Tax Laws Amendment (2007 Measures No. 2) Act 2007 (78 of 2007)

Schedule 8   Venture capital

Part 2   Early stage venture capital limited partnerships

Venture Capital Act 2002

177   After subsection 13-1(1)

Insert:

(1A) The *Venture Capital Registration Board must register a partnership as an *ESVCLP under this Part if:

(a) a *general partner has applied for registration as an ESVCLP; and

(b) the application meets the requirements under section 11-1; and

(c) the Venture Capital Registration Board is satisfied that the partnership’s investment plan (as set out in the application or that plan as since approved by the Venture Capital Registration Board) is appropriate; and

Note: Section 13-20 deals with deciding whether an investment plan is appropriate.

(d) the Venture Capital Registration Board is satisfied that the partnership has access to the skills and resources necessary to implement, and is reasonably likely to be able to implement, its investment plan; and

(e) any further information requested under section 11-10 has been provided; and

(f) a general partner has notified the Venture Capital Registration Board that the ESVCLP has sufficient funds to begin its investment program;

unless the Venture Capital Registration Board is satisfied that the partnership:

(g) does not meet the *registration requirements of an ESVCLP; or

(h) has had a previous registration revoked under Division 17.