Commonwealth of Australia

Industry Research and Development Act 1986

Policies and practices of the IR&D Board in relation to the Innovation Investment Fund Program Round One

Direction No. 1 of 1999

I, NICHOLAS HUGH MINCHIN, Minister for Industry, Science and Resources of the Commonwealth of Australia, acting under subsection 20(1) of the Industry Research and Development Act 1986, give    the following direction to the Industry Research and Development Board.

Dated  26 Nov  1999.

NICK MINCHIN

Minister for Industry, Science and Resources

PART 1—PRELIMINARY

Citation

1. This direction may be cited as the IIF program Round One, Policies and Practices (Amendment) Direction No. 1 of 1999.

Commencement

2.                  This direction commences on the day on which particulars of the direction are   published in the Gazette.

[NOTE: For the publication of the particulars, see s. 20 (3) of the Act.]

Amendment of Principal Direction

3.                  This direction amends the IIF program, Policies and Practices Direction No. 1 of 1997 (Principal Direction).

Interpretation

4.                  Clause 3 of the Principal Direction is amended by the addition of the following definitions:

“non-profit enterprise” means an enterprise whose governing documents prohibit the distribution of profits to its members.

“qualifying enterprise” means an enterprise that:

(a)                was established in Australia; and

(b)               is either:

(i)                 an institution of higher education specified in section 4(1) of the Higher Education Funding Act 1988; or

(ii)               a wholly-owned Commonwealth, State or Territory  enterprise which the Board considers has objects that  include:

(A)              carrying out R&D activities;

(B)              carrying out services, or making available facilities, in relation to science or technology;

(C)              training, or assisting in the training of, persons in  the field of scientific or technological research; or

(D)              collecting, interpreting or publishing information relating to science or technology; or

(iii)             a non-profit enterprise which satisfies the objectives of the IIF program as outlined in clause 5, and which the Board considers has objects that include any of those set out in paragraph (ii) of this definition.

Eligible investee company

5.                  Clause 26(g) of the Principal Direction is replaced with:

(g)               at the time when the fund first invests in or provides finance to the company, it is not related (within the meaning of section 50 of the Corporations Law) to a company (other than a qualifying enterprise) which has an average annual revenue, over the previous 2 years of income, in excess of $4 million per year.