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 17-1
REVOKING REGISTRATION FOR NOT MEETING INVESTMENT REGISTRATION REQUIREMENTS ETC.
17-1(1)
If *Industry Innovation and Science Australia has reason to believe that:
(a)
a partnership registered as a *VCLP does not meet the *investment registration requirements of a VCLP; or
(ab)
a partnership registered as an *ESVCLP does not meet the *investment registration requirements of an ESVCLP; or
(b)
a partnership registered as an *AFOF does not meet the *investment registration requirements of an AFOF;
it must notify a *general partner of the partnership, in writing, that it will revoke the registration if it is satisfied that, at the end of the period determined under subsection
(2)
, the partnership does not meet the investment registration requirements of a VCLP, an ESVCLP or an AFOF, as the case may be.
History
S 17-1(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 17-1(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 17-1(1) amended by No 164 of 2007, s 3 and Sch 12 item 170, by substituting
"
*Innovation Australia
"
for
"
the *Venture Capital Registration Board
"
, effective 27 September 2007.
S 17-1(1) amended by No 78 of 2007, s 3 and Sch 8 item 259, by substituting
"
*Venture Capital Registration Board
"
for
"
*PDF Board
"
, effective 21 June 2007.
S 17-1(1) amended by No 78 of 2007, s 3 and Sch 8 items 189 and 190, by inserting para (ab) and inserting
"
, an ESVCLP
"
after
"
VCLP
"
(last occurring), effective 21 June 2007.
17-1(2)
*Industry Innovation and Science Australia must, for the purposes of subsection
(1)
, determine a period that:
(a)
it is satisfied is a reasonable period; and
(b)
does not exceed 6 months.
History
S 17-1(2) 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 17-1(2) 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 17-1(2) amended by No 164 of 2007, s 3 and Sch 12 item 171, by substituting
"
*Innovation Australia
"
for
"
The *Venture Capital Registration Board
"
, effective 27 September 2007.
S 17-1(2) amended by No 78 of 2007, s 3 and Sch 8 item 259, by substituting
"
*Venture Capital Registration Board
"
for
"
*PDF Board
"
, effective 21 June 2007.
17-1(3)
The notice must:
(a)
state the matters that in *Industry Innovation and Science Australia
'
s opinion, may constitute grounds for revocation; and
(b)
state the period, determined by Industry Innovation and Science Australia under subsection
(2)
, within which the *investment registration requirements must be complied with; and
(c)
state that the *general partner may make written submissions to Industry Innovation and Science Australia about the matters in the notice within that period.
History
S 17-1(3) 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
"
and
"
Industry Innovation and Science Australia
"
for
"
Innovation and Science Australia
"
in para (b) and (c), effective 11 September 2021.
S 17-1(3) 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 (b) and (c), effective 20 October 2016.
S 17-1(3) amended by No 164 of 2007, s 3 and Sch 12 items 172 and 173, 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 paras (b) and (c), effective 27 September 2007.
S 17-1(3) amended by No 78 of 2007, s 3 and Sch 8 items 260 and 261, by substituting
"
*Venture Capital Registration Board
'
s
"
for
"
*PDF Board
'
s
"
in para (a) and substituting
"
Venture Capital Registration Board
"
for
"
PDF Board
"
in paras (b) and (c), effective 21 June 2007.
17-1(4)
A *general partner may make submissions about the matters in the notice at any time during that period.
17-1(5)
*Industry Innovation and Science Australia must revoke the registration if, after considering any submissions made under subsection
(4)
, it is satisfied that, at the end of that period, the partnership does not meet the *investment registration requirements of a VCLP, the *investment registration requirements of an ESVCLP or the *investment registration requirements of an AFOF, as the case may be.
History
S 17-1(5) 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 17-1(5) 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 17-1(5) amended by No 164 of 2007, s 3 and Sch 12 item 174, by substituting
"
*Innovation Australia
"
for
"
The *Venture Capital Registration Board
"
, effective 27 September 2007.
S 17-1(5) 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 17-1(5) amended by No 78 of 2007, s 3 and Sch 8 item 191, by inserting
"
, the *investment registration requirements of an ESVCLP
"
after
"
VCLP
"
, effective 21 June 2007.
17-1(6)
Subsection
(5)
does not apply if the registration is revoked under section
17-10
within that period.