20ASecond kind of allowed investment: acquiring non‑transferable options

#### 20A Second kind of allowed investment: acquiring non‑transferable options (1) A PDF may make an investment by acquiring an option to subscribe for or buy shares in a company (in this Division also called the investee company). > Note: However, section 27 provides that, unless the Board otherwise approves, a PDF cannot make such an investment unless it first holds shares in the investee company. The total of all amounts paid on those shares must be at least 10% of the total of all amounts paid on the issued shares in the investee company. (2) The option must be exercisable only by the PDF. It must not be capable of being transferred to another person. (3) If the PDF later wishes to exercise the option by subscribing for or buying any of those shares, it must comply with section 20 and the other provisions of this Division that relate to section 20 investments: the exercise of the option is treated as a new investment that is separate from the acquisition of the option.