Pooled Development Funds Act 1992

PART 3 - BECOMING A PDF  

SECTION 17   A PDF'S APPROVED INVESTMENT PLAN  

17(1)   [Investment plan in specific document]  

A resolution declaring a company to be registered as a PDF must specify a document that sets out the investment plan in relation to which the Board is satisfied as mentioned in paragraph 14(1)(c) .

17(2)   [Approved investment plan]  

For the purposes of this Act, a PDF's approved investment plan is:

(a) the investment plan set out in the document that the PDF's registration declaration specifies under subsection (1); or

(b) if that plan has been varied under this section on one or more occasions, that plan as so varied.

17(3)   [Request for variation]  

A PDF may, by writing, request the Board to approve a specified variation of the PDF's approved investment plan.

17(4)   [Form of variation]  

A variation of a plan may take the form of revoking the plan and replacing it with another plan.

17(5)   [Reason for variation]  

A request must state why the PDF wants the variation.

17(6)   [Approval of variation]  

If the Board is satisfied that a requested variation is appropriate, having regard to:

(a) the object of this Act; and

(b) the requirements of this Act relating to the making and holding of investments by PDFs;

the Board must grant the request and approve the variation.

17(7)   [Variation of plan]  

If the Board approves a variation of a PDF's approved investment plan, that plan is varied accordingly on the giving of the approval.

17(8)   [Refusal of request]  

If the Board is not satisfied as mentioned in subsection (6) in relation to a request, the Board must refuse the request.

17(9)   [Notice of decision on request]  

The Board must give a PDF that has made a request written notice of its decision on the request as soon as practicable after the decision is made.

17(10)   [Reason for refusal]  

If the Board's decision is to refuse a request, the notice must also include a statement of the Board's reasons for its decision.

17(11)   [Non-compliance with subsec (9) or (10)]  

A failure to comply with subsection (9) or (10) in relation to a decision does not affect the validity of the decision.