Document ID: chunk:federal_register_of_legislation:F2009B00251:body:0:p15
Version: federal_register_of_legislation:F2009B00251
Segment Type: other
Provision Reference: 
Character Range: 40941–43306

as the Board thinks fit.

PART 10—FEES

Fund management fees

         49 The Board must make provision in the PSF guidelines, licence agreement or other documents  relating to a licensed fund for the setting of appropriate management fees.  In approving these and any other fees, the Board must have regard to:

             (a)                the level of resources for fund managers that the Board considers appropriate;

             (b)               the scope of the management services to be provided by fund managers and included in the management fee;

             (c)                the interests of the investors, including the Commonwealth or its nominee; and

             (d)               any other matters the Board thinks fit.

PART 11—REMOVAL OF FUND MANAGERS

         50 The Board must make provision in the PSF guidelines, licence agreement or other documents relating to a licensed fund, for the removal of the fund manager in circumstances the Board considers appropriate.

PART 12—EARLY LIQUIDATION OF FUND

         51 The Board must make provision in the PSF guidelines, licence agreement or other documents relating to a licensed fund for the liquidation of the assets of the fund prior to the 10 year term referred to in clause 48 in circumstances the Board considers appropriate.

PART 13—CHANGES TO INVESTORS

         52 The Board must make provision in the PSF guidelines, licence agreement or other documents relating to a licensed fund for the conditions that will apply in any of the following circumstances:

             (a)                the withdrawal of a person who has invested in the licensed fund or the transfer of ownership of any part of that person's interest in the fund;

             (b)               where a person (other than the Commonwealth or its nominee in respect of Commonwealth program capital) does not deliver committed capital according to their obligation to do so; and

             (c)                the transfer of all or part of the  interest of the Commonwealth or its nominees in the licensed fund.

PART 14—EVALUATION

         53 The Board must make provision in the PSF guidelines, licence agreement or other documents relating to a licensed fund for the manager of the licensed fund (or its trustee, if applicable) to co-operate in the evaluation of the PSF program.