17A PDF’s approved investment plan

#### 17 A PDF’s approved investment plan (1) A resolution declaring a company to be registered as a PDF must specify a document that sets out the investment plan in relation to which the Board is satisfied as mentioned in paragraph 14(1)(c). (2) For the purposes of this Act, a PDF’s approved investment plan is: (a) the investment plan set out in the document that the PDF’s registration declaration specifies under subsection (1); or (b) if that plan has been varied under this section on one or more occasions, that plan as so varied. (3) A PDF may, by writing, request the Board to approve a specified variation of the PDF’s approved investment plan. (4) A variation of a plan may take the form of revoking the plan and replacing it with another plan. (5) A request must state why the PDF wants the variation. (6) If the Board is satisfied that a requested variation is appropriate, having regard to: (a) the object of this Act; and (b) the requirements of this Act relating to the making and holding of investments by PDFs; the Board must grant the request and approve the variation. (7) If the Board approves a variation of a PDF’s approved investment plan, that plan is varied accordingly on the giving of the approval. (8) If the Board is not satisfied as mentioned in subsection (6) in relation to a request, the Board must refuse the request. (9) The Board must give a PDF that has made a request written notice of its decision on the request as soon as practicable after the decision is made. (10) If the Board’s decision is to refuse a request, the notice must also include a statement of the Board’s reasons for its decision. (11) A failure to comply with subsection (9) or (10) in relation to a decision does not affect the validity of the decision.