37Other investments approved by Board

37 Other investments approved by Board

(1) The Board may, by notice published in the Gazette, approve the investing by licensees of moneys, being assets of the licensee: (a) in debentures of, or otherwise by way of loan to or deposit with, an ADI specified in the notice; (b) by way of loan to or deposit with dealers in the short‑term money market who are specified in the notice; or (c) in prescribed instruments specified in the notice. (2) A licensee may invest moneys, being assets of the licensee, in any manner not otherwise authorized by or under this Part, with the approval of the Board given in writing before that investment is made, but the Board shall not approve any investment under this subsection in: (a) any other licensee; (b) any business entity that is engaged primarily in the business of lending money; (c) any business entity that is engaged primarily in the business of investing in debentures, stocks, shares or bonds of any government, local government authority, company, association or society; or (d) any business entity that is engaged primarily in the business of acquiring and disposing of interests in real property. (3) The aggregate amount of the assets (not being ownership interests in eligible business entities) of a licensee (in this subsection referred to as prescribed assets) shall not, on any day occurring more than 18 months after the day on which the licence was granted to the licensee, exceed 30% of the total amount of assets of the licensee on that day if, on each of the immediately preceding 180 days, the aggregate amount of the prescribed assets exceeded 30% of the total amount of assets of the licensee. (3A) Notwithstanding subsection (3), the Board may, having regard to business cycles or fluctuations in the market place, extend the period of 18 months referred to in that subsection in relation to any particular licensee. (4) For the purposes of subsection (3), the amount of an asset of a licensee, as at a particular day, is the amount shown as the value of the asset on that day in the accounting records of the licensee.