Pooled Development Funds Act 1992
PART 4
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REGULATION OF PDFs
Division 1
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Making investments
SECTION 23
PRIMARY ACTIVITY OF INVESTEE COMPANY MUST NOT BE AN EXCLUDED ACTIVITY
23(1)
[Requirement]
(a) the Board is satisfied that the investee company intends to change its primary activity to an activity that is not an excluded activity; or
(b) the PDF already holds other shares in the investee company and the Board is satisfied that it is desirable that the investment be made in order to protect the PDF's existing investment in the investee company.
Unless the Board otherwise approves, the investee company's primary activity must not be an excluded activity.
23(2) [Board approval re excluded activity]The Board may give an approval for the purposes of subsection (1) only if:
(a) the Board is satisfied that the investee company intends to change its primary activity to an activity that is not an excluded activity; or
(b) the PDF already holds other shares in the investee company and the Board is satisfied that it is desirable that the investment be made in order to protect the PDF's existing investment in the investee company.
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