Pooled Development Funds Act 1992

PART 4 - REGULATION OF PDFs  

Division 3 - Board's powers to give directions  

SECTION 33   PDF TO COMPLY WITH DIRECTIONS IN RELATION TO ITS APPROVED INVESTMENT PLAN  

33(1)   [PDF not implementing approved investment plan]  

If the Board considers that a PDF is not implementing its approved investment plan, the Board may, by notice in writing to the PDF, ask the PDF to explain why it is not implementing that plan.

33(2)   [Direction by Board]  

If:

(a) a PDF fails to give any explanation within 30 days after being given a notice; or

(b) the Board considers that the PDF's explanation is not acceptable;

the Board may, by notice in writing to the PDF, direct the PDF to take such action relating to the making, holding or disposal of investments (being action that is consistent with this Act) as the Board thinks appropriate, having regard to:

(c) the PDF's approved investment plan; and

(d) the PDF's explanation (if any); and

(e) the PDF's past investment activities and present investments; and

(f) the object of this Act; and

(g) any other relevant matter.

33(3)   [Period for compliance]  

A direction must specify a reasonable period within which it must be complied with.

33(4)   [Compliance by PDF]  

A PDF must, within the specified period, comply with a direction given to it.