19Investments to be in accordance with this Division

#### 19 Investments to be in accordance with this Division (1) A PDF must not make an investment, other than an unregulated investment, except in accordance with this Division. (2) There are 3 kinds of investment that a PDF is allowed to make under this Division: (a) subscribing for or buying shares (see section 20); (b) acquiring non‑transferable options to buy shares (see section 20A); (c) lending money to companies (see section 20B). (3) The other sections of this Division (sections 21 to 28A) apply to each of those kinds of investment. > Note: In particular, section 27 provides that, unless the Board otherwise approves, immediately after an investment of any of the above kinds is made, the total of all amounts paid on the shares in the investee company held by the PDF must be at least 10% of the total of all amounts paid on the issued shares in the investee company. (This means that the PDF must hold at least 10% of the paid‑up share capital in the investee company before the PDF can acquire non‑transferable options in the company or lend it money.)