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Commonwealth of Australia

Industry Research and Development Act 1986

Policies and practices of the IR & D Board in relation to the Pre-Seed Fund (PSF) Program
Direction No. 1 of 2001

I, NICHOLAS HUGH MINCHIN, Minister for Industry, Science and Resources of the Commonwealth of Australia, acting under subsection 20(1) of the Industry Research and Development Act 1986, give the following direction to the Industry Research and Development Board.

Dated     28/08/2001.

NICHOLAS HUGH MINCHIN

Minister for Industry, Science and Resources

PART 1—PRELIMINARY

Citation

          1. This direction may be cited as the Pre-Seed Fund (PSF) Program, Policies and Practices Direction No. 1 of 2001.

Commencement

         2.                  This direction commences on the day on which particulars of the direction are signed and dated.

         [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" will have the meaning determined by the Board.  Without limiting the Board's discretion, examples of associates may include directors and employees and their relatives, and related companies and trusts.

         "AusIndustry" means AusIndustry, a business unit of the Department of Industry, Science and Resources, and its successors.

         "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 by the Commonwealth or its nominee under the PSF  program.

         "committed capital" means amounts the Commonwealth or another person agrees to invest in or provide to a licensed fund, conditionally or unconditionally, and "total committed capital" means the aggregate of those amounts.

         "document" means a deed, agreement, instrument or other document of any nature.

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

         "economic interest", in respect of:

         (a) an eligible company includes;

              (i) new shares in that eligible company;

              (ii) new equity convertible notes in that eligible company;

                  (iii) any other form of investment (except new equity convertible notes) the terms of which do not require the eligible company (or any other person) to pay any interest or amount in the nature of interest before the expiry of the term of the investment unless there is a default; and

              (b) an eligible project, includes proprietary rights in the intellectual property used and created in the course of all or any part of the R & D activities conducted during the eligible project.

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

         "eligible institution" means an institution that is incorporated in Australia and is:

              (a)                    an institution of higher education specified in section 4(1) of the Higher Education Funding Act 1988 or