Document ID: chunk:federal_register_of_legislation:F2020C00878:reg:14
Version: federal_register_of_legislation:F2020C00878
Segment Type: reg
Provision Reference: reg 14
Character Range: 12232–14020

14  Business activities and ownership criteria
 (1) The Corporation must not make an expanded drought loan to an eligible farm business unless:
 (a) all primary production aspects of the business are undertaken wholly within Australia; and
 (b) the business is carried on by:
 (i) a sole trader covered by subsections (2) and (3); or
 (ii) a partnership whose partners include a person covered by subsection (2) and a person covered by subsection (3) (whether those subsections cover the same partner or different partners); or
 (iii) a trust whose beneficiaries or unit‑holders include a person covered by subsection (2) and a person covered by subsection (3) (whether those subsections cover the same beneficiary or unit‑holder or different ones); or
 (iv) a corporation (within the meaning of the Corporations Act 2001), other than:
 (A) a public company (within the meaning of that Act); or
 (B) a constitutional corporation;
  whose members include a person covered by subsection (2) and a person covered by subsection (3) (whether those subsections cover the same member or different members).
Note: Constitutional corporations are excluded from subparagraph 14(1)(b)(iv) because such corporations are not eligible for loans under the program – see paragraph 5(d).
 (2) This subsection covers a person who is an Australian citizen or permanent resident.
 (3) This subsection covers a person:
 (a) who has experience in operating a farm business; and
 (b) whose principal business pursuit is the eligible farm business.
 (4) An eligible farm business is a person's principal business pursuit where the person devotes the majority of their labour to, and derives the majority of their income from, the business.

Division 4—Determining terms and conditions of expanded drought loans