Document ID: chunk:federal_register_of_legislation:F2009B00251:body:0:p8
Version: federal_register_of_legislation:F2009B00251
Segment Type: other
Provision Reference: 
Character Range: 21440–24436

requirements relating to applicants and applications in the PSF guidelines.

Government sourced capital

         19.               Where in the opinion of the Board an amount claimed by an applicant to be privately sourced capital is, or includes an amount of, government sourced capital:

              (a) that government sourced capital may be treated as privately sourced capital for the purposes of clause 38(a) and clause 47(a); but

              (b) the investor who provided it is not entitled to earn any return on it, and it is to be disregarded for the purposes of clause 47(b).

PART 4—BASIS FOR THE LICENCE AGREEMENTS

Basis for agreements

         20.               The Board must not grant a licence to an applicant under the PSF program except according to this part 4.

Licences

         21.               Subject to clause 13, the Board may invite each of those applicants whom the Board considers have the highest relative merit to submit to the Board an offer to take up a PSF program licence.

         22.               Any offer of a licence must:

             (a)                be in writing in the form required by the Board;

             (b)               demonstrate to the Board's satisfaction that the privately sourced capital has been committed;

             (c)                contain an agreement by the applicant to sign a PSF Program licence and any other documents required by the Board, and specify any conditions to which  that agreement is subject; and

             (d)               comply with any other requirements notified by the Board.

         23.               The Board must provide for the offer to lapse if it is not accepted according to clause 22 within 3 months after it is made.  However, the Board may extend the time for acceptance by any one or more applicants, and in doing so may impose any conditions it considers appropriate.

         24.               If in any licensing round an offer of a licence is not accepted or lapses without being extended or renewed, the Board may offer a licence to the next applicant in that licensing round whom the Board considers would, if granted a licence, best achieve the objectives of the PSF program.

         25.               The Board may vary the procedure set out in clauses 21 to 24 if it considers it appropriate to do so.

Pre-licence investments

         26.               The Board may make provision in the PSF guidelines for the conditions that are to apply to the funding of eligible companies and eligible projects made or agreed to be made following the notification by an applicant of its acceptance of an offer of a licence, but before the execution of a licence agreement.

PART 5—ELIGIBLE COMPANIES AND ELIGIBLE PROJECTS

Eligible companies

         27.               An eligible company  is a company, at the time of initial investment by a licensed fund:

      (a) which is undertaking pre-seed stage R&D activities;

      (b) which is