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Commonwealth of Australia

Industry Research and Development Act 1986

Innovation Investment Fund Program Round Three
Direction No. 1 of 2006

I, IAN ELGIN MACFARLANE, Minister for Industry, Tourism and Resources, acting under subsection 19(1) and 20(1) of the Industry Research and Development Act 1986, give the following direction to the Industry Research and Development Board (the Board).

Dated 8/11/06

Ian Macfarlane

Minister for Industry, Tourism and Resources

PART 1—PRELIMINARY

Name of directions

         1. These directions are the Innovation Investment Fund Program Round Three, Direction No. 1 of 2006.
Commencement

2.                 These directions commence on the day on which particulars of the directions are published in the Gazette.
Object of these directions

         3.                 The object of this instrument is to give directions to the Board in relation to:

           (a)   additional functions of the Board, namely the administration of the IIF program including the provision of competitive merit based assessments and ranking of eligible applications under the IIF program; and

           (b)   the policies and practices to be followed by the Board in the performance of the function.

Interpretation

         4.                 In this direction:

         "applicant" means an entity that makes an eligible application.

         "Board" means the Industry Research and Development Board and includes its successors.

         "Board may" is permissive and not mandatory.

         "Commonwealth program capital" means amounts invested in or provided to a licensed fund by the Commonwealth.

         "Department" means the Department of Industry, Tourism and Resources.

         "early stage companies" means companies at the seed, start-up and early expansion stages (as defined in the Innovation Investment Fund Round Three guidelines).

         "eligible application" means an application for a licence under the IIF program in a form required by the Program Delegate from time to time that is an application that the Program Delegate has determined is eligible for competitive merit based assessment and ranking by the Board in accordance with the Innovation Investment Fund Round Three guidelines.

         "equity" includes any form of debt financing that is approved by the Program Delegate which does not compel the borrower or debtor to pay the interest, coupon or other charge in the nature of interest prior to the end of the term of the debt, except in the event of default.

         "governing documents" in relation to a licensed fund includes:

           (a)    the licence with the Commonwealth;

           (b)   the trust deed, constitution or other documents establishing the fund; and

           (c)    any documents between the fund, its manager and the investors (or any of them).

         "Government sourced capital" means amounts invested in a licensed fund by:

           (a)    a person or persons funded directly or indirectly by the Commonwealth; or
           (b)   any person whom the Program Delegate considers is directly or indirectly in receipt of funding from a source or sources