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CS Professional · Intellectual Property Rights - Law and Practice · Business Concerns in Commercializing Intellectual Property Rights

Nirmal Pharma Ltd. is the sole registered proprietor of a patent, and no third-party rights are entered in the register. It wishes to assign the patent to a financier as part of a restructuring and receive the consideration. Which Patents Act provision best supports its power to do so?

Section 70 of the Patents Act gives the registered proprietor power to assign, license or otherwise deal with the patent and to give effectual receipts for consideration. This is subject to co-ownership provisions and any rights noticed in the register.

  1. ASection 127, which entitles patent agents to practice before the Controller
  2. BSection 70, giving the registered proprietor power to assign, grant licences or otherwise deal with the patent and give effectual receiptsCorrect
  3. CSection 36B, which defines terms for international trade mark registration
  4. DSection 58, giving the owner rights over infringing copies

Explanation

Section 70 of the Patents Act empowers the registered grantee or proprietor to assign, license or deal with the patent and give effectual receipts, subject to co-ownership rules and noticed rights. Section 127 concerns patent agents, Section 36B is Trade Marks Act definitions, and Section 58 is Copyright Act.

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