Document ID: chunk:federal_register_of_legislation:F2009L02265:body:0:p4
Version: federal_register_of_legislation:F2009L02265
Segment Type: other
Provision Reference: 
Character Range: 8271–11415

at a fixed or determinable future time.
    "selection round" means the process of inviting applications for IIFF program funding selecting the successful applicants and awarding funding agreements.

     6                     A reference in this direction to a statute is a reference to that statute as amended or replaced from time to time.

     7                     A reference to Board may or Program Delegate may is permissive and not mandatory.

     8                     A reference to a fund includes a firm, body corporate, trust, partnership or other structure (including a co-investment arrangement), which is not, or is not part of, an exit from a licensed fund or an ICT Incubator.

     9                     A reference to funding is a reference to amounts provided under the IIFF program to selected applicants pursuant to a funding agreement with the Commonwealth and includes amounts provided in the form of equity or repayable grant.

     10                 A reference to include, includes, including, in particular and for example does not limit the generality of the words which to which they refer.

     11                 A reference to a person includes a firm, body corporate, trust or other entity.

PART 2 – CONSIDERATION OF APPLICATIONS TO PARTICIPATE IN PROGRAM

Board to have regard to certain policy objectives

     12                 The Board must have regard to the following policy objectives in giving effect to this direction:

         (a) to respond to the constraint in accessing capital in the global financial crisis;

         (b) to support selected fund managers through the provision of additional follow-on investment capital;

         (c) to ensure that the early stage venture capital industry in Australia continues to develop;

         (d) to achieve value from prior Commonwealth investment by targeting investee companies which have the highest potential to utilise the IIFF program funding to continue to develop;

         (e) to continue to provide the management and entrepreneurial expertise of fund managers to investee companies;

         (f) to provide funding to investee companies in an expeditious manner; and

         (g) to replenish the IIF Revolving Fund with returns from the IIFF program.

Eligibility

     13                 To be eligible to apply for funding under the IIFF program, applicants must be either:

         (a) licensed under the IIF program (Rounds 1 or 2), the PSF program or the REEF program; or

    (b) an ICT Incubator.

     14                 Funding is available only for follow-on investment in eligible investee companies approved by the Program Delegate.  For an investee company to be an eligible investee company, it must be:

         (a) an existing investee company under an eligible Commonwealth program, other than an existing 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