Pooled Development Funds Act 1992

PART 7A - INVESTMENTS BY VENTURE CAPITAL ENTITIES  

SECTION 52A   REGISTRATION OF VENTURE CAPITAL ENTITIES  

52A(1)   [Application]  

A venture capital entity may apply to the Board for registration under this Part.

52A(2)   [Time limit]  

An application must be given to the Board within 30 days after the venture capital entity makes its first investment in venture capital equity.

52A(3)   [Contents of application]  

An application must be in writing, and must include the following information:

(a) the entity's current residency status;

(b) details of the entity's tax exempt status in its country of residence;

(c) details of the facts that qualify the entity as a foreign superannuation fund;

(d) the address of the entity's registered office;

(e) the name and address of the first resident investment vehicle in which it has invested or proposes to invest and the industry in which it operates;

(f) the amount of the investment and the date on which it was or is to be made;

(g) the total value of the assets of the resident investment vehicle (worked out as mentioned in subsection 118-510(3) of the Income Tax Assessment Act 1997 ) before the investment;

(h) details of other investments that do not constitute venture capital equity the entity holds in the resident investment vehicle;

(i) if the entity is the general partner or managing partner of a limited partnership referred to in subparagraph 118-515(2)(b)(ii) of the Income Tax Assessment Act 1997 - details of the partner's interests in the assets of the partnership.

52A(4)   [Decision to register]  

The Board must decide to register the entity under this Part if the Board is satisfied that the information has been provided.

52A(5)   [Notification of registration]  

If the Board registers an applicant under this Part, the Board must notify the applicant within 45 days of the application being made.