Pooled Development Funds Act 1992
A PDF may make an investment by subscribing for or buying:
(a) ordinary shares in a company (in this Division called the " investee company " ); or
(b) some other kind of shares in a company (in this Division also called the " investee company " ) that the Board approves the PDF investing in.
View history note
Hide history noteUnless the Board otherwise approves, the shares must not be pre-owned shares.
20(3) [Approval re pre-owned shares]The Board may give an approval for the purposes of subsection (2) only if it is satisfied:
(a) that it is in the investee company ' s best interests for the person who holds the shares to which the investment relates to cease to hold shares in the investee company; and
(b) that that person proposes to dispose of all shares in the investee company that the person holds; and
(c) that the value of the investee company will be increased by the PDF acquiring the shares to which the investment relates; and
(d) that either:
(i) the PDF already holds other shares in the investee company, some or all of which are not pre-owned shares; or
20(4) [Amounts paid on pre-owned shares]
(ii) the PDF will, in connection with acquiring the shares, acquire other shares in the investee company, some or all of which are not pre-owned shares.
A reference in this Part to all amounts paid on shares held by a PDF is, in so far as the shares are pre-owned shares, a reference to:
(a) the amount that the PDF paid for the shares; and
(b) the amounts (if any) paid on the shares since the PDF acquired them. 20(5) [Definition]
In this section:
"pre-owned shares"
means shares that were issued or allotted to a person other than the PDF, but does not include any such shares that:
(a) were issued:
(i) to an underwriter or sub-underwriter of the share issue; or
(ii) to a person for the purpose of being offered for sale; and
(b) were still held by the underwriter, sub-underwriter or person immediately before being acquired by the PDF.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
