Regulation 16 Intellectual property requirements
For the purposes of regulation 12, the intellectual property requirements are that any intellectual property from any research and development undertaken by or on behalf of an Association in an accounting period—
must be solely and beneficially owned by the Association for a period of not less than one year from the date on which the accounting period ends;
in a case where the intellectual property is sold, transferred, assigned, licensed or otherwise made available by an Association to any person—
in the accounting period, or
in the period that ends one year from the date on which the accounting period ends,
the intellectual property must also be made available by the Association to all the members and shareholders of, and all the subscribers to, the Association; or
in a case where the funding of the research and development is—
shared by the Association and another person or body (“shared funding”), and
as a consequence of the shared funding the Association is unable to secure sole beneficial ownership of any intellectual property from the research and development,
the Association must secure in the accounting period a right to use or exploit any intellectual property from the research and development for a period of not less than one year from the date on which the accounting period ends.