Act No. 26, 2008 TECHNOLOGY INNOVATION AGENCY ACT. 2008 " M i n i s t e r " m e a n s the Minister responsible for Science and T e c h n o l o g y ; " p r e s c r i b e d " m e a n s prescribed by regulations m a d e in terms of section 16; "technological i n n o v a t i o n " m e a n s the application in practice of creative new ideas, which includes inventions, discoveries and the p r o c e s s e s by which new products and services enter the market and the creation of new businesses; "this A c t " includes the regulations. E s t a b l i s h m e n t of A g e n c y 2. (1) There is hereby established a juristic Innovation A g e n c y which is capable of suing and performing, subject to this Act, such acts as are carrying out of its objects. (2) T h e Public Finance M a n a g e m e n t Act, 1999 Agency. person k n o w n as the T e c h n o l o g y being sued in its own n a m e and of necessary for or incidental to the (Act N o . 1 of 1999), applies to the O b j e c t of A g e n c y 3. T h e object of the A g e n c y is to support the Stale in stimulating and intensifying technological innovation in order to i m p r o v e e c o n o m i c growth and the quality of life of all South Africans by developing and exploiting technological innovations. P o w e r s a n d duties of A g e n c y 4. (1) The A g e n c y m a y — (a) on such conditions as the Board m a y d e t e r m i n e — (i) provide financial and any other assistance to any person, for the p u r p o s e of enabling that person to d e v e l o p any technological innovation: (ii) establish a c o m p a n y c o n t e m p l a t e d in the C o m p a n i e s Act, 1973 (Act N o . 61 of 1973). or in collaboration with any p e r s o n , establish such a c o m p a n y for the purpose of d e v e l o p i n g o r exploiting any technological innovation: (iii) acquire any interest in any person u n d e r t a k i n g the d e v e l o p m e n t or exploitation of any technological innovation supported by the A g e n c y ; (iv) d r a w together and integrate the m a n a g e m e n t of different technological innovations, incubation and diffusion initiatives in South Africa; (v) d e v e l o p the national capacity and infrastructure to protect and exploit intellectual properly derived from research financed by the A g e n c y : and (vi) acquire rights in or to any technological innovation supported by the A g e n c y from any person, or assign any person any right in or to such technological innovation: (b) apply for patents or the revocation thereof and institute any legal action in respect of any infringement of intellectual property rights; (c) p u r c h a s e or hire land or buildings or erect buildings and alienate such land or terminate or assign any such hire and. in the case of buildings in w h i c h the business of the Agency is being c o n d u c t e d , let such portions as are for the lime being not required for the business of the A g e n c y ; (d) establish such offices, including regional offices, as the Board in consultation with the Minister may d e t e r m i n e :