Document ID: chunk:federal_register_of_legislation:C2010C00646:clause:4_10:p4
Version: federal_register_of_legislation:C2010C00646
Segment Type: clause
Provision Reference: sch 4 cl 10 (pt 4/4)
Character Range: 22091–23886

(a) was of a temporary nature only; and
 (b) was caused by circumstances outside its control.

 (4) The permitted investments are:
 (a) *shares, units, options, rights or similar interests to the extent permitted by subsections (5), (6), (7) and (8); or
 (b) financial instruments (such as loans, debts, debentures, bonds, promissory notes, futures contracts, forward contracts, currency swap contracts and a right or option in respect of a share, security, loan or contract); or
 (c) an asset whose main use by the company in the course of carrying on its *business is to derive interest, an annuity, rent, royalties or foreign exchange gains unless:
 (i) the asset is an intangible asset and has been substantially developed, altered or improved by the company so that its market value has been substantially enhanced; or
 (ii) its main use for deriving rent was only temporary; or
 (d) goodwill.

 (5) The company can own a *100% subsidiary if the subsidiary is a listed investment company because of subsection (2).

 (6) The company can own (directly or indirectly) any percentage of another *listed investment company that is not the company's *100% subsidiary.

 (7) Otherwise, the company cannot own (directly or indirectly) more than 10% of another company or trust.

 (8) In working out whether a company indirectly owns any part of another company or trust:
 (a) disregard any ownership it has indirectly through a *listed public company or a *publicly traded unit trust; and
 (b) if the company owns not more than 50% of another *listed investment company—disregard any ownership it has indirectly through the other company.

115‑295  Maintaining records

  A *listed investment company must maintain records showing the balance of its *LIC capital gains available for distribution.