Document ID: chunk:federal_register_of_legislation:F2013C00808:body:0:p13
Version: federal_register_of_legislation:F2013C00808
Segment Type: other
Provision Reference: 
Character Range: 32283–35057

company by the fund manager or an associate of the fund manager which are paid for by the investee company are charged at no more than market rates, are optional, and are open to provision by a third party.

PART 10—REMOVAL OF FUND MANAGERS

         51. The Board must make provision in the IIF guidelines, licence agreement or other contractual document relating to the operation of an IIF licensed fund for the removal  of the fund manager in circumstances where the fund or its manager:

         (a) is or may become insolvent or suffers what the Board considers to be a substantial loss of capital;

         (b) is in breach of the IIF guidelines, any requirement imposed on it under clause 22 or    any contractual or other obligation owed to a third party;

         (c)  has failed to achieve activity milestones contained within the licence agreement or   other contractual document relating to the fund;

         (d) has failed to comply with any special conditions specified by the Board under  clause 41;

         (e) a member of the key personnel ceases to be employed or otherwise retained by the fund in the manner stated in the application to be awarded a licence;

         (f) is in breach of any provision of the Act or any other law; or

         (g) in any other circumstances the Board thinks fit.

PART 11—LIQUIDATION

         52. The Board must make provision in the IIF guidelines, licence agreement or other contractual document relating to the operation of an IIF licensed fund for the   liquidation of the assets of the fund prior to the ten year term referred to in clause 48 in circumstances where:

         (a) the Board is required to do so in compliance with a Court order;

         (b) the Board considers that the fund is or may become insolvent or suffer what the Board considers to be a substantial loss of capital;

         (c) the Board agrees with a request from the investors in the fund to liquidate the assets of   a fund; or

         (d) in other circumstances the Board thinks fit.

PART 12—TRANSFER OR WITHDRAWAL OF INVESTORS

         53. The Board must make provision in the IIF guidelines, licence agreement or other contractual document relating to the operation of an IIF licensed fund for the   conditions to apply upon any of the following circumstances occurring:

         (a) the withdrawal of a person who has invested in or provided amounts to the fund or the transfer of ownership of any part of that persons interest in the fund;

         (b) where a person (other than the Commonwealth program capital) does not deliver committed capital in accordance with their obligations to do so; and

         (c) the transfer of all or part of the Commonwealth program capital.

PART 13—EVALUATION

         54.