29PDF to carry on a business of making and holding PDF investments

29 PDF to carry on a business of making and holding PDF investments

(1) A PDF must carry on a business of making and holding PDF investments. (2) A PDF must not enter into a transaction except: (a) in the course of, or for the purposes of, carrying on a business of making and holding PDF investments; or (aa) as allowed by section 32A (which deals with mergers of PDFs); or (b) with the Board’s approval. (3) Subsection (2) neither allows a PDF to do, nor empowers the Board to approve a PDF doing, something that the PDF is prohibited from doing under another provision of this Part. (4) Subject to subsection (2), nothing in subsection (1) prevents a PDF from realising a particular investment. (5) Nothing in this section prohibits a PDF from doing something in the course of, or for the purposes of: (a) providing management assistance to a company in which the PDF holds a PDF investment; or (b) complying with a direction under subsection 33(2), 34(1) or 35(1); or (c) making, holding, or disposing of, an unregulated investment.