Venture Capital Act 2002
View history note
Hide history notePart 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
(Repealed by No 54 of 2016)
S 17-3 repealed by No 54 of 2016, s 3 and Sch 2 item 17, applicable in relation to the 2016-17 income year and later income years. S 17-3 formerly read:
S 17-3(1) amended by No 164 of 2007, s 3 and Sch 12 items 175 and 176, by substituting
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*Innovation Australia
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for
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The *Venture Capital Registration Board
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and substituting
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Innovation Australia
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for
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the Venture Capital Registration Board
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, effective 27 September 2007. S 17-3(2) amended by No 164 of 2007, s 3 and Sch 12 items 177 and 178, by substituting
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*Innovation Australia
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for
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the *Venture Capital Registration Board
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and substituting
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*form approved by Innovation Australia
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for
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*form approved by the Venture Capital Registration Board
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, effective 27 September 2007. S 17-3(3) amended by No 164 of 2007, s 3 and Sch 12 items 179 and 180, by substituting
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*Innovation Australia
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for
"
The *Venture Capital Registration Board
"
and substituting
"
Innovation Australia
"
for
"
the Venture Capital Registration Board
"
, effective 27 September 2007. S 17-3(4) amended by No 164 of 2007, s 3 and Sch 12 item 181, by substituting
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*Innovation Australia
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for
"
The *Venture Capital Registration Board
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, effective 27 September 2007.
SECTION 17-3 REVOKING REGISTRATION OF ESVCLPs FOR NOT MEETING DIVESTITURE REGISTRATION REQUIREMENT
17-3(1)
*Innovation Australia must revoke the registration of a partnership registered as an *ESVCLP if Innovation Australia is satisfied that, in relation to a particular investment that the partnership holds, the partnership:
(a)
did not meet the *divestiture registration requirement at the start of an income year of the partnership; and
(b)
does not meet the *divestiture registration requirement at the end of:
(i)
the period of 6 months starting at the start of that income year; or
(ii)
if that period is extended under subsection (3)
-
that period as so extended.
17-3(2)
A *general partner may, within the period referred to in subparagraph (1)(b)(i), apply to *Innovation Australia, in the *form approved by Innovation Australia, for an extension of that period.
17-3(3)
*Innovation Australia may extend, by up to 3 months, the period referred to in subparagraph (1)(b)(i) if Innovation Australia is satisfied, in accordance with any guidelines made under subsection (4), that there are special circumstances justifying the extension.
17-3(4)
*Innovation Australia may, by legislative instrument, make guidelines relating to the matters to be taken into account in considering whether to grant an extension.
S 17-3 inserted by No 78 of 2007, s 3 and Sch 8 item 192, effective 21 June 2007.
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