Document ID: chunk:federal_register_of_legislation:C2007A00078:clause:8_44:p3
Version: federal_register_of_legislation:C2007A00078
Segment Type: clause
Provision Reference: sch 8 cl 44 (pt 3/5)
Character Range: 43327–45873

auditor:
 (a) a person registered as an auditor under a law in force in a State or a Territory; or
 (b) if the unit trust is no longer an Australian resident—a person registered as an auditor under a law in force in the country of which the unit trust is a resident.

Note: This requirement is ongoing.

Permitted entity value

 (7) The unit trust must not, immediately before the investment is made, exceed the *permitted entity value.

Listing

 (8) The unit trust must be a unit trust whose units:
 (a) are, at the time the investment is made, not listed for quotation in the official list of a stock exchange in Australia or a foreign country; or
 (b) are so listed at that time, but cease to be so listed at any time during the 12 months after the investment is made.
However, the unit trust is taken to meet the requirements of this subsection in relation to any investment made by an *ESVCLP (whether or not units in the unit trust are so listed).

Note: The additional requirements for ESVCLPs deal with listing in relation to initial investments by ESVCLPs in unit trusts: see paragraph 118‑428(1)(a).

Scrip for scrip investments

 (9) However, a unit trust is taken to meet the requirements of subsections (3) to (8) if:
 (a) the investment is an acquisition of units in that unit trust in exchange for units in another unit trust; and
 (b) at the time that the *VCLP, *ESVCLP, *AFOF or *eligible venture capital investor in question acquired the units being exchanged, the other unit trust meets the requirements of subsections (3) to (8), but not only because this subsection applies to the other unit trust; and
 (c) the units in the other unit trust that are being exchanged are all of the units in the other unit trust that the entity making the investment owned at the time of the exchange.

Debt interests

 (10) To avoid doubt, a *debt interest cannot be an *eligible venture capital investment.

The value of an asset or investment

 (11) The value of an asset or investment of an entity at a particular time for the purposes of this section is the value of the asset or investment as shown in a statement, prepared in accordance with the *accounting standards and audited by the entity's auditor, showing that value as at a time no longer than 12 months before that time.

Application to groups

 (12) If a group of entities:
 (a) is treated as a *consolidated group because of a choice that a unit trust has made under section 713‑130; or
 (b) would be treated as a consolidated group because of such a choice:
 (i) if