Clause 319

In this Division, unless inconsistent with the context or subject-matter —[Aust.s. 334.]

“investment company” means a corporation (not being a private company) for the time being declared by proclamation of the President to be an investment company; [“investment company”.]

“net tangible assets” means tangible assets at book values less total liabilities at book values and less any aggregate amount by which the book value of the marketable securities held by the corporation exceeds their market value.

The President may by proclamation published in the Gazette declare to be an investment company any corporation which is engaged primarily in the making of investments in marketable securities for the purpose of revenue and for profit and not for the purpose of exercising control, and the President may by like proclamation revoke any proclamation declaring a corporation to be an investment company.