Document ID: chunk:federal_register_of_legislation:F2013C00808:body:0:p10
Version: federal_register_of_legislation:F2013C00808
Segment Type: other
Provision Reference: 
Character Range: 24222–27223

attempt to influence, the individual investment or financing decisions of   the fund manager;

         (k) an IIF licensed fund must have an appropriate number of suitably qualified and experienced investment managers having regard to the size and type of the fund;

         (l) monies provided to an investee company must be applied to advance the company in  the commercialisation of its R&D activities via marketing, sales, distribution, administration, production, product development or development of a prototype; and

         (m) any other requirements the Board thinks fit.

PART 6—TIMING OF PROVISION OF CAPITAL TO IIF LICENSED FUNDS

Drawdown of capital

         38. The Board must determine in the IIF guidelines, the licensing agreement or other contractual documents relating to an IIF licensed fund, the process by which Commonwealth program capital will be invested in or provided to the fund.  In determining that process, the Board must consider the following:

         (a) that Commonwealth program capital will be invested or expended within a reasonable period by the fund;

         (b) where it considers appropriate, the Board may withhold Commonwealth program  capital from being drawndown; and

         (c) any other matters the Board thinks fit.

PART 7—INFORMATION TO BE PROVIDED BY IIF LICENSED FUNDS

Reporting

         39. The Board must make provision in the IIF guidelines, licensing agreement or other contractual documents relating to an IIF licensed fund to require the fund to provide audited reports, as specified by the Board, within three months of the end of the fund's year of income unless otherwise specified by the Board.  Such reports must be audited by the Commonwealth Auditor-General or an auditor approved by the Commonwealth Auditor-General.

         40. The Board must make provision in the IIF guidelines, licensing agreement or other contractual documents relating to an IIF licensed fund to allow the Board from time to time to request information in any format from the fund for the purpose of:

         (a) monitoring the performance of the fund, its manager and trustee;

         (b) assessing the financial viability of the fund, its manager and trustee;

         (c) auditing the activities of the fund, its manager and trustee;

         (d) evaluating the performance of the fund, its manager and trustee and the IIF program;

         (e) investigating the activities of the fund, its manager and trustee in terms of compliance with the IIF guidelines, licensing agreement or other contractual documents relating to the fund; and

         (f) any other purpose the Board thinks fit.

Placing an IIF licensed fund under special conditions.

         41. The Board must make provision in the IIF guidelines, licensing agreement or other contractual documents in relation to an IIF licensed fund to ensure that where the   Board is of the opinion that the fund or its manager:

         (a) is or may become insolvent or suffer