Document ID: chunk:federal_register_of_legislation:F2007L04107:body:0:p5
Version: federal_register_of_legislation:F2007L04107
Segment Type: other
Provision Reference: 
Character Range: 11798–14249

the granting of a licence;

             (b)           changes to the key personnel of a licensed fund;

             (c)            changes in the structure of a licensed fund;

             (d)           the application of sanctions against a manager or investor;

             (e)            the suspension of funding in relation to a licensed fund;

             (f)             the termination of a licence;

             (g)           investee company eligibility; and

             (h)           influence or control of manager by investor.

         17.             The Supervisory Board for a licensed fund will be established and maintained by the manager and make decisions about matters in relation to the administration of that IIF3 fund as shall be set out in the governing documents.  The decisions made by the Supervisory Board in relation to these matters shall be binding on the  manager except where a matter is one for which the Program Delegate has responsibility under the licence. In such an event the decision of the Program Delegate, if contrary to that of the Supervisory Board, shall be final and binding upon the manager.

PART 4 – ASSESSMENT OF PROPOSALS FOR VARIATION TO GOVERNING DOCUMENTS

18.             In making a decision on whether to vary any provision of the governing documents, the Program Delegate will seek the advice of the Board and may seek the advice of other third parties.

PART 5 — BOARD TO HAVE ADMINISTRATIVE RESPONSIBILITY FOR THE PROGRAM

19.             The Board has administrative responsibility for the IIF program, subject to the restrictions imposed by the Industry Research and Development Act 1986, in particular section 19A, on the functions that may be conferred on the Board.

         Where the Board provides advice to the Program Delegate in accordance with these directions, the Program Delegate must consider the advice of the Board and advise the Minister of any such advice where requested to do so by the Board.

20.             The Board may advise the Minister, or the Minister may request advice from the Board, on non-financial administration matters relating to the program, including the extent to which the program is meeting its objectives.

21.             The Board may collect and analyse data on the performance of the program, provide advice to the Minister on such performance, and will cooperate with any independent evaluation of the program.