Commonwealth Numbered Acts

POOLED DEVELOPMENT FUNDS AMENDMENT ACT 1994 No. 102, 1994 - SECT 8

8. Section 28 of the Principal Act is amended:

   (a)  by inserting after subsection (2) the following subsections:

"(2A) An approval for the purposes of subsection 25(1) must be given subject
to a condition that, at the end of a specified period, the total of:

   (a)  all amounts paid on the shares in the investee company held by the
        PDF; and

   (b)  all amounts remaining unpaid on those shares; must not exceed 30% of
        the total of:

   (c)  the shareholders' funds of the PDF; and

   (d)  all amounts remaining unpaid on the issued shares in the PDF.



"(2B) If:

   (a)  an approval is given for the purposes of subsection 25(1); and

   (b)  the PDF makes the investment; the PDF must comply with the condition
        covered by subsection (2A).";

   (b)  by inserting after paragraph (d) of the definition of "approval
        provision" in subsection (3) the following paragraph:

"(da) subsection 25(1); or".