17. CENTRE AGENT AND ACCOUNT

17.1 The Board shall appoint a Party or other person to act as Centre Agent for the purposes set forth in this clause 17, and for such other purposes as the Board may determine at the time of appointment.

17.2 The Centre Agent shall establish and oversee the operation of a bank account for the Centre.

17.3 It shall be the responsibility of the Centre Agent to consolidate the accounting information provided to it by the Parties in accordance with clause 18.2.

17.4 The Centre Agent shall seek and accept from each Party the cash component of its Annual Contribution, receive all other income of the Centre, and credit those amounts, and any interest earned thereon, to the Account.

17.5 The Centre Agent shall disburse moneys credited to the Account as follows:

(b) income in the form of royalties or licence fees derived from the Commercialisation of Centre Intellectual Property shall be distributed in the manner specified by the Board; and

17.6 The Centre Agent may, subject to the terms of its appointment, draw upon the Account to meet its reasonable expenses and agreed remuneration, and such drawings shall be deemed to be expenses incurred in the performance of the Activities.

17.7 The Centre Agent may invest, in accordance with Treasury guidelines, any Account funds which are not immediately required by the Centre and shall deposit all interest so earned in the Account.

17.8 The Centre Agent shall manage the income and expenditure of the Centre in accordance with proper accounting practice.

17.9 The Centre Agent shall not be deemed to be an agent for any of the Parties except for the purposes contemplated by this clause 17 nor shall any inference of partnership be drawn between the Centre Agent and the Parties.

17.10 Nothing in this Agreement shall be taken to in any way authorise or permit the Centre Agent to incur any liabilities or undertake any obligations on behalf of or in the names of any of the Parties except as specifically authorised herein.