Pooled Development Funds Act 1992

PART 10 - MISCELLANEOUS  

SECTION 71   SECRECY  

71(1)    
A person to whom this section applies must not, either directly or indirectly:

(a) make a record of protected information or a copy of a protected document; or

(b) communicate to a person any protected information concerning another person; or

(c) produce to a person a protected document that includes information concerning another person;

unless the record or copy is made, the information is communicated, or the document is produced, as the case may be:

(d) under or for the purposes of this Act or the Venture Capital Act 2002 ; or

(e) in the performance of the person ' s functions or duties, as a person to whom this section applies, under or in relation to this Act.

Penalty: Imprisonment for 2 years.

71(2)    
Subsection (1) does not prohibit a person to whom this section applies from communicating protected information, or producing a protected document, to:

(a) the Commissioner of Taxation; or

(b) a court or tribunal in connection with proceedings under this Act or a tax law.

71(3)    

If protected information is communicated, or a protected document is produced, under paragraph (2)(a) to the Commissioner of Taxation, the information, or the information contained in the document, is taken, for the purposes of Division 355 in Schedule 1 to the Taxation Administration Act 1953 , to be protected information within the meaning of that Act.

71(4)    
A person to whom this section applies is not required:

(a) to communicate any protected information to a court or tribunal; or

(b) to produce a protected document in a court or tribunal;

except when it is necessary to do so for the purpose of carrying into effect the provisions of this Act or of a tax law.

71(5)    

In this section:

court or tribunal
includes any tribunal, authority or person having power to require the production of documents or the answering of questions;

person to whom this section applies
means a person who is or has been:

(a) a member of the Board; or

(b) a member of a committee; or

(c) a member of the staff assisting the Board or a committee (see section 25 of the Industry Research and Development Act 1986 ); or

(d) a consultant assisting the Board or a committee (see section 25 of the Industry Research and Development Act 1986 ); or

(e) a member of the former Venture Capital Registration Board that was established by this Act (as in force before the commencement of Schedule 12 to the Tax Laws Amendment (2007 Measures No. 5) Act 2007 ); or

(f) a member of the staff assisting the former Venture Capital Registration Board that was established by this Act (as in force before the commencement of Schedule 12 to the Tax Laws Amendment (2007 Measures No. 5) Act 2007 ); or

(g) a consultant to the former Venture Capital Registration Board that was established by this Act (as in force before the commencement of Schedule 12 to the Tax Laws Amendment (2007 Measures No. 5) Act 2007 ), who was engaged under this Act before that commencement.

produce
includes permit access to;

protected document
means:

(a) a document supplied in confidence to the Board in relation to a matter covered by this Act or the Venture Capital Act 2002 ; or

(aa) a document supplied in confidence to the former Venture Capital Registration Board that was established by this Act (as in force before the commencement of Schedule 12 to the Tax Laws Amendment (2007 Measures No. 5) Act 2007 ); or

(b) a document:

(i) that contains information the disclosure of which may reasonably be expected to affect a person adversely in respect of the lawful business, commercial or financial affairs of the person; and

(ii) that is obtained or made by a person to whom this section applies in the course of, or because of, the person ' s functions or duties as such a person;

protected information
means:

(a) information supplied in confidence to the Board in relation to a matter covered by this Act or the Venture Capital Act 2002 ; or

(aa) information supplied in confidence to the former Venture Capital Registration Board that was established by this Act (as in force before the commencement of Schedule 12 to the Tax Laws Amendment (2007 Measures No. 5) Act 2007 ); or

(b) information:

(i) the disclosure of which may reasonably be expected to affect a person adversely in respect of the lawful business, commercial or financial affairs of the person; and

(ii) that is obtained by a person to whom this section applies in the course of, or because of, the person ' s functions or duties as such a person;

tax law
means an Act of which the Commissioner of Taxation has the general administration and includes the Venture Capital Act 2002 .