Pooled Development Funds Act 1992

PART 1 - PRELIMINARY  

SECTION 4   INTERPRETATION  

4(1)    

In this Act, unless the contrary intention appears:

ADI
(authorised deposit-taking institution) means:

(a) a body corporate that is an ADI for the purposes of the Banking Act 1959 ; or

(b) the Reserve Bank of Australia; or

(c) a bank constituted by a law of a State or internal Territory.

AFOF
means an Australian venture capital fund of funds within the meaning of subsection 118-410(3) of the Income Tax Assessment Act 1997 .

appointed member
(Repealed by No 164 of 2007)

approved investment plan
, in relation to a PDF, has the meaning given by subsection 17(2) .

bank
(Repealed by Act No 48 of 1998)

Board
means Industry Innovation and Science Australia, established by section 6 of the Industry Research and Development Act 1986 .

Chairperson
means the Chairperson of the Board.

committee
means a committee appointed under section 22 of the Industry Research and Development Act 1986 .

company
means a company that is incorporated, or taken to be incorporated, under the Corporations Act 2001 and that has a share capital.

de facto spouse
(Repealed by No 144 of 2008)

director
, in relation to a body corporate, means a person who is a director of the body for the purposes of the Corporations Act 2001 .

eligible business
means a business that does not consist, or consist primarily, of an excluded activity.

eligible corporation
means a body corporate that is, for the purposes of paragraph 51(20) of the Constitution, a trading corporation, or a financial corporation, formed within the limits of the Commonwealth.

ESVCLP
means an early stage venture capital limited partnership within the meaning of subsection 118-407(4) of the Income Tax Assessment Act 1997 .

excluded activity
means a prescribed activity.

executive officer
, in relation to a body corporate, means a person, by whatever name called and whether or not a director of the body, who is concerned, or takes part, in the management of the body.

give information to the Board
has the meaning given by subsection 4(8) of the Industry Research and Development Act 1986 .

hold
, in relation to shares, has the meaning given by subsection (4) .

investment manager
, in relation to a company, means:

(a) an eligible corporation that is engaged to supply investment management services to the company; or

(b) an eligible corporation that is a member of a partnership that is so engaged; or

(c) an officer of an eligible corporation that is so engaged or is such a member; or

(d) a person (other than an eligible corporation) who is a member or employee of such a partnership; or

(e) a person (other than an eligible corporation) who is engaged to supply (otherwise than as an officer of the company) investment management services to the company; or

(f) an employee of a natural person of a kind referred to in paragraph (e); or

(g) an officer of a body corporate (other than an eligible corporation) that is a person of a kind referred to in paragraph (d) or (e).

life office
means:

(a) a body corporate that is registered under section 21 of the Life Insurance Act 1995 ; or

(b) a public authority:

(i) that is constituted by a law of a State or internal Territory; and

(ii) that carries on life insurance business within the meaning of section 11 of the Life Insurance Act 1995 .

limited partnership
has the same meaning as in the Income Tax Assessment Act 1997 .

member
, except in relation to a partnership, means a member of the Board.

object of this Act
means the object set out in subsection 3(2) .

officer
, in relation to a body corporate, means a director, secretary, executive officer or employee of the company.

paid
includes credited as paid.

PDF
(pooled development fund) means a company in relation to which a registration declaration is in force.

PDF articles requirements
(Repealed by No 61 of 1998)

PDF constitution requirements
has the meaning given by subsection (3) .

PDF investment
means an investment made in accordance with Division 1 of Part 4 .

permitted short-term borrowing
means a borrowing of money that is made:

(a) because of temporary cash flow problems; and

(b) solely for temporary purposes (other than the purpose of repaying other money borrowed for temporary purposes).

person affected
, in relation to a reviewable decision, means the company, PDF or person referred to in the relevant paragraph of the definition of " reviewable decision " .

produce a document to the Board
has the meaning given by subsection 4(8) of the Industry Research and Development Act 1986 .

registration application
means an application under section 11 that was made before the day on which Part 4 of Schedule 8 to the Tax Laws Amendment (2007 Measures No 2) Act 2007 commenced.

registration declaration
means a declaration under section 14 that a company is registered as a PDF.

relevant officer
, in relation to a company, means:

(a) a director of the company; or

(b) (Omitted by No 61 of 1998)

(c) any other person who, as an officer of the company, supplies investment management services to the company.

resident investment vehicle
has the same meaning as in the Income Tax Assessment Act 1997 .

reviewable decision
means a decision:

(a) under section 14 to refuse to make a registration declaration in relation to a company; or

(b) under section 17 to refuse to approve a variation of a PDF ' s approved investment plan; or

(c) under paragraph 20(1)(b) , subsection 20(2) , 23(1) , 24(2) or 25(1) , or section 27 , to refuse to give an approval in relation to an investment proposed to be made by a PDF; or

(d) under paragraph 29(2)(b) to refuse to give an approval to a PDF entering into a transaction; or

(e) under subsection 31(1) to refuse to give an approval in relation to a person ' s shareholding in a PDF; or

(f) under subsection 32(1) to refuse to make, in relation to a payment day (within the meaning of that subsection) of a PDF, a determination for the purposes of paragraph (a) of the definition of investment period or required percentage in that subsection; or

(g) under subsection 33(2) , 34(1) , 35(1) or 36(1) to give a person a direction; or

(h) under section 47 to revoke a registration declaration in relation to a company; or

(i) under section 52A to refuse to register an entity under Part 7A ; or

(j) under section 52D to revoke such a registration.

shareholders ' funds
, in relation to a company, means the total of:

(a) the amount of the company ' s share capital (but not including any amounts remaining unpaid on the shares); and

(b) - (c) (Omitted by No 61 of 1998)

(d) any amount held in any other capital reserve of the company; and

(e) any amount held in any revenue reserve of the company; and

(f) the amount of any undistributed profits of the company.

unregulated investment
means an investment of a prescribed kind.

VCLP
means a venture capital limited partnership within the meaning of subsection 118-405(2) of the Income Tax Assessment Act 1997 .

venture capital entity
has the same meaning as in the Income Tax Assessment Act 1997 .

venture capital equity
has the same meaning as in the Income Tax Assessment Act 1997 .

widely-held complying superannuation fund
has the meaning given by section 4A .

4(2)    
The effect that a provision of this Act has because of a paragraph of the definition of investment manager in subsection (1) is additional to, and does not prejudice, the effect that:

(a) the provision has because of any other paragraph of that definition; or

(b) any other provision of this Act has because of the first-mentioned paragraph.

4(3)    
For the purposes of this Act, a company ' s constitution satisfies the PDF constitution requirements if, and only if, it:

(a) prohibits the division of the company ' s shares into classes; and

(b) prohibits the issue or allotment of a share in the company, or a unit (as defined in section 9 of the Corporations Act 2001 ) of such a share, unless the share is an ordinary share; and

(c) prohibits the issue or allotment of a share in the company, or a unit (as so defined) of such a share, if the rights attached to the share would be different from the rights attached to other shares in the company that are still on issue.

(d) - (e) (Omitted by No 61 of 1998)

4(4)    
For the purposes of this Act, a person who subscribes for or buys shares is taken to hold the shares from the time of the subscription or purchase until the person no longer has in the shares an interest of any kind (whether legal or equitable).

4(5)    
(Repealed by No 164 of 2007)