Commonwealth Consolidated Acts

POOLED DEVELOPMENT FUNDS ACT 1992 - SECT 29

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

             (2)  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.

             (3)  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.

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

             (5)  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.