Commonwealth legislation

Innovation Investment Fund Program Round Two (Additional Function of the IR&D Board) Direction No. 1 of 1999

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

2/10 complexity

This direction gives the Industry Research and Development Board a new job: running Round Two of the Innovation Investment Fund (IIF) program.

What it does:

Expands the Board's role to include managing the second round of a government venture capital scheme designed to help innovative Australian businesses get funding.
How it works: The Board can invest government money into managed funds, which then invest in or lend money to eligible companies (startups and innovative firms) that meet criteria set out in a separate 1999 policy document.
Fresh start: This round operates under new 1999 rules. The Board must ignore the old 1997 policies that governed Round One — they explicitly do not apply here.

Why it matters: It allows the government to continue supporting Australia's venture capital market and innovative companies through a second funding round, with updated policies separate from the original program.

JSON API

Deep dive

Want the full deep dive?

Zoe can write the in-depth analysis on top of the summary above: how it works, who it affects and what each part actually does.

Current sections

Direct links to the current provisions in Innovation Investment Fund Program Round Two (Additional Function of the IR&D Board) Direction No. 1 of 1999.

Innovation Investment Fund Program Round Two (Additional Function of the IR&D Board) Direction No. 1 of 1999

Commonwealth of Australia

Industry, Research and Development Act 1986

Innovation Investment Fund program Round Two

(Additional Function of the IR&D Board)

Direction No. 1 of 1999

I, NICHOLAS HUGH MINCHIN, Minister for Industry, Science and Resources of the Commonwealth of Australia acting under subsection 19(1) of the Industry Research and

Development Act 1986, give the following direction to the Industry Research and Development

Board.

Dated 26 November 1999.

NICK MINCHIN

Minister for Industry, Science and Resources

Name of Direction

This Direction is the Innovation Investment Fund program Round Two (Additional Function of the IR&D Board) Direction No. 1 of 1999.

Commencement

This Direction commences on the day on which the Direction is published in the Gazette.

Direction

3. (1) An additional function of the Board is to administer Round Two of the Innovation Investment Fund program.

(2) The function includes investment in, or provision of finance to, managed funds to invest in, or provide finance to, companies that are eligible investee companies as defined in the IIF program (Round Two), Policies and Practices Direction No. 1 of 1999, as amended from time to time.

(3) The IIF program, Policies and Practices Direction No. 1 of 1997 do not apply to Round Two of the Innovation Investment Fund program.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Innovation Investment Fund Program Round Two (Additional Function of the IR&D Board) Direction No. 1 of 1999