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.