PART 2
-
REGISTRATION OF LIMITED PARTNERSHIPS
History
Part 2 (heading) substituted by No 78 of 2007, s 3 and Sch 8 item 168, effective 21 June 2007. The heading formerly read:
PART 2
-
REGISTRATION OF VENTURE CAPITAL LIMITED PARTNERSHIPS AND AUSTRALIAN VENTURE CAPITAL FUNDS OF FUNDS
Division 17
-
Revocation of registration
SECTION 17-5
REVOKING REGISTRATION FOR NOT MEETING OTHER REGISTRATION REQUIREMENTS
17-5(1)
If *Industry Innovation and Science Australia has reason to believe that:
(a)
a partnership registered as a *VCLP does not meet the *registration requirements of a VCLP that are not *investment registration requirements; or
(ab)
a partnership registered as an *ESVCLP does not meet the *registration requirements of an ESVCLP that are not *investment registration requirements; or
(b)
a partnership registered as an *AFOF does not meet the *registration requirements of an AFOF that are not *investment registration requirements;
it must notify a *general partner of the partnership, in writing, that it will revoke the registration if it is satisfied that, in 60 days time, the partnership does not meet the registration requirements of a VCLP, an ESVCLP or an AFOF, as the case may be.
History
S 17-5(1) amended by No 101 of 2021, s 3 and Sch 1 item 6(a), by substituting
"
*Industry Innovation and Science Australia
"
for
"
*Innovation and Science Australia
"
, effective 11 September 2021.
S 17-5(1) amended by No 63 of 2016, s 3 and Sch 1 item 49(a), by substituting
"
*Innovation and Science Australia
"
for
"
*Innovation Australia
"
, effective 20 October 2016.
S 17-5(1) amended by No 54 of 2016, s 3 and Sch 2 item 18, by substituting para (ab), applicable in relation to the 2016-17 income year and later income years. Para (ab) formerly read:
(ab)
a partnership registered as an *ESVCLP does not meet the *registration requirements of an ESVCLP that are not:
(i)
*investment registration requirements; or
(ii)
the *divestiture registration requirement; or
S 17-5(1) amended by No 164 of 2007, s 3 and Sch 12 item 182, by substituting
"
*Innovation Australia
"
for
"
the *Venture Capital Registration Board
"
, effective 27 September 2007.
S 17-5(1) amended by No 78 of 2007, s 3 and Sch 8 item 262, by substituting
"
*Venture Capital Registration Board
"
for
"
*PDF Board
"
, effective 21 June 2007.
S 17-5(1) amended by No 78 of 2007, s 3 and Sch 8 items 193 and 194, by inserting para (ab) and substituting
"
VCLP, an ESVCLP or
"
for
"
VCLP or
"
, effective 21 June 2007.
17-5(2)
The notice must:
(a)
state the matters that, in *Industry Innovation and Science Australia
'
s opinion, may constitute grounds for revocation; and
(b)
state that the *general partner may apply for an extension of the 60 day period; and
(c)
state that the general partner may make written submissions to Industry Innovation and Science Australia about the matters in the notice within the 60 day period or that period as extended under subsection
(4)
.
History
S 17-5(2) amended by No 101 of 2021, s 3 and Sch 1 items 6(b) and (c), by substituting
"
*Industry Innovation and Science Australia
'
s
"
for
"
*Innovation and Science Australia
'
s
"
in para (a) and
"
Industry Innovation and Science Australia
"
for
"
Innovation and Science Australia
"
in para (c), effective 11 September 2021.
S 17-5(2) amended by No 63 of 2016, s 3 and Sch 1 items 49(b) and (c), by substituting
"
*Innovation and Science Australia
'
s
"
for
"
*Innovation Australia
'
s
"
in para (a) and
"
Innovation and Science Australia
"
for
"
Innovation Australia
"
in para (c), effective 20 October 2016.
S 17-5(2) amended by No 164 of 2007, s 3 and Sch 12 items 183 and 184, by substituting
"
*Innovation Australia
'
s
"
for
"
the *Venture Capital Registration Board
'
s
"
in para (a) and substituting
"
Innovation Australia
"
for
"
the Venture Capital Registration Board
"
in para (c), effective 27 September 2007.
S 17-5(2) amended by No 78 of 2007, s 3 and Sch 8 items 263 and 264, by substituting
"
*Venture Capital Registration Board
'
s
"
for
"
*PDF Board
'
s
"
in para (a) and substituting
"
Venture Capital Registration Board
"
for
"
PDF Board
"
in para (c), effective 21 June 2007.
17-5(3)
A *general partner may apply to *Industry Innovation and Science Australia, in the *form approved by Industry Innovation and Science Australia, for an extension of the 60 day period.
History
S 17-5(3) amended by No 101 of 2021, s 3 and Sch 1 items 6(a) and (c), by substituting
"
*Industry Innovation and Science Australia
"
for
"
*Innovation and Science Australia
"
and
"
Industry Innovation and Science Australia
"
for
"
Innovation and Science Australia
"
, effective 11 September 2021.
S 17-5(3) amended by No 63 of 2016, s 3 and Sch 1 items 49(a) and (c), by substituting
"
*Innovation and Science Australia
"
for
"
*Innovation Australia
"
and
"
Innovation and Science Australia
"
for
"
Innovation Australia
"
, effective 20 October 2016.
S 17-5(3) amended by No 164 of 2007, s 3 and Sch 12 items 185 and 186, by substituting
"
*Innovation Australia
"
for
"
the *Venture Capital Registration Board
"
and substituting
"
*form approved by Innovation Australia
"
for
"
*form approved by the Venture Capital Registration Board
"
, effective 27 September 2007.
S 17-5(3) amended by No 78 of 2007, s 3 and Sch 8 items 265 and 266, by substituting
"
*Venture Capital Registration Board
"
for
"
*PDF Board
"
and substituting
"
Venture Capital Registration Board
"
for
"
PDF Board
"
, effective 21 June 2007.
17-5(4)
*Industry Innovation and Science Australia may, for the purposes of paragraph
(2)(c)
, extend, by up to 60 days, the period if it is satisfied that:
(a)
reasonable progress is being made towards meeting the requirements; and
(b)
the requirements will be met within the extended period.
History
S 17-5(4) amended by No 101 of 2021, s 3 and Sch 1 item 6(a), by substituting
"
*Industry Innovation and Science Australia
"
for
"
*Innovation and Science Australia
"
, effective 11 September 2021.
S 17-5(4) amended by No 63 of 2016, s 3 and Sch 1 item 49(a), by substituting
"
*Innovation and Science Australia
"
for
"
*Innovation Australia
"
, effective 20 October 2016.
S 17-5(4) amended by No 164 of 2007, s 3 and Sch 12 item 187, by substituting
"
*Innovation Australia
"
for
"
The *Venture Capital Registration Board
"
, effective 27 September 2007.
S 17-5(4) amended by No 78 of 2007, s 3 and Sch 8 item 267, by substituting
"
*Venture Capital Registration Board
"
for
"
*PDF Board
"
, effective 21 June 2007.
17-5(5)
A *general partner may make submissions about the matters in the notice at any time during:
(a)
the 60 day period; or
(b)
if the period was extended under subsection
(4)
-
that extended period.
17-5(6)
*Industry Innovation and Science Australia must revoke the registration if, after considering any submissions made under subsection
(5)
, it is satisfied that:
(a)
at the end of the 60 day period; or
(b)
if the period was extended under subsection
(4)
-
that extended period;
the partnership does not meet the *registration requirements of a VCLP, the *registration requirements of an ESVCLP or the *registration requirements of an AFOF, as the case may be.
History
S 17-5(6) amended by No 101 of 2021, s 3 and Sch 1 item 6(a), by substituting
"
*Industry Innovation and Science Australia
"
for
"
*Innovation and Science Australia
"
, effective 11 September 2021.
S 17-5(6) amended by No 63 of 2016, s 3 and Sch 1 item 49(a), by substituting
"
*Innovation and Science Australia
"
for
"
*Innovation Australia
"
, effective 20 October 2016.
S 17-5(6) amended by No 164 of 2007, s 3 and Sch 12 item 187, by substituting
"
*Innovation Australia
"
for
"
The *Venture Capital Registration Board
"
, effective 27 September 2007.
S 17-5(6) amended by No 78 of 2007, s 3 and Sch 8 item 267, by substituting
"
*Venture Capital Registration Board
"
for
"
*PDF Board
"
, effective 21 June 2007.
S 17-5(6) amended by No 78 of 2007, s 3 and Sch 8 item 195, by inserting
"
, the *registration requirements of an ESVCLP
"
after
"
VCLP
"
, effective 21 June 2007.
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