VENTURE CAPITAL ACT 2002
PART 2
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REGISTRATION OF LIMITED PARTNERSHIPS
*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.
The application must be in the *form approved by Innovation and Science Australia.
In considering whether to make such a decision, *Innovation and Science Australia must apply the principles specified under subsection (4).
*Innovation and Science Australia may, by legislative instrument, make principles about making decisions under this section.
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.
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.
Division 9
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Registration requirements
SECTION 9-4
ALLOWING A PARTNER
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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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