Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 399

399. (1) In this Part, unless the contrary intention appears:

"body corporate" does not include an exempt public authority;

"investment company" means a body corporate in relation to which an order
under subsection (3) is in force;

"net tangible assets", in relation to a body corporate, means tangible
property at book values, less total liabilities at book values and less any
aggregate amount by which the book values of the marketable securities held by
the corporation exceed their market values;

"relevant provision of this Part" means any of the provisions of sections  400
to 407 (inclusive).

(2) A reference in a relevant provision of this Part to an investment company
is a reference to an investment company to which that provision applies.

(3) The Commission may, by order published in the Gazette, declare to be an
investment company a body corporate (being a company or a foreign corporation
that is, or is required to be, registered as a foreign company under Division
2 of Part 4.1) that is engaged primarily in the business of investment in
marketable securities for the purpose of revenue and for profit and not for
the purpose of exercising control.

(4) Where the Commission makes an order declaring a body corporate to be an
investment company, the Commission may specify in the order the relevant
provisions of this Part that are to apply to that investment company.

(5) If, in an order declaring a body corporate to be an investment company,
the Commission specifies relevant provisions of this Part that are to apply to
that body corporate, any relevant provisions of this Part that are not so
specified do not apply to the body corporate.

(6) If the Commission does not, in an order declaring a body corporate to be
an investment company, specify relevant provisions of this Part that are to
apply to the body, every provision of this Part applies to the body.