Pooled Development Funds Act 1992

PART 3 - BECOMING A PDF  

SECTION 14   DECIDING A REGISTRATION APPLICATION  

14(1)   [When application must be granted]  

The Board must grant a registration application, and declare the applicant to be registered as a PDF, if the Board is satisfied that:

(a) the applicant has complied, in relation to the application, with this Part and with any requests made by the Board under section 12 ; and

(b) the applicant is an eligible corporation; and

(c) the applicant ' s investment plan (being the investment plan set out in the registration application or that plan as since varied in negotiations with the Board) is appropriate, having regard to:

(i) the object of this Act; and

(ii) the requirements of this Act relating to the making and holding of investments by a PDF; and

(d) the capital-raising plan set out in the registration application is appropriate, having regard to the requirements of this Act relating to the raising of capital by a PDF; and

(e) the applicant is reasonably likely to be able to implement those plans and comply with this Act; and

(f) granting the application will help achieve the object of this Act; and

(g) the applicant ' s capital structure is consistent with the requirements of this Act relating to a PDF ' s capital structure; and

(h) the applicant ' s constitution satisfies the PDF constitution requirements; and

(i) section 31 will be complied with in relation to the applicant; and

(j) the applicant holds no investments, other than unregulated investments; and

(k) the applicant has not previously carried on business; and

(l) the applicant has not previously derived assessable income within the meaning of the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997 , otherwise than from holding or disposing of an unregulated investment; and

(m) the applicant has not previously paid a dividend to any of its shareholders; and

(n) if the applicant has previously raised capital:

(i) the capital was raised for one or more of the following purposes:

(A) unless the applicant was incorporated on or after 1 July 1992 - the applicant providing development capital to Australian businesses;

(B) meeting the applicant ' s costs of becoming a PDF;

(C) meeting the applicant ' s administrative expenses; and

(ii) whatever the applicant has done by way of raising capital is consistent with the requirements of this Act relating to a PDF raising capital.

14(2)   [Applicant not to have carried on business]  

For the purposes of paragraph (1)(k), the applicant is not taken to have carried on business merely because the applicant has:

(a) raised capital by issuing ordinary shares; or

(b) made, held, or disposed of, unregulated investments.

14(3)   [Board to have regard to relevant information]  

In deciding whether it is satisfied as mentioned in subsection (1), the Board must have regard to the information provided to it by the applicant and may have regard to any other relevant information that is available to the Board.

14(4)   [When Board must refuse application]  

If the Board is not satisfied as mentioned in subsection (1), it must refuse the application.