Document ID: chunk:federal_register_of_legislation:F2009L02265:body:0:p5
Version: federal_register_of_legislation:F2009L02265
Segment Type: other
Provision Reference: 
Character Range: 11120–14184

investee company:

                 (i)                 in which the initial investment of funding under the eligible Commonwealth program was made on or after 18 March 2009; or

                 (ii)               which is, or is in a class of companies, determined by the Program Delegate from time to time to be ineligible for IIFF program funding (including during a selection round).

         In the case of an ICT Incubator, this will include a company in which the ICT Incubator has invested (or caused to be invested) funding received by it under the ICTI program, and from which the Program Delegate is satisfied the ICT Incubator has not exited;

         (b) commercialising R&D activities; and

         (c) providing all of the goods and services it produces through commercialising R&D activities to persons who are not associates (as defined in the documentation constituting the relevant licensed fund),

    but in any event it must not be a company in respect of which this direction provides that funding will not be available.

PART 3 – MERIT ASSESSMENT OF APPLICATIONS

Assessment of applications

     15                 The Program Delegate may refer any application for funding to the IIFF Committee for merit assessment, but may elect not to refer to the IIFF Committee an application that does not meet the eligibility requirements set out in the IIFF Guidelines.

     16                 The IIFF Committee must assess each application referred to it by the Program Delegate on its merit according to the extent to which the application meets the merit criteria and, subject to clause 17 provide a technical assessment to the Program Delegate.

     17                 Having assessed an application according to clause 16, the IIFF Committee may decline to provide a technical assessment if it is not satisfied with the level of merit of the application in relation to one or more of the merit criteria.

     18                 The IIFF Committee may attribute a higher or lower level of relative importance to one or more of the merit criteria when assessing applications.  It need not notify applicants of the relative importance of merit criteria.

     19                The IIFF Committee may request additional information from, or interview, an applicant after the lodgement of an application, or do both.

     20                 The IIFF Committee or the Program Delegate may have regard to additional information and undertake other enquiries in order to consider the suitability of applicants and the suitability and eligibility of portfolio investee companies.

     21                 The IIFF Committee may advise the Program Delegate to approve an application:

          (a)            in respect of the applicant's portfolio investee companies, consistently with the applicant's prioritisation; and/or

          (b)           for an amount of funding less than that for which the applicant has applied,

    and may recommend a limit on the maximum level of investment in a portfolio investee company.

    Merit