Commonwealth Consolidated Acts

POOLED DEVELOPMENT FUNDS ACT 1992 - NOTES

No. 100, 1992

Compilation No. 27

Compilation date: 14 October 2024

Includes amendments: Act No. 39, 2024

About this compilation

This compilation

This is a compilation of the Pooled Development Funds Act 1992 that shows the text of the law as amended and in force on 14  October 2024 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Self-repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

Part 1--Preliminary

1 Short title

2 Commencement

3 Object of the Act

4 Interpretation

4A Definition of widely-held complying superannuation fund

4B Application of the Criminal Code

Part 3--Becoming a PDF

10 How a company becomes a PDF

11 Application for registration declaration

12 Further information may be requested

13 Period within which registration application to be decided

14 Deciding a registration application

15 Applicant to be notified of decision

16 Board to publish notice of registration declaration in the Gazette

17 A PDF's approved investment plan

18 Conditions of registration declaration

Part 4--Regulation of PDFs

Division 1--Making investments

19 Investments to be in accordance with this Division

20 First kind of allowed investment: acquiring shares

20A Second kind of allowed investment: acquiring non-transferable options

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

21 Intended use by investee company of money invested by PDF

22 Investee company must not be a PDF

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

24 Limit on size of investee company

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

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

27A PDF to notify Board of initial investments

28 Provisions relating to approvals by Board

28A Indirect investments

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

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

30 Restrictions on raising money etc.

31 Limit on shareholding in a PDF

32 Timetable for investing funds raised by PDF

32A PDFs may merge

Division 3--Board's powers to give directions

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

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

35 PDF to comply with other directions

36 Shareholders to comply with directions about shareholdings in PDFs

37 Board to advise of reasons for giving directions

Division 4--Consequences of contravention of this Part

38 Acts in contravention of Part not invalid

Part 5--Monitoring compliance

39 Board to monitor compliance

40 Board to consider compliance on receipt of annual return

41 Annual return by PDF

42 PDF to notify Board of events affecting information previously given

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

44 Board may request persons to provide information or produce documents

Part 6--Revocation of registration declarations

45 Automatic revocation if PDF is not an eligible corporation

46 Revocation on application by PDF

47 Revocation at discretion of Board

48 Board to publish notice of revocations in the Gazette

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

Part 7--Offences relating to PDFs

51 Offences--failure to comply with directions or requirements

Part 7A--Investments by venture capital entities

52A Registration of venture capital entities

52B Period within which application must be decided

52C Annual return by venture capital entities

52D Revocation at discretion of Board

Part 8--Review of decisions

53 Notification of certain decisions

54 Notification of right to seek internal review

55 Internal review of decisions

56 Review of decisions by Administrative Review Tribunal

Part 10--Miscellaneous

70 Board to provide information about PDFs on request

71 Secrecy

76 Regulations

Endnotes

Endnote 1--About the endnotes

Endnote 2--Abbreviation key

Endnote 3--Legislation history

Endnote 4--Amendment history

Endnotes

Endnote 1--About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1--About the endnotes

Endnote 2--Abbreviation key

Endnote 3--Legislation history

Endnote 4--Amendment history

Abbreviation key--Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history--Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Editorial changes

The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.

If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section  15V of the Legislation Act 2003.

If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and "(md not incorp)" is added to the amendment history.

Endnote 2--Abbreviation key

 

ad = added or inserted	o = order(s)
am = amended	Ord = Ordinance
amdt = amendment	orig = original
c = clause(s)	par = paragraph(s)/subparagraph(s)
C[x] = Compilation No. x	/sub-subparagraph(s)
Ch = Chapter(s)	pres = present
def = definition(s)	prev = previous
Dict = Dictionary	(prev ... ) = previously
disallowed = disallowed by Parliament	Pt = Part(s)
Div = Division(s)	r = regulation(s)/rule(s)
ed = editorial change	reloc = relocated
exp = expires/expired or ceases/ceased to have	renum = renumbered
effect	rep = repealed
F = Federal Register of Legislation	rs = repealed and substituted
gaz = gazette	s = section(s)/subsection(s)
LA = Legislation Act 2003	Sch = Schedule(s)
LIA = Legislative Instruments Act 2003	Sdiv = Subdivision(s)
(md) = misdescribed amendment can be given	SLI = Select Legislative Instrument
effect	SR = Statutory Rules
(md not incorp) = misdescribed amendment	Sub-Ch = Sub-Chapter(s)
cannot be given effect	SubPt = Subpart(s)
mod = modified/modification	underlining = whole or part not
No. = Number(s)	commenced or to be commenced

Endnote 3--Legislation history

 

Act	Number and year	Assent	Commencement	Application, saving and transitional provisions
Pooled Development Funds Act 1992	100, 1992	30 June 1992	30 June 1992 (s 2)
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	s 20 and 22: 12 July 1994 (s 2(1))	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	Sch 1 (items 128-130): 1 July 1998 (s 2(2))	--
Company Law Review Act 1998	61, 1998	29 June 1998	Sch 4 (items 26-38): 1  July 1998 (s 2(2), (4) and gaz 1998, No S317) Sch 5 (items 37, 38): 1 July 1998 (s 2(5))	--
as amended by
Taxation Laws Amendment (Company Law Review) Act 1998	63, 1998	29 June 1998	Sch 7: 1 July 1998 (s 2(1))	--
Managed Investments Act 1998	62, 1998	29 June 1998	Sch 2 (item 184): 1 July 1998 (s 2)	--
Public Employment (Consequential and Transitional) Amendment Act 1999	146, 1999	11 Nov 1999	Sch 1 (item 734): 5 Dec 1999 (s 2(1), (2))	--
New Business Tax System (Capital Gains Tax) Act 1999	165, 1999	10 Dec 1999	Sch 3 (items 5-18): 10 Dec 1999 (s 2(1))	Sch 3 (item 18)
Pooled Development Funds Amendment Act 2000	64, 2000	22 June 2000	22 June 2000	Sch. 1 (item 27)
Criminal Code Amendment (Theft, Fraud, Bribery and Related Offences) Act 2000	137, 2000	24 Nov 2000	Sch 2 (items 317, 318, 418, 419): 24 May 2001 (s 2(3))	Sch 2 (items 418, 419)
Corporations (Repeals, Consequentials and Transitionals) Act 2001	55, 2001	28 June 2001	s 4-14 and Sch 3 (items 425-431): 15 July 2001 (s 2(1), (3))	s 4-14
Industry, Science and Resources Legislation Amendment (Application of Criminal Code) Act 2001	140, 2001	1 Oct 2001	2 Oct 2001	s. 4
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	Sch 1 (items 15, 16): 12 Apr 2003	Sch. 1 (item 16)
Superannuation Legislation Amendment (Simplification) Act 2007	15, 2007	15 Mar 2007	Sch 1 (items 274, 275, 406(1)-(3)): 15 Mar 2007 (s 2(1) item  2)	Sch 1 (item 406(1)-(3))
Tax Laws Amendment (2007 Measures No. 2) Act 2007	78, 2007	21 June 2007	Sch 8 (items 157-165, 215-217, 348, 349): Royal Assent	--
Tax Laws Amendment (2007 Measures No. 5) Act 2007	164, 2007	25 Sept 2007	Sch 12 (items 53-65, 279-287): 27 Sept 2007 (s 2(1) item  9)	Sch 12 (items 279-287)
Same-Sex Relationships (Equal Treatment in Commonwealth Laws--General Law Reform) Act 2008	144, 2008	9 Dec 2008	Sch 12 (items 1-8): 10 Dec 2008	Sch. 12 (item 8)
Financial Sector Legislation Amendment (Enhancing Supervision and Enforcement) Act 2009	75, 2009	27 Aug 2009	Sch 1 (item 218): 27 Feb 2010	--
Tax Laws Amendment (Confidentiality of Taxpayer Information) Act 2010	145, 2010	16 Dec 2010	Sch 2 (item 61): 17 Dec 2010	--
Personal Liability for Corporate Fault Reform Act 2012	180, 2012	10 Dec 2012	Sch 6 (items 24-26) and Sch 7: 11 Dec 2012	Sch 7
Statute Law Revision Act 2013	103, 2013	29 June 2013	Sch 3 (items 128-131, 343): Royal Assent	Sch. 3 (item 343)
Statute Law Revision Act (No. 1) 2016	4, 2016	11 Feb 2016	Sch 4 (items 1, 230): 10 Mar 2016 (s 2(1) item 6)	--
Statute Update Act 2016	61, 2016	23 Sept 2016	Sch 1 (item 367): 21 Oct 2016 (s 2(1) item 1)	--
Industry Research and Development Amendment (Innovation and Science Australia) Act 2016	63, 2016	20 Oct 2016	Sch 1 (item 47): 20 Oct 2016 (s 2(1) item 1)	--
Corporations Amendment (Asia Region Funds Passport) Act 2018	61, 2018	29 June 2018	Sch 2A (item 10): 18 Sept 2018 (s 2(1) item 2)	--
Industry Research and Development Amendment (Industry Innovation and Science Australia) Act 2021	101, 2021	10 Sept 2021	Sch 1 (item 4): 11 Sept 2021 (s 2(1) item 1)	--
Administrative Review Tribunal (Consequential and Transitional Provisions No. 2) Act 2024	39, 2024	31 May 2024	Sch 11 (items 77-79): 14 Oct 2024 (s 2(1) item 2)	--

Endnote 4--Amendment history

 

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; No 63, 2016; No 101, 2021
s. 4A....................	ad. No. 64, 2000
	am. No. 21, 2003; No. 15, 2007
s. 4B....................	ad. No. 140, 2001
Part 2 heading.............	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; No. 103, 2013
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
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; No 61, 2018
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; No. 103, 2013
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
	rep. No. 180, 2012
s. 51....................	am. No. 140, 2001; No. 180, 2012; No 4, 2016; No 61, 2016
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 8
s 55....................	am No 39, 2024
s 56....................	am No 39, 2024
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