Venture Capital Act 2002
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Hide history noteIf *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.
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.
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.
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.
17-1(6)
Subsection (5) does not apply if the registration is revoked under section 17-10 within that period.
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