Document ID: chunk:federal_register_of_legislation:C2024C00541:section:29
Version: federal_register_of_legislation:C2024C00541
Segment Type: section
Provision Reference: s 29
Character Range: 40755–41805

29  PDF to carry on a business of making and holding PDF investments
 (1) A PDF must carry on a business of making and holding PDF investments.
 (2) A PDF must not enter into a transaction except:
 (a) in the course of, or for the purposes of, carrying on a business of making and holding PDF investments; or
 (aa) as allowed by section 32A (which deals with mergers of PDFs); or
 (b) with the Board's approval.
 (3) Subsection (2) neither allows a PDF to do, nor empowers the Board to approve a PDF doing, something that the PDF is prohibited from doing under another provision of this Part.
 (4) Subject to subsection (2), nothing in subsection (1) prevents a PDF from realising a particular investment.
 (5) Nothing in this section prohibits a PDF from doing something in the course of, or for the purposes of:
 (a) providing management assistance to a company in which the PDF holds a PDF investment; or
 (b) complying with a direction under subsection 33(2), 34(1) or 35(1); or
 (c) making, holding, or disposing of, an unregulated investment.