Pooled Development Funds Act 1992

PART 4 - REGULATION OF PDFs  

Division 1 - Making investments  

SECTION 28   PROVISIONS RELATING TO APPROVALS BY BOARD  

28(1)   [Conditions for approval]  

An approval for the purposes of an approval provision:

(a) must be given before the investment is made; and

(b) may be given subject to one or more of the following:

(i) a condition in accordance with which the investment must be made;

(ii) a condition that must be complied with at or before the time when the investment is made.

28(2)   [Compliance with conditions for investment]  

If an approval for the purposes of an approval provision is given as mentioned in paragraph (1)(b), the investment must not be made unless the condition or conditions are complied with.

28(2A)   [Conditions for approval]  

An approval for the purposes of subsection 25(1) must be given subject to a condition that, at the end of a specified period, the total of:

(a) all amounts paid on the shares in the investee company held by the PDF; and

(b) all amounts remaining unpaid on those shares;

must not exceed 30% of the total of:

(c) the shareholders ' funds of the PDF; and

(d) all amounts remaining unpaid on the issued shares in the PDF.

28(2B)   [PDF contravenes subsection]  

A PDF contravenes this subsection if:

(a) an approval is given for the purposes of subsection 25(1) ; and

(b) the PDF makes the investment; and

(c) the PDF engages in conduct; and

(d) the PDF ' s conduct contravenes the condition covered by subsection (2A).

28(3)   [Definitions]  

In this section:

approval provision
means:

(a) paragraph 20(1)(b) ; or

(b) subsection 20(2) ; or

(c) subsection 23(1) ; or

(d) subsection 24(2) ; or

(da) subsection 25(1) ; or

(e) section 27 .

engage in conduct
means:

(a) do an act; or

(b) omit to perform an act.