Venture Capital Act 2002
PART 2
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REGISTRATION OF LIMITED PARTNERSHIPS
Division 13
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Registration
SECTION 13-15
AN ESVCLP
'
S APPROVED INVESTMENT PLAN
13-15(1)
A notice under subsection 13-1(3) to the effect that *Industry 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 Industry Innovation and Science Australia is satisfied as mentioned in paragraph 13-1(1A)(c) .
13-15(2)
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 Industry Innovation and Science Australia to approve a new plan as a replacement for the ESVCLP ' s *approved investment plan.
13-15(4)
The request must state why the *ESVCLP wants the replacement plan.
13-15(5)
If *Industry Innovation and Science Australia is satisfied that the replacement plan is appropriate, it must grant the request and approve the replacement plan.
13-15(6)
If *Industry Innovation and Science Australia approves the replacement plan, the ESVCLP ' s *approved investment plan is replaced accordingly on the giving of the approval.
13-15(7)
If *Industry Innovation and Science Australia is not satisfied as mentioned in subsection (5) , Industry Innovation and Science Australia must refuse the request.
13-15(8)
*Industry 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.
13-15(9)
If *Industry Innovation and Science Australia ' s decision is to refuse the request, the notice must also include a statement of its reasons for its decision.
13-15(10)
A failure to comply with subsection (8) or (9) does not affect the validity of the decision.
View history note
Hide history noteA notice under subsection 13-1(3) to the effect that *Industry 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 Industry Innovation and Science Australia is satisfied as mentioned in paragraph 13-1(1A)(c) .
13-15(2)
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 Industry Innovation and Science Australia to approve a new plan as a replacement for the ESVCLP ' s *approved investment plan.
13-15(4)
The request must state why the *ESVCLP wants the replacement plan.
13-15(5)
If *Industry Innovation and Science Australia is satisfied that the replacement plan is appropriate, it must grant the request and approve the replacement plan.
Note:
Section 13-20 deals with deciding whether a replacement plan is appropriate.
13-15(6)
If *Industry Innovation and Science Australia approves the replacement plan, the ESVCLP ' s *approved investment plan is replaced accordingly on the giving of the approval.
13-15(7)
If *Industry Innovation and Science Australia is not satisfied as mentioned in subsection (5) , Industry Innovation and Science Australia must refuse the request.
13-15(8)
*Industry 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.
13-15(9)
If *Industry Innovation and Science Australia ' s decision is to refuse the request, the notice must also include a statement of its reasons for its decision.
13-15(10)
A failure to comply with subsection (8) or (9) does not affect the validity of the decision.
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