Industrial Research and Standards Act, 1961



Development and exploitation of inventions.

43.—(1) Where it appears to the Institute to be in the public interest to do so, the Institute may undertake or assist in the development and exploitation of an invention.

(2) The Minister may give such directions of a general nature to the Institute as he considers appropriate in connection with the development and exploitation of inventions.

(3) For the purpose of carrying out its functions under this section with regard to any invention the Institute may, in addition to the powers otherwise conferred on it by this Act, buy, sell, take or grant patent rights and may, on such terms as may be determined by the Institute, arrange with any persons or firms for the commercial exploitation of the invention.

(4) The terms fixed by the Institute in relation to any arrangement made by the Institute under subsection (3) of this section with any person or firm may, with the consent of the Minister, include the provision of financial assistance in the form of a loan (including a loan secured by a debenture) or grant to such person or firm.

(5) The Institute shall not incur expenditure (including financial assistance in the form of loans or grants) under this section in excess of the sum of five thousand pounds on any one project save with the consent of the Minister.