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IIF program, Policies and Practices Direction No. 1 of 1997

as amended

Subsection 20(1)

Industry Research and Development Act 1986

This compilation was prepared on 18 September 2013 taking into account amendments up to IIF program Round One,Policies and Practices (Amendment) Direction No. 1 of 1999 (F2008B00714)

Prepared by the Department of Industry, Innovation, Climate Change, Science, Research and Tertiary Education.

PART 1—PRELIMINARY

Citation

          1. This direction may be cited as the IIF program, Policies and Practices Direction No. 1  of 1997.

Commencement

         2.                   This direction commences on the day on which particulars of the direction are published in the Gazette.

[NOTE: For the publication of the particulars, see s. 20 (3) of the Act.]

Interpretation

         3. In this direction:

"Act" means the Industry Research and Development Act 1986.

"Associate" of a person means a related entity of the person.

"Board" means the Industry Research and Development Board.

"Board may" is permissive and not mandatory.

"Commonwealth program capital" means amounts invested in or provided to a licensed fund under   the IIF program.

"committed capital" means amounts the Commonwealth or another person undertakes to invest in or provide to an IIF licensed fund, conditionally or unconditionally, and "committed" has a corresponding meaning.

"Department" means the Department of Industry, Science and Tourism.

"drawndown capital" means committed capital that has been invested in or provided to an IIF licensed fund.

"eligible investee company" means a company which satisfies the criteria developed under Part 5 of   this direction.

"equity" includes any form of debt financing that is approved by the Board which does not compel the borrower or debtor to pay the interest, the coupon or other charge in the nature of interest prior to the    end of the term of the debt, except in the event of default.

"fund" includes a firm, body corporate, trust or other structure.

"Government sourced capital" has the meaning given in clause 19.

"include", "includes" and "including" do not limit the generality of the words which precede them or    to which they refer.

"key personnel" in relation to a fund manager, includes individuals whose expertise, experience or abilities are assessed in relation to the awarding of a licence to that fund manager.

"non-profit enterprise" means an enterprise whose governing documents prohibit the distribution of profits to its members.

"passive business" means a company:

          (a) which is not engaged in a regular and continuous business operation (the mere    receipt of payments such as dividends, rents, lease payments, or royalties is not considered a regular and continuous business operation);

          (b) whose employees are not carrying on the majority of day to day operations, and the company does not provide effective control and supervision, on a day to day basis, over