Tax Laws Amendment (2007 Measures No. 5) Act 2007 (164 of 2007)

Schedule 12   Innovation Australia

Part 1   Main amendments

Industry Research and Development Act 1986

28   Subsections 21(1) and (2)

Repeal the subsections, substitute:

(1) The Board may, by resolution, delegate to the Chairperson, another member or a member of the staff assisting the Board, all or any of its functions and powers, other than its functions or powers:

(a) for PDFs - to make or revoke registration declarations under the Pooled Development Funds Act 1992; and

(b) to register entities or revoke registration under Part 7A of the Pooled Development Funds Act 1992; and

(c) to register limited partnerships as VCLPs, ESVCLPs or AFOFs or revoke registration under Part 2 of the Venture Capital Act 2002; and

(d) to approve ESVCLPs' investment plans, and their replacement plans, under Part 2 of the Venture Capital Act 2002; and

(e) to register entities as eligible venture capital investors or revoke registration under Part 3 of the Venture Capital Act 2002; and

(f) to make determinations under Part 4 of the Venture Capital Act 2002.

(2) The Board may, by resolution, delegate to a committee all or any of its functions and powers (including those referred to in paragraphs (1)(a) to (f)).