Pooled Development Funds Act 1992

PART 4 - REGULATION OF PDFs  

Division 2 - Other provisions regulating the capital structure and activities of PDFs  

SECTION 32   TIMETABLE FOR INVESTING FUNDS RAISED BY PDF  

32(1)   [Definitions]  

In this section:

"investment period"
, in relation to a payment day of a PDF, means:

(a) if, at the end of the period that would apart from this paragraph be the investment period after that payment day of the PDF, there is in force a determination by the Board that a specified longer period is the investment period after that payment day of the PDF - the specified period; or

(b) if paragraph (a) does not apply and the regulations, as in force at the start of that day, prescribe a period (other than 5 years) - the prescribed period; or

(c) otherwise - 5 years;

"payment day"
, in relation to a PDF, means a day on which an amount becomes due and payable to the PDF in respect of:

(a) an issue or allotment of shares in the PDF; or

(b) a call made in respect of such shares;

"required amount"
, in relation to a payment day of a PDF, means an amount equal to the required percentage of the amount, or of the total of the amounts, that became due and payable to the PDF on that day as mentioned in the definition of payment day ;

"required percentage"
, in relation to a payment day of a PDF, means:

(a) if:

(i) at the end of the investment period after that payment day of the PDF there is in force a determination by the Board that a specified percentage is the required percentage for that payment day of the PDF; and

(ii) the specified percentage is lower than the percentage that would, apart from this paragraph, be the required percentage for that payment day of the PDF;

the specified percentage; or

(b) if paragraph (a) does not apply and the regulations, as in force at the start of that day, prescribe a percentage (other than 65%) - the prescribed percentage; or

(c) otherwise - 65%.

32(2)   [Required investment within investment period]  

Within the investment period after each payment day of a PDF, the PDF must invest, in accordance with Division 1 , an amount or total equal to or greater than the required amount.

32(3)   [Previous amount invested disregarded]  

In determining whether a PDF has complied with subsection (2) in relation to a particular day, so much of an amount invested as is taken into account in determining whether the PDF has complied with that subsection in relation to another day must be disregarded.

32(4)   [Investment exceeds required amount]  

However, if:

(a) the amount, or the total of the amounts, that may be taken into account in determining whether a PDF has complied with subsection (2) in relation to a particular payment day of the PDF exceeds the required amount in relation to that payment day of the PDF; and

(b) the first-mentioned amount is, or amounts forming part of the first-mentioned total are, invested during the investment period after another payment day of the PDF;

then, in determining whether the PDF has complied with subsection (2) in relation to the other day, so much of the first-mentioned amount, or of the total of the amounts referred to in paragraph (b), as the case may be, as does not exceed the excess referred to in paragraph (a) is taken not to have been taken into account in determining whether the PDF complied with subsection (2) in relation to the day referred to in paragraph (a).