Pooled Development Funds Act 1992

PART 4 - REGULATION OF PDFs  

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

SECTION 29   PDF TO CARRY ON A BUSINESS OF MAKING AND HOLDING PDF INVESTMENTS  

29(1)   [PDF business]  

A PDF must carry on a business of making and holding PDF investments.

29(2)   [PDF transactions]  

A PDF must not enter into a transaction except:

(a) in the course of, or for the purposes of, carrying on a business of making and holding PDF investments; or

(aa) as allowed by section 32A (which deals with mergers of PDFs); or

(b) with the Board ' s approval.

29(3)   [Prohibition on PDF]  

Subsection (2) neither allows a PDF to do, nor empowers the Board to approve a PDF doing, something that the PDF is prohibited from doing under another provision of this Part.

29(4)   [PDF realising investment]  

Subject to subsection (2), nothing in subsection (1) prevents a PDF from realising a particular investment.

29(5)   [Allowable PDF activities]  

Nothing in this section prohibits a PDF from doing something in the course of, or for the purposes of:

(a) providing management assistance to a company in which the PDF holds a PDF investment; or

(b) complying with a direction under subsection 33(2) , 34(1) or 35(1) ; or

(c) making, holding, or disposing of, an unregulated investment.