent activities wit a view to Ha% encoura,in, te develo)(ent in 9in,a)ore o/ innovative )roductsE )rocesses and services;

b% increasin, invest(ent bB te )ublic and )rivate sectors in 9in,a)ore in researc anddevelo)(ent activities tat will (aFe 9in,a)ore (ore internationallB co()etitive;

c% )ro(otin, te tecnolo,ical advance(ent o/ te )ublic and )rivate sectors in 9in,a)oretrou, a /ocus on innovation; and

d% creatin, an environ(ent tat is conducive to increase co((ercialisation o/ new )rocesses and)roduct tecnolo,ies&

2% "e (oneBs in te *und (aB be witdrawn and a))lied /or all or anB o/ te /ollowin, )ur)osesonlB:

a% to )rovide /inancial assistance includin, loans and scolarsi)s% to anB )ublic autoritBEenter)riseE educational institution or oter )erson weter in 9in,a)ore or

elsewere% undertaFin, or /acilitatin, researc and develo)(ent activities;b% to )ro(ote or assist /inanciallB or oterwise% anB enter)rise en,a,ed in te e@)loitation o/

researc and develo)(ent activities undertaFen bB anB )ublic autoritBE enter)riseEeducational institution or oter )erson weter in 9in,a)ore or elsewere%E were suc an

enter)riseE in te o)inion o/ te DoardE is )ro/itable and e//icient or ca)able o/ beco(in, )ro/itableand e//icient and as reasonable )ros)ects /or )ro/itabilitBE develo)(entE e@)ansionE ,rowt or

)rovidin, viable e()loB(ent;

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c% te )aB(ent o/ re(uneration or allowances )aBable to )ersons oter tan )ublic o//icers%en,a,ed to advise te Doard or Council in te )er/or(ance o/ teir res)ective /unctions under tis

.ct;d% te )aB(ent o/ oter e@)enses incurred bB te Doard or Council in te )er/or(ance o/ teir

res)ective /unctions under tis .ctE includin, anB re(uneration or allowances )aBable to te(e(bers o/ te Doard or Council wo are not )ublic o//icers;

e% te )aB(ent o/ e@)enses re/erred to in section ?&3% "e (oneBs in te *und (aB also be invested in H

a% anB invest(ent autorised under section 7 o/ te *inancial +rocedure .ct Ca)& 10%; andb% suc oter invest(ents as te Doard tinFs /itE not bein, anB stocFE bondE /und or securitB

issued bB te Govern(ent&E8enses#.ll e@)enses incidental to or arisin, /ro( te ad(inistrationE invest(ent and (ana,e(ent o/(oneBs in te *und sall be car,ed u)on and )aBable out o/ te *und&

9it/&ra:a-s!H1% o (oneBs sall be witdrawn /ro( te *und unless teB are car,ed u)on te *und or

are autorised to be witdrawn or trans/erred under tis .ct&2% o )aB(ent sall be (ade out o/ te *und unless te )aB(ent is autorised bB te Doard&

PART III

AD.INISTRATION OF FUND

Resonsi5i-ity "or F'n&;"e *und sallE subKect to te direction o/ te CouncilE be (ana,ed and ad(inistered bB te

Doard&Nationa- Resear/ Fo'n&ation

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o))ortunities tat arise /ro( te e@)loitation o/ results o/ anB researc and develo)(ent activitiesor innovation&

Ao'nts to 5e ?et11H1% "e Doard sall H

a% cause to be Fe)t )ro)er accounts and records o/ all transactions and a//airs relatin, to te*und;

b% do all tin,s necessarB to ensure tat )aB(ents out o/ te *und are )ro)erlB autorised andcorrectlB (ade; and

c% ensure tat adequate control is (aintained over te assets and recei)ts o/ te *und&2% "e Doard sall a))oint a )ublic o//icer to be an accountin, o//icer o/ te *und wit

res)onsibilitB /or Fee)in, )ro)er accounts and records in relation teretoE and )re)arin,and si,nin, a state(ent o/ te *undLs accounts in res)ect o/ eac /inancial Bear&

Finania- stateents an& a'&it reorts12H1% "e Doard sallE as soon as )racticable a/ter te close o/ eac /inancial Bear o/ te *undE

cause to be )re)ared and sub(itted to te .uditorGeneral te /inancial state(ents and accounts/or te *und relatin, to tat /inancial BearE and te .uditorGeneral sall ten audit or cause an

audit o/ te state(ents and accounts and re)ort on te(&2% "e /inancial Bear o/ te *und sall be a )eriod o/ 12 (onts endin, on 31st !arc in anB

BearE e@ce)t tat te /irst /inancial Bear o/ te *und sall be,in on 22nd .u,ust 200? and end on31st !arc o/ te succeedin, Bear&

3% "e re(uneration o/ te auditor sall be )aid out o/ te *und&4% .s soon as te accounts o/ te *und and te /inancial state(ents ave been audited in

accordance wit tis .ctE a co)B o/ te audited /inancial state(entsE to,eter wit a co)B o/anB re)ort (ade bB te auditorE sall be sub(itted to te Doard&

5% Aere te .uditorGeneral is not te auditor o/ te *undE a co)B o/ te audited /inancialstate(ents and anB re)ort (ade bB te auditor sall be /orwarded to te .uditorGeneral at te

sa(e ti(e teB are sub(itted to te Doard&?% "e !inister sall as soon as )racticable cause a co)B o/ te audited /inancial state(ents o/

te *und and te auditorMs re)ort to be )resented to +arlia(ent&A-iation o" Finania- Proe&'re At14"e *inancial +rocedure .ct Ca)& 10% sall a))lB to te *und to te e@tent tat it is notinconsistent wit anB o/ te )rovisions o/ tis .ct&

PART I$

.ISCELLANEOUS

Persons not to re*ea- tra&e serets> et16H1% / a )erson e@ercisin, anB /unction under tis .ct obtains )rotected in/or(ation about te

a//airs o/ anoter )ersonE e sall not disclose tat )rotected in/or(ation to anB oter )ersonunless te disclosure H

a% is (ade wit te written consent o/ te )erson to wo( te in/or(ation relates;b% is /or te )ur)ose o/ te ad(inistration or en/orce(ent o/ tis .ct; or

c% is in co()liance wit te require(ent o/ anB courtE tribunalE autoritB or )erson avin, law/ulautoritB to require te )roduction o/ docu(ents or te answerin, o/ questions&

2% / anB )erson acts in contravention o/ subsection 1%E e sall be ,uiltB o/ an o//ence and sallbe liable on conviction to a /ine not e@ceedin, N5E000 or to i()rison(ent /or a ter( not e@ceedin,

2 Bears or to bot&3% *or te )ur)ose o/ tis sectionE te re/erence to a )erson disclosin, anB )rotected in/or(ation

includes is )er(ittin, anB oter )erson to ave anB access to anB recordE docu(ent oroter tin, containin, tat in/or(ation wic is in is )ossession or under is control bB virtue o/

is bein, or avin, been a (e(ber o/ te Doard or Council&4% n tis sectionE )rotected in/or(ation (eans in/or(ation te disclosure o/ wic would or

could reasonablB be e@)ected to disclose a trade secret or to adverselB a//ect a )erson in relationto te law/ul business a//airs o/ tat )erson&

Forgery o" erti"iates an& "a-se in"oration17/ anB )erson H

a% /or,es or counter/eits anB docu(ent or certi/icate required bB te Doard /or te )ur)oses o/tis .ct; or

b% in relation to anB a))lication weter bB te )erson or on beal/ o/ anoter% to te Doard /orits )er(issionE consent or a))rovalE or /or anB ,rant or /inancial assistanceE (aFes weter

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orallBE electronicallBE in writin, or oterwise% or /urnises anB state(ent to te Doard wic is/alseE and wic e eiter Fnows or believes to be /alse or does not believe to be trueE

e sall be ,uiltB o/ an o//ence and sall be liable on conviction to a /ine not e@ceedin, N5E000 orto i()rison(ent /or a ter( not e@ceedin, ? (onts or to bot&

O""enes 5y 5o&ies ororate> et1#H1% Aere an o//ence under tis .ct co((itted bB a bodB cor)orate is )roved H

a% to ave been co((itted wit te consent or connivance o/ an o//icer; orb% to be attributable to anB ne,lect on is )artE

te o//icer as well as te bodB cor)orate sall be ,uiltB o/ te o//ence and sall be liable to be)roceeded a,ainst and )unised accordin,lB&

2% Aere te a//airs o/ a bodB cor)orate are (ana,ed bB its (e(bersE subsection 1% sall a))lBin relation to te acts and de/aults o/ a (e(ber in connection wit is /unctions o/ (ana,e(ent as

i/ e were a director o/ te bodB cor)orate&3% Aere an o//ence under tis .ct co((itted bB a )artnersi) is )roved H

a% to ave been co((itted wit te consent or connivance o/ a )artner; orb% to be attributable to anB ne,lect on is )artE

te )artner as well as te )artnersi) sall be ,uiltB o/ te o//ence and sall be liable to be)roceeded a,ainst and )unised accordin,lB&

4% Aere an o//ence under tis .ct co((itted bB an unincor)orated association oter tan a)artnersi)% is )roved H

a% to ave been co((itted wit te consent or connivance o/ an o//icer o/ te unincor)oratedassociation or a (e(ber o/ its ,overnin, bodB; or

b% to be attributable to anB ne,lect on te )art o/ suc an o//icer or a (e(berEte o//icer or (e(ber as well as te unincor)orated association sall be ,uiltB o/ te o//ence and

sall be liable to be )roceeded a,ainst and )unised accordin,lB&5% n tis section H

IbodB cor)orateI includes a li(ited liabilitB )artnersi);Io//icerI H

a% in relation to a bodB cor)orateE (eans anB directorE )artnerE (e(ber o/ te co((ittee o/(ana,e(entE cie/ e@ecutiveE (ana,erE secretarB or oter si(ilar o//icer o/ te bodB

cor)orate and includes anB )erson )ur)ortin, to act in anB suc ca)acitB; orb% in relation to an unincor)orated association oter tan a )artnersi)%E (eans te )residentE

te secretarBE or anB (e(ber o/ te co((ittee o/ te unincor)orated associationE or anB )ersonoldin, a )osition analo,ous to tat o/ )residentE secretarB or (e(ber o/ a co((ittee and

includes anB )erson )ur)ortin, to act in anB suc ca)acitB;I)artnerI includes a )erson )ur)ortin, to act as a )artner&

?% Re,ulations (aB )rovide /or te a))lication o/ anB )rovision o/ tis sectionE wit suc(odi/ications as te !inister considers a))ro)riateE to anB bodB cor)orate or unincor)orated

association /or(ed or reco,nised under te law o/ a territorB outside 9in,a)ore&Dis-os're o" interests o" e5er o"