PDF to carry on a business of making and holding PDF investments
29 PDF to carry on a business of making and holding PDF investments
A PDF must carry on a business of making and holding PDF investments.
A PDF must not enter into a transaction except:
in the course of, or for the purposes of, carrying on a business of making and holding PDF investments; or
as allowed by section 32A (which deals with mergers of PDFs); or
with the Board’s approval.
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.
Subject to subsection (2), nothing in subsection (1) prevents a PDF from realising a particular investment.
Nothing in this section prohibits a PDF from doing something in the course of, or for the purposes of:
providing management assistance to a company in which the PDF holds a PDF investment; or
complying with a direction under subsection 33(2), 34(1) or 35(1); or
making, holding, or disposing of, an unregulated investment.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.