Pooled Development Funds Act 1992

PART 4 - REGULATION OF PDFs  

Division 3 - Board's powers to give directions  

SECTION 34   PDF TO COMPLY WITH DIRECTIONS IF INVESTEE COMPANY'S PRIMARY ACTIVITY IS AN EXCLUDED ACTIVITY  

34(1)   [Direction by Board]  

If the Board is satisfied that:

(a) a PDF holds shares in a company; and

(b) the primary activity of the company is an excluded activity;

the Board may, by notice in writing to the PDF, direct the PDF to take such action in relation to disposal of the shares as the Board thinks appropriate, having regard to:

(c) the PDF's approved investment plan; and

(d) the PDF's past investment activities and present investments; and

(e) the object of this Act; and

(f) any other relevant matter.

34(2)   [Period for compliance]  

A direction must specify a reasonable period within which it must be complied with.

34(3)   [Compliance by PDF]  

A PDF must, within the specified period, comply with a direction given to it.