Pooled Development Funds Act 1992

Part 2 repealed by No 164 of 2007, s 3 and Sch 12 item 59, effective 27 September 2007.

No 164 of 2007, s 3 and Sch 12 items 279 to 287 contains the following transitional provisions:

Interpretation  
279
In this Part:

new Board
means Innovation Australia, established by section 6 of the Industry Research and Development Act 1986 (as amended by this Schedule).

former Board
means:

(a) the Industry Research and Development Board that was established by the Industry Research and Development Act 1986 (as in force before 27 September 2007); or

(b) the Venture Capital Registration Board that was established by the Pooled Development Funds Act 1992 (as in force before 27 September 2007).

Things done to a former Board before commencement  
280(1)
Any thing done to a former Board before 27 September 2007 is taken, on and after that commencement, to have been done to the new Board.

280(2)
Without limiting subitem (1), examples of things done to a former Board include, but are not limited to, the following:

(a) the making of applications or requests to the former Board;

(b) the making of agreements with the former Board;

(c) the giving of notices, documents or other things to the former Board;

(d) the giving of directions by the Minister to the former Board.
Things done to the Chairperson or acting Chairperson of a former Board before commencement  
281(1)
Any thing done to the Chairperson, or acting Chairperson, of a former Board before 27 September 2007 is taken, on and after that commencement, to have been done to the Chairperson of the new Board.

281(2)
Without limiting subitem (1), examples of things done to the Chairperson of a former Board include, but are not limited to, the giving of notices or advice to the Chairperson.
Things done by a former Board before commencement  
282(1)
Any thing done by a former Board before 27 September 2007 is taken, on and after that commencement, to have been done by the new Board.

282(2)
Without limiting subitem (1), examples of things done by a former Board include, but are not limited to, the following:

(a) the making of determinations or decisions by the former Board;

(b) the granting or revoking of registrations, approvals, certificates or other things by the former Board;

(c) the making of requests by the former Board;

(d) the giving of directions by the former Board;

(e) the making of guidelines by the former Board;

(f) the formulation of criteria by the former Board;

(g) the approval of forms by the former Board;

(h) the making of requirements by the former Board;

(i) the making of agreements by the former Board;

(j) the giving of notices, documents or other things by the former Board.

282(3)
Without limiting subitem (1), if, after 27 September 2007, the new Board is required under section 46 of the Industry Research and Development Act 1986 (as amended by this Schedule) to give a report in relation to a financial year that commenced before 27 September 2007, then the new Board must include in the report any matter that, had the amendments made by this Schedule not been made, a former Board would have been required to include in a report for that year under:

(a) section 46 of the Industry Research and Development Act 1986 (as in force before 27 September 2007); or

(b) section 75 of the Pooled Development Funds Act 1992 (as in force before 27 September 2007); or

(c) section 33-1 of the Venture Capital Act 2002 (as in force before 27 September 2007).
Things done by the Chairperson or acting Chairperson of a former Board before commencement  
283(1)
Any thing done by the Chairperson, or acting Chairperson, of a former Board before 27 September 2007 is taken, on and after that commencement, to have been done by the Chairperson of the new Board.

283(2)
Without limiting subitem (1), examples of things done by the Chairperson of a former Board include, but are not limited to, the following:

(a) the making of inquiries or reports by the Chairperson; or

(b) a determination, by the Chairperson, of the form of records;

(c) the signing of documents by the Chairperson.
Things done by a member or acting member of a former Board before commencement  
284(1)
Any thing done by a member, or acting member, of a former Board before 27 September 2007 is taken, on and after that commencement, to have been done by a member of the new Board.

284(2)
Without limiting subitem (1), examples of things done by a member of a former Board include, but are not limited to, the signing of a certificate by the member.
Things done by a person authorised by a former Board before commencement  
285(1)
Any thing done by a person authorised by a former Board before 27 September 2007 is taken, on and after that commencement, to have been done by a person authorised by the new Board.

285(2)
Without limiting subitem (1), examples of things done by a person authorised by a former Board include, but are not limited to, the signing of a certificate by the person.
References to a former Board in instruments etc  
286
A reference to a former Board in the following:

(a) a legislative instrument;

(b) guidelines made or criteria formulated under the Industry Research and Development Act 1986 or the Venture Capital Act 2002 ;

(c) certificates, notices or other documents given to or by the former Board under the Industry Research and Development Act 1986 , the Pooled Development Funds Act 1992 or the Venture Capital Act 2002 ;

(d) directions given by the Minister to the former Board under the Industry Research and Development Act 1986 or the Pooled Development Funds Act 1992 ;

(e) forms approved by the former Board under the Industry Research and Development Act 1986 ;

(f) agreements made with the former Board under the Industry Research and Development Act 1986 ;

is taken, after 27 September 2007, to be a reference to the new Board.

Committees  
287
An appointment of a member of a committee under section 22 of the Industry Research and Development Act 1986 that is in force immediately before 27 September 2007 is taken, on that commencement, to be revoked.

Part 2 (heading) substituted by No 78 of 2007, s 3 and Sch 8 item 216, effective 21 June 2007. The heading formerly read:

PART 2 - ESTABLISHMENT, FUNCTIONS AND POWERS OF THE PDF REGISTRATION BOARD

S 6 repealed by No 164 of 2007, s 3 and Sch 12 item 59, effective 27 September 2007. S 6 formerly read:

SECTION 6 FUNCTIONS  
6(1)
The functions of the Board are:

(a) those conferred on it by the other provisions of this Act; and

(b) to evaluate, and to advise the Minister about, the operation of this Act and of the Commonwealth's income tax laws as they operate in relation to PDFs; and

(c) to publicise:

(i) the advantages that flow from a company being a PDF; and

(ii) the requirements for becoming and remaining a PDF.

6(2)
The Board also has the function of registering venture capital entities under Part 7A .

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History

S 6(2) inserted by No 165 of 1999.

6(3)
The Board also has the functions of:

(a) registering limited partnerships as VCLPs, ESVCLPs or AFOFs under Part 2 of the Venture Capital Act 2002 ; and

(ab) approving ESVCLPs ' investment plans, and their replacement plans, under Part 2 of that Act; and

(b) registering entities as eligible venture capital investors under Part 3 of that Act; and

(c) making determinations under Part 4 of that Act; and

(d) giving information it obtains under those Parts to the Commissioner of Taxation for the purposes of implementing and administering the taxation law (within the meaning of the Taxation Administration Act 1953 ).

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History

S 6(3) amended by No 78 of 2007, s 3 and Sch 8 items 158 and 159, by inserting " , ESVCLPs " after " VCLPs " in para (a) and inserting para (ab), effective 21 June 2007.

S 6(3) inserted by No 136 of 2002, s 3 and Sch 4 item 6, effective 19 December 2002.