POOLED DEVELOPMENT FUNDS ACT 1992

This compilation was prepared on 21 December 2010
taking into account amendments up to Act No. 145 of 2010

The text of any of those amendments not in force
on that date is appended in the Notes section

The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing,
Attorney‑General's Department, Canberra

Contents

Part 1--Preliminary 1

1............ Short title [see Note 1] ....................................................................... 1

2............ Commencement [see Note 1] .............................................................. 1

3............ Object of the Act ................................................................................ 1

4............ Interpretation ...................................................................................... 1

4A......... Definition of widely‑held complying superannuation fund ................. 6

4B......... Application of the Criminal Code ...................................................... 7

Part 3--Becoming a PDF 8

10.......... How a company becomes a PDF ....................................................... 8

11.......... Application for registration declaration .............................................. 8

12.......... Further information may be requested ............................................... 9

13.......... Period within which registration application to be decided .............. 10

14.......... Deciding a registration application ................................................... 10

15.......... Applicant to be notified of decision ................................................. 12

16.......... Board to publish notice of registration declaration in the Gazette .... 12

17.......... A PDF's approved investment plan ................................................ 12

18.......... Conditions of registration declaration ............................................... 13

Part 4--Regulation of PDFs 15

Division 1--Making investments 15

19.......... Investments to be in accordance with this Division ......................... 15

20.......... First kind of allowed investment: acquiring shares ........................... 15

20A....... Second kind of allowed investment: acquiring non‑transferable options 16

20B....... Third kind of allowed investment: lending money to existing investee companies 17

21.......... Intended use by investee company of money invested by PDF ...... 17

22.......... Investee company must not be a PDF ............................................. 18

23.......... Primary activity of investee company must not be an excluded activity 19

24.......... Limit on size of investee company ................................................... 19

25.......... PDF not to commit more than 30% of its committed capital to investee company 21

27.......... Amount invested in investee company to be at least 10% of its paid‑up capital 21

27A....... PDF to notify Board of initial investments ...................................... 22

28.......... Provisions relating to approvals by Board ....................................... 22

28A....... Indirect investments ......................................................................... 23

Division 2--Other provisions regulating the capital structure and activities of PDFs 24

29.......... PDF to carry on a business of making and holding PDF investments 24

30.......... Restrictions on raising money etc. .................................................... 24

31.......... Limit on shareholding in a PDF ........................................................ 25

32.......... Timetable for investing funds raised by PDF ................................... 27

32A....... PDFs may merge .............................................................................. 28

Division 3--Board's powers to give directions 29

33.......... PDF to comply with directions in relation to its approved investment plan 29

34.......... PDF to comply with directions if investee company's primary activity is an excluded activity 29

35.......... PDF to comply with other directions .............................................. 30

36.......... Shareholders to comply with directions about shareholdings in PDFs 31

37.......... Board to advise of reasons for giving directions ............................... 31

Division 4--Consequences of contravention of this Part 32

38.......... Acts in contravention of Part not invalid ......................................... 32

Part 5--Monitoring compliance 33

39.......... Board to monitor compliance ........................................................... 33

40.......... Board to consider compliance on receipt of annual return ............... 33

41.......... Annual return by PDF ...................................................................... 33

42.......... PDF to notify Board of events affecting information previously given 35

43.......... Board may require certain persons to provide information or produce documents 36

44.......... Board may request persons to provide information or produce documents 37

Part 6--Revocation of registration declarations 38

45.......... Automatic revocation if PDF is not an eligible corporation ............. 38

46.......... Revocation on application by PDF .................................................. 38

47.......... Revocation at discretion of Board .................................................... 38

48.......... Board to publish notice of revocations in the Gazette ...................... 39

49.......... Company to notify its shareholders if it ceases to be a PDF ........... 39

Part 7--Offences relating to PDFs 40

50.......... Criminal consequences of contravening certain provisions .............. 40

51.......... Other offences .................................................................................. 41

Part 7A--Investments by venture capital entities 42

52A....... Registration of venture capital entities ............................................. 42

52B....... Period within which application must be decided ............................ 43

52C....... Annual return by venture capital entities ......................................... 43

52D....... Revocation at discretion of Board .................................................... 44

Part 8--Review of decisions 45

53.......... Notification of certain decisions ....................................................... 45

54.......... Notification of right to seek internal review ..................................... 45

55.......... Internal review of decisions .............................................................. 45

56.......... Review of decisions by Administrative Appeals Tribunal .............. 47

Part 10--Miscellaneous 48

70.......... Board to provide information about PDFs on request ..................... 48

71.......... Secrecy .............................................................................................. 48

76.......... Regulations ....................................................................................... 51

Notes 53

An Act about pooled development funds, and for related purposes

Notes to the Pooled Development Funds Act 1992

Note 1

The Pooled Development Funds Act 1992 as shown in this compilation comprises Act No. 100, 1992 amended as indicated in the Tables below.

For application, saving or transitional provisions made by the Corporations (Repeals, Consequentials and Transitionals) Act 2001, see Act No. 55, 2001.

All relevant information pertaining to application, saving or transitional provisions prior to 10 December 1999 is not included in this compilation. For subsequent information see Table A.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Pooled Development Funds Act 1992	100, 1992	30 June 1992	30 June 1992
Pooled Development Funds Amendment Act 1994	102, 1994	30 June 1994	1 July 1994	Ss. 3, 5, 11, 14, 15 and 17
Industry, Science and Technology Legislation Amendment Act 1994	108, 1994	12 July 1994	Part 4 (ss. 20-22): Royal Assent (a)	S. 20
Life Insurance (Consequential Amendments and Repeals) Act 1995	5, 1995	23 Feb 1995	1 July 1995 (see s. 2 and Gazette 1995, No. GN24)	--
Income Tax (Consequential Amendments) Act 1997	39, 1997	17 Apr 1997	1 July 1997	--
Financial Sector Reform (Consequential Amendments) Act 1998	48, 1998	29 June 1998	Schedule 1 (items 128-130): 1 July 1998 ( see Gazette 1998, No. S316) (b)	--
Company Law Review Act 1998	61, 1998	29 June 1998	Schedule 4 (items 26-38): 1 July 1998 ( see Gazette 1998, No. S317) (c) Schedule 5 (items 37, 38): (c)	S. 2(5) (am. by 63, 1998, Sch. 7)
as amended by
Taxation Laws Amendment (Company Law Review) Act 1998	63, 1998	29 June 1998	Schedule 7: (d)	--
Managed Investments Act 1998	62, 1998	29 June 1998	(e)	--
Public Employment (Consequential and Transitional) Amendment Act 1999	146, 1999	11 Nov 1999	Schedule 1 (item 734): 5 Dec 1999 (see Gazette 1999, No. S584) (f)	--
New Business Tax System (Capital Gains Tax) Act 1999	165, 1999	10 Dec 1999	Schedule 3 (items 5-18): Royal Assent (g)	Sch. 3 (item 18) [see Table A]
Pooled Development Funds Amendment Act 2000	64, 2000	22 June 2000	22 June 2000	Sch. 1 (item 27) [see Table A]
Criminal Code Amendment (Theft, Fraud, Bribery and Related Offences) Act 2000	137, 2000	24 Nov 2000	Ss. 1-3 and Schedule 1 (items 1, 4, 6, 7, 9-11, 32): Royal Assent Remainder: 24 May 2001	Sch. 2 (items 418, 419) [see Table A]
Corporations (Repeals, Consequentials and Transitionals) Act 2001	55, 2001	28 June 2001	Ss. 4-14 and Schedule 3 (items 425-431): 15 July 2001 (see Gazette 2001, No. S285) (h)	Ss. 4-14 [see Note 1]
Industry, Science and Resources Legislation Amendment (Application of Criminal Code) Act 2001	140, 2001	1 Oct 2001	2 Oct 2001	S. 4 [see Table A]
Taxation Laws Amendment (Venture Capital) Act 2002	136, 2002	19 Dec 2002	Sch. 4 (items 3-11): Royal Assent	--
Industry, Tourism and Resources Legislation Amendment Act 2003	21, 2003	11 Apr 2003	Schedule 1 (items 15, 16): 12 Apr 2003	Sch. 1 (item 16) [see Table A]
Superannuation Legislation Amendment (Simplification) Act 2007	15, 2007	15 Mar 2007	Schedule 1 (items 274, 275, 406(1)-(3)): (i)	Sch. 1 (item 406(1)-(3)) [see Table A]
Tax Laws Amendment (2007 Measures No. 2) Act 2007	78, 2007	21 June 2007	Schedule 8 (items 157-165, 215-217, 348, 349): Royal Assent	--
Tax Laws Amendment (2007 Measures No. 5) Act 2007	164, 2007	25 Sept 2007	Schedule 12 (items 53-65, 279-287): 27 Sept 2007 (see F2007L03842)	Sch. 12 (items 279-287) [see Table A]
Same‑Sex Relationships (Equal Treatment in Commonwealth Laws--General Law Reform) Act 2008	144, 2008	9 Dec 2008	Schedule 12 (items 1-8): 10 Dec 2008	Sch. 12 (item 8) [see Table A]
Financial Sector Legislation Amendment (Enhancing Supervision and Enforcement) Act 2009	75, 2009	27 Aug 2009	Schedule 1 (item 218): 27 Feb 2010	--
Tax Laws Amendment (Confidentiality of Taxpayer Information) Act 2010	145, 2010	16 Dec 2010	Schedule 2 (item 61): 17 Dec 2010	--

(a) The Pooled Development Funds Act 1992 was amended by Part 4 (sections 20-22) only of the Industry, Science and Technology Legislation Amendment Act 1994, subsection 2(1) of which provides as follows:

(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(b) The Pooled Development Funds Act 1992 was amended by Schedule 1 (items 128-130) only of the Financial Sector Reform (Consequential Amendments) Act 1998, subsection 2(2) of which provides as follows:

(2) Subject to subsections (3) to (14), Schedules 1, 2 and 3 commence on the commencement of the Australian Prudential Regulation Authority Act 1998.

(c) The Pooled Development Funds Act 1992 was amended by Schedule 4 (items 26-38) and Schedule 5 (items 37 and 38) only of the Company Law Review Act 1998, subsections 2(2) and (5) of which provide as follows:

(2) Subject to subsection (3), section 3 and Schedules 1, 2, 3 and 4 commence on a day to be fixed by Proclamation.

(5) Schedule 5 commences immediately after section 1 of the Taxation Laws Amendment (Company Law Review) Act 1998 commences.

Section 1 commenced on 1 July 1998 (see Gazette 1998, No. S325).

(d) The Company Law Review Act 1998 was amended by Schedule 7 only of the Taxation Laws Amendment (Company Law Review) Act 1998, subsection 2(1) of which provides as follows:

(1) Subject to this section, this Act commences on a day to be fixed by Proclamation.
However, if that day is the same day as the day on which Schedule 3 to the Company Law Review Act 1997 commences, this Act commences immediately after item 32 of that Schedule commences.

The Taxation Laws Amendment (Company Law Review) Act 1998 came into operation immediately after item 32 of Schedule 3 to the Company Law Review Act 1998.

Item 32 commenced on 1 July 1998.

(e) Section 2 of the Managed Investments Act 1998 provides as follows:

2 This Act commences immediately after all the items in Schedules 1, 2, 3 and 4 of the Company Law Review Act 1997 have commenced.

The items in Schedules 1, 2, 3 and 4 of the Company Law Review Act 1998 commenced on 1 July 1998 (see Gazette 1998, No. S317).

(f) The Pooled Development Funds Act 1992 was amended by Schedule 1 (item 734) only of the Public Employment (Consequential and Transitional) Amendment Act 1999, subsections 2(1) and (2) of which provide as follows:

(1) In this Act, commencing time means the time when the Public Service Act 1999 commences.

(2) Subject to this section, this Act commences at the commencing time.

(g) The Pooled Development Funds Act 1992 was amended by Schedule 3 (items 5-17) only of the New Business Tax System (Capital Gains Tax) Act 1999, subsection 2(1) of which provides as follows:

(1) Subject to subsection (2), this Act commences on the day on which it receives the Royal Assent.

(h) The Pooled Development Funds Act 1992 was amended by Schedule 3 (items 425-431) only of the Corporations (Repeals, Consequentials and Transitionals) Act 2001, subsection 2(3) of which provides as follows:

(3) Subject to subsections (4) to (10), Schedule 3 commences, or is taken to have commenced, at the same time as the Corporations Act 2001.

(i) Subsection 2(1) (item 2) of the Superannuation Legislation Amendment (Simplification) Act 2007 provides as follows:

(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information
Column 1	Column 2	Column 3
Provision(s)	Commencement	Date/Details
2. Schedule 1	Immediately after the commencement of Schedule 1 to the Tax Laws Amendment (Simplified Superannuation) Act 2007.	15 March 2007

Table of Amendments

ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted
Provision affected	How affected
Part 1
S. 3......................................	rs. No. 64, 2000
S. 4......................................	am. No. 102, 1994; No. 5, 1995; Nos. 48 and 61, 1998; No. 165, 1999; No. 64, 2000; No. 55, 2001; No. 136, 2002; Nos. 78 and 164, 2007; No. 144, 2008; No. 75, 2009
S. 4A...................................	ad. No. 64, 2000
	am. No. 21, 2003; No. 15, 2007
S. 4B...................................	ad. No. 140, 2001
Heading to Part 2.................	rs. No. 78, 2007
	rep. No 164, 2007
Part 2...................................	rep. No 164, 2007
S. 5......................................	rs. No. 78, 2007
	rep. No 164, 2007
S. 6......................................	am. No. 165, 1999; No. 136, 2002; No. 78, 2007
	rep. No 164, 2007
Ss. 7-9................................	rep. No. 164, 2007
Part 3
S. 11....................................	am. No. 61, 1998; No. 78, 2007
S. 14....................................	am. No. 39, 1997; No. 61, 1998; No. 64, 2000
S. 18....................................	am. No. 61, 1998; No. 64, 2000
Part 4
Division 1
S. 19....................................	am. No. 64, 2000
Heading to s. 20..................	rs. No. 64, 2000
S. 20....................................	am. No. 64, 2000
Ss. 20A, 20B.......................	ad. No. 64, 2000
Ss. 21, 22............................	am. No. 64, 2000
S. 24....................................	am. Nos. 102 and 108, 1994; No. 55, 2001
S. 25....................................	am. No. 102, 1994; No. 64, 2000
S. 26....................................	rep. No. 102, 1994
S. 27A.................................	ad. No. 64, 2000
S. 28....................................	am. No. 102, 1994; No. 140, 2001
S. 28A.................................	ad. No. 64, 2000
Division 2
S. 29....................................	am. No. 64, 2000
S. 30....................................	am. No. 62, 1998; No. 55, 2001
S. 31....................................	am. No. 102, 1994; No. 48, 1998; No. 64, 2000; No. 55, 2001; No. 144, 2008
S. 32....................................	am. No. 102, 1994
S. 32A.................................	ad. No. 64, 2000
Part 5
S. 41....................................	am. No. 61, 1998; No. 64, 2000
S. 42....................................	am. No. 61, 1998; No. 140, 2001
S. 43....................................	am. No. 165, 1999
Part 6
S. 47....................................	am. No. 102, 1994; No. 61, 1998; No. 64, 2000; No. 137, 2000
S. 49....................................	am. No. 140, 2001
Part 7
S. 50....................................	am. No. 102, 1994; No. 64, 2000; No. 140, 2001
S. 51....................................	am. No. 140, 2001
S. 52....................................	am. No. 165, 1999
	rep. No. 137, 2000
Part 7A
Part 7A................................	ad. No. 165, 1999
Ss. 52A-52D.......................	ad. No. 165, 1999
Part 9...................................	rep. No. 164, 2007
Ss. 57-67............................	rep. No. 164, 2007
S. 68....................................	am. No. 146, 1999
	rep. No. 164, 2007
S. 69....................................	rep. No. 164, 2007
Part 10
S. 71....................................	am. No. 136, 2002; No. 164, 2007; No. 145, 2010
Ss. 72-74............................	am. No. 165, 1999; No. 136, 2002; No. 78, 2007
	rep. No. 164, 2007
S. 75....................................	am. No. 165, 1999
	rep. No. 164, 2007

Table A

Application, Saving or Transitional Provisions

New Business Tax System (Capital Gains Tax) Act 1999 (No. 165, 1999)

Schedule 3

18 Application of amendments

The amendments made by this Schedule apply to the issue or allotment of venture capital equity in a resident investment vehicle on or after the day on which this Act receives the Royal Assent.

Pooled Development Funds Amendment Act 2000 (No. 64, 2000)

Schedule 1

27 Application of amendments

General

(1) The amendments made by this Act (except for those mentioned in the following subitems) apply, in relation to a PDF, from the beginning of the PDF's 1999‑2000 income year (the transition time).

(2) In subitem (1):

income year has the same meaning as in the Income Tax Assessment Act 1997.

Registration decisions

(3) The amendment made by item 5 applies to a decision about registration that the Board makes after the transition time, even if the application for registration was made before that time.

Notification of initial investments

(4) The amendments made by items 14 and 26 apply to investments made after this item commences.

Interposed entities

(5) The amendment made by item 15 applies to investments made after 4 August 1999.

(6) However, the Board may determine that that amendment does not apply to a particular investment if the Board is satisfied that the relevant PDF, or the interposed entity that is to make the investment, was already under a legal obligation to make the investment at the end of 4 August 1999.

Annual returns

(7) The amendments made by items 21 and 22 apply to annual returns for the 1999‑2000 financial year and all later financial years.

Revocation power

(8) The amendments made by items 23, 24 and 25 apply to contraventions of this Act, or of a condition of a PDF's registration, that happen after this item commences.

Criminal Code Amendment (Theft, Fraud, Bribery and Related Offences) Act 2000 (No. 137, 2000)

Schedule 2

418 Transitional--pre‑commencement offences

(1) Despite the amendment or repeal of a provision by this Schedule, that provision continues to apply, after the commencement of this item, in relation to:

(a) an offence committed before the commencement of this item; or

(b) proceedings for an offence alleged to have been committed before the commencement of this item; or

as if the amendment or repeal had not been made.

(2) Subitem (1) does not limit the operation of section 8 of the Acts Interpretation Act 1901.

419 Transitional--pre‑commencement notices

If:

(a) a provision in force immediately before the commencement of this item required that a notice set out the effect of one or more other provisions; and

(b) any or all of those other provisions are repealed by this Schedule; and

the amendment of the first‑mentioned provision by this Schedule does not affect the validity of such a notice that was given before the commencement of this item.

Industry, Science and Resources Legislation Amendment (Application of Criminal Code) Act 2001 (No. 140, 2001)

4 Application of amendments

(1) Each amendment made by this Act applies to acts and omissions that take place after the amendment commences.

(2) For the purposes of this section, if an act or omission is alleged to have taken place between 2 dates, one before and one on or after the day on which a particular amendment commences, the act or omission is alleged to have taken place before the amendment commences.

Industry, Tourism and Resources Legislation Amendment Act 2003
(No. 21, 2003)

Schedule 1

16 Certain shareholdings in PDFs do not contravene section 31

(1) Section 31 of the Pooled Development Funds Act 1992 is taken to have applied in relation to a PDF during the period:

(a) starting on 8 October 1999; and

(b) ending on the commencement of this item;

as if paragraph 4A(1)(a) of that Act were required to be ignored in determining whether a fund was a widely‑held complying superannuation fund.

Note: Paragraph 4A(1)(a) would have required that the fund not be an excluded superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993).

(2) If:

(a) because of the effect of subitem (1), a person's holding of shares in a PDF immediately before the commencement of this item did not contravene section 31 of the Pooled Development Funds Act 1992 as then in force; but

(b) that holding of those shares would, but for this subitem, result in a contravention of section 31 of that Act as it applies after the commencement of this item;

then the following provisions have effect:

(c) subject to paragraph (e), the person's continued holding of those shares in the PDF after that commencement is to be disregarded when applying section 31 of that Act as then in force to the person and the person's associates;

(d) if, after that commencement, any bonus shares in the PDF are issued to the person because the person is the holder of the shares referred to in paragraph (c), then, subject to paragraph (e), the person's holding of those bonus shares is to be disregarded when applying section 31 of that Act as then in force to the person and the person's associates;

(e) however, if, after that commencement, the person, or any of the person's associates, acquires additional shares in the PDF (otherwise than as mentioned in paragraph (d)), the shares to which paragraphs (c) and (d) apply are to be taken into account in determining whether the acquisition of those additional shares complies with section 31 of that Act as then in force.

Superannuation Legislation Amendment (Simplification) Act 2007
(No. 15, 2007)

Schedule 1

406 Application

(1) The amendments made by this Schedule apply to the 2007‑2008 income year and later years.

(2) Despite subitem (1), those amendments apply to the 2007‑2008 financial year and later years, to the extent that they relate to Division 292 of the Income Tax Assessment Act 1997.

(3) Despite subitem (1), those amendments apply on and after 1 July 2007, to the extent that they relate to any of the following:

(a) Divisions 82 and 83 of the Income Tax Assessment Act 1997;

(b) Divisions 301 to 307 of that Act.

Tax Laws Amendment (2007 Measures No. 5) Act 2007 (No. 164, 2007)

Schedule 12

279 Interpretation

In this Part:

new Board means Innovation Australia, established by section 6 of the Industry Research and Development Act 1986 (as amended by this Schedule).

former Board means:

(a) the Industry Research and Development Board that was established by the Industry Research and Development Act 1986 (as in force before the commencement of this item); or

(b) the Venture Capital Registration Board that was established by the Pooled Development Funds Act 1992 (as in force before the commencement of this item).

280 Things done to a former Board before commencement

(1) Any thing done to a former Board before the commencement of this item is taken, on and after that commencement, to have been done to the new Board.

(2) Without limiting subitem (1), examples of things done to a former Board include, but are not limited to, the following:

(a) the making of applications or requests to the former Board;

(b) the making of agreements with the former Board;

(d) the giving of directions by the Minister to the former Board.

281 Things done to the Chairperson or acting Chairperson of a former Board before commencement

(1) Any thing done to the Chairperson, or acting Chairperson, of a former Board before the commencement of this item is taken, on and after that commencement, to have been done to the Chairperson of the new Board.

(2) Without limiting subitem (1), examples of things done to the Chairperson of a former Board include, but are not limited to, the giving of notices or advice to the Chairperson.

282 Things done by a former Board before commencement

(1) Any thing done by a former Board before the commencement of this item is taken, on and after that commencement, to have been done by the new Board.

(2) Without limiting subitem (1), examples of things done by a former Board include, but are not limited to, the following:

(a) the making of determinations or decisions by the former Board;

(b) the granting or revoking of registrations, approvals, certificates or other things by the former Board;

(d) the giving of directions by the former Board;

(e) the making of guidelines by the former Board;

(f) the formulation of criteria by the former Board;

(g) the approval of forms by the former Board;

(h) the making of requirements by the former Board;

(i) the making of agreements by the former Board;

(j) the giving of notices, documents or other things by the former Board.

(3) Without limiting subitem (1), if, after the commencement of this item, the new Board is required under section 46 of the Industry Research and Development Act 1986 (as amended by this Schedule) to give a report in relation to a financial year that commenced before the commencement of this item, then the new Board must include in the report any matter that, had the amendments made by this Schedule not been made, a former Board would have been required to include in a report for that year under:

(a) section 46 of the Industry Research and Development Act 1986 (as in force before the commencement of this item); or

(b) section 75 of the Pooled Development Funds Act 1992 (as in force before the commencement of this item); or

283 Things done by the Chairperson or acting Chairperson of a former Board before commencement

(1) Any thing done by the Chairperson, or acting Chairperson, of a former Board before the commencement of this item is taken, on and after that commencement, to have been done by the Chairperson of the new Board.

(2) Without limiting subitem (1), examples of things done by the Chairperson of a former Board include, but are not limited to, the following:

(a) the making of inquiries or reports by the Chairperson;

(b) a determination, by the Chairperson, of the form of records;

284 Things done by a member or acting member of a former Board before commencement

(1) Any thing done by a member, or acting member, of a former Board before the commencement of this item is taken, on and after that commencement, to have been done by a member of the new Board.

(2) Without limiting subitem (1), examples of things done by a member of a former Board include, but are not limited to, the signing of a certificate by the member.

285 Things done by a person authorised by a former Board before commencement

(1) Any thing done by a person authorised by a former Board before the commencement of this item is taken, on and after that commencement, to have been done by a person authorised by the new Board.

(2) Without limiting subitem (1), examples of things done by a person authorised by a former Board include, but are not limited to, the signing of a certificate by the person.

286 References to a former Board in instruments etc.

A reference to a former Board in the following:

(a) a legislative instrument;

(b) guidelines made or criteria formulated under the Industry Research and Development Act 1986 or the Venture Capital Act 2002;

(c) certificates, notices or other documents given to or by the former Board under the Industry Research and Development Act 1986, the Pooled Development Funds Act 1992 or the Venture Capital Act 2002;

(d) directions given by the Minister to the former Board under the Industry Research and Development Act 1986 or the Pooled Development Funds Act 1992;

(e) forms approved by the former Board under the Industry Research and Development Act 1986;

(f) agreements made with the former Board under the Industry Research and Development Act 1986;

is taken, after the commencement of this item, to be a reference to the new Board.

287 Committees

An appointment of a member of a committee under section 22 of the Industry Research and Development Act 1986 that is in force immediately before the commencement of this item is taken, on that commencement, to be revoked.

Same‑Sex Relationships (Equal Treatment in Commonwealth Laws--General Law Reform) Act 2008 (No. 144, 2008)

Schedule 12

8 Transitional

(1) This item applies if:

(a) on the commencement of the amendments made by this Schedule, a person holds shares in a PDF (the initial shares); and

(b) the person would, but for this item, contravene section 31 of the Pooled Development Funds Act 1992 only because of one or more of those amendments.

(2) Subject to subitem (4), disregard the person's continued holding of the initial shares in the PDF on and after that commencement when applying that section as then in force to the person and the person's associates.

(3) If, after that commencement, any bonus shares in the PDF are issued to the person because the person is the holder of the initial shares, then, subject to subitem (4), disregard the person's holding of those bonus shares when applying that section as then in force to the person and the person's associates.

(4) If, after that commencement, the person, or any of the person's associates, acquires additional shares (other than bonus shares) in the PDF, the initial shares and the bonus shares are to be taken into account in determining whether the acquisition of those additional shares complies with that section as then in force.

Commonwealth Consolidated Acts

POOLED DEVELOPMENT FUNDS ACT 1992 - NOTES