Document ID: chunk:federal_register_of_legislation:F2013C00808:body:0:p2
Version: federal_register_of_legislation:F2013C00808
Segment Type: other
Provision Reference: 
Character Range: 2750–5764

is not considered a regular and continuous business operation);

          (b) whose employees are not carrying on the majority of day to day operations, and the company does not provide effective control and supervision, on a day to day basis, over persons employed under contract; or

          (c) which the Board considers is likely to pass substantially all of the proceeds of the financing to another entity.

"person" includes a firm, body corporate, trust or other structure.

"private capital" means amounts invested in or provided to an IIF licensed fund that are not Commonwealth program capital.

"privately sourced capital" means amounts invested in or provided to an IIF licensed fund that are not, in the opinion of the Board, Government sourced capital.

"qualifying enterprise" means an enterprise that:

       (a)     Was established in Australia; and
       (b)    Is either:
              (i)                  an institution of higher education specified in section 4(1) of the Higher Education Funding Act 1988; or
              (ii)                a wholly-owned Commonwealth, State or Territory enterprise which the Board considers has objects that include:
                    (A)   carrying out R&D activities;

                    (B)   carrying out services, or making available facilities, in relation to science or technology;

                    (C)   training, or assisting in the training of, persons in the field of scientific or technological research; or

                    (D)   collecting, interpreting or publishing information relating to science or technology; or

              (iii)              a non-profit enterprise which satisfies the objectives of the IIF Program as outlined in clause 5, and which the Board considers has objects that include any of those set out in paragraph (ii) of this definition.

"R&D activities" means research and development activities as defined in s 4(1) of the Act.

"related entity" of an entity, means an entity which is related to the first given in section 9 of the Corporations Law.

"result", in relation to research and development activities, means a result that is capable of being exploited as contemplated by the Act.

"IIF guidelines" means the guidelines developed by the Board under Part 2 of this direction.

"IIF licensed fund"  means a fund whose manager has been granted a licence in respect of the fund in accordance with this direction.

"IIF program" means the Innovation Investment Fund program.

A reference in this direction to an Act or other instrument is a reference to that Act or other instrument    as amended or replaced from time to time.

A reference in this direction to "the IIF guidelines, licensing agreement or other contractual documents" or similar words is a reference to any one or more or all of them.

Purpose

         4. The purpose of this direction is to set out policies and practices to be followed by the Board in the performance of its functions under the Act in administering the