VENTURE CAPITAL ACT 2002

PART 2 - REGISTRATION OF LIMITED PARTNERSHIPS  

Division 9 - Registration requirements  

SECTION 9-4   ALLOWING A PARTNER ' S COMMITTED CAPITAL TO EXCEED THE 30% LIMIT  

9-4(1)  


*Innovation and Science Australia may, on the application of a partner of a partnership, make a decision allowing the partner ' s committed capital in the partnership to exceed 30% of the partnership ' s committed capital.

9-4(2)  


The application must be in the *form approved by Innovation and Science Australia.

9-4(3)  


In considering whether to make such a decision, *Innovation and Science Australia must apply the principles specified under subsection (4).

9-4(4)  


*Innovation and Science Australia may, by legislative instrument, make principles about making decisions under this section.

9-4(5)  


If *Innovation and Science Australia makes a decision under this section, Innovation and Science Australia must notify the *general partner as soon as practicable after the decision is made.

9-4(6)  


If *Innovation and Science Australia refuses to make a decision allowing the partner ' s committed capital in the partnership to exceed 30% of the partnership ' s committed capital, Innovation and Science Australia must:


(a) notify the *general partner as soon as practicable after the refusal; and


(b) provide reasons for the refusal.




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