VENTURE CAPITAL ACT 2002
A notice under subsection 13-1(3) to the effect that *Innovation and Science Australia has decided to register a partnership as an *ESVCLP must specify a document that sets out the investment plan in relation to which Innovation and Science Australia is satisfied as mentioned in paragraph 13-1(1A)(c) .
An *ESVCLP ' s approved investment plan is:
(a) the investment plan set out in the document that the notice under subsection 13-1(3) specifies; or
(b) if that plan has been replaced under this section, that plan as so replaced. 13-15(3)
A *general partner of an *ESVCLP may, by writing, request *Innovation and Science Australia to approve a new plan as a replacement for the ESVCLP ' s *approved investment plan.
The request must state why the *ESVCLP wants the replacement plan. 13-15(5)
If *Innovation and Science Australia is satisfied that the replacement plan is appropriate, it must grant the request and approve the replacement plan.
Section 13-20 deals with deciding whether a replacement plan is appropriate.
If *Innovation and Science Australia approves the replacement plan, the ESVCLP ' s *approved investment plan is replaced accordingly on the giving of the approval.
If *Innovation and Science Australia is not satisfied as mentioned in subsection (5), Innovation and Science Australia must refuse the request.
*Innovation and Science Australia must give the *general partner who made the request written notice of its decision on the request as soon as practicable after the decision is made.
If *Innovation and Science Australia ' s decision is to refuse the request, the notice must also include a statement of its reasons for its decision.
A failure to comply with subsection (8) or (9) does not affect the validity of the decision.
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