Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) * Industry Innovation and Science Australia must register a partnership as a * VCLP under this Part i f:
(a) a * general partner has applied for registration as a VCLP; and
(b) the application meets the requirements under section 11 - 1; and
(c) any further information requested under section 11 - 10 has been provided; and
(d) a general partner has notified Industry Innovation and Science Australia that the VCLP has sufficient funds to begin its investment program;
unless Industry Innovation and Science Australia is satisfied that the partnership:
(e) does not meet the * registration requirements of a VCLP; or
(f) has had a previous registration revoked under Division 17.
(1A) * Industry Innovation and Science Australia must register a partnership as an * ESVCLP under this Part i f:
(a) a * general partner has applied for registration as an ESVCLP; and
(b) the application meets the requirements under section 11 - 1; and
(c) Industry Innovation and Science Australia is satisfied that the partnership's investment plan (as set out in the application or that plan as since approved by Industry Innovation and Science Australia ) is appropriate; and
Note: Section 13 - 20 deals with deciding whether an investment plan is appropriate.
(d) Industry Innovation and Science Australia is satisfied that the partnership has access to the skills and resources necessary to implement, and is reasonably likely to be able to implement, its investment plan; and
(e) any further information requested under section 11 - 10 has been provided; and
(f) a general partner has notified Industry Innovation and Science Australia that the ESVCLP has sufficient funds to begin its investment program;
unless Industry Innovation and Science Australia is satisfied that the partnership:
(g) does not meet the * registration requirements of an ESVCLP; or
(h) has had a previous registration revoked under Division 17.
(2) * Industry Innovation and Science Australia must register a partnership as an * AFOF under this Part i f:
(a) a * general partner has applied for registration as an AFOF; and
(b) the application meets the requirements under section 11 - 1; and
(c) any further information requested under section 11 - 10 has been provided; and
(d) a general partner has notified Industry Innovation and Science Australia that the AFOF has sufficient funds to begin its investment program;
unless Industry Innovation and Science Australia is satisfied that the partnership:
(e) does not meet the * registration requirements of an AFOF; or
(f) has had a previous registration revoked under Division 17.
(3) If * Industry Innovation and Science Australia decides to register the partnership as a * VCLP , an * ESVCLP or an * AFOF under this Part, Industry Innovation and Science Australia must notify a * general partner of the partnership as soon as practicable after the decision is made.
(4) If * Industry Innovation and Science Australia decides not to register the partnership as a * VCLP , an * ESVCLP or an * AFOF under this Part, Industry Innovation and Science Australia must:
(a) notify a * general partner of the partnership as soon as practicable after the decision is made; and
(b) provide reasons for the decision.
(5) * Industry Innovation and Science Australia cannot register the partnership:
(a) both as a * VCLP and as an * ESVCLP; or
(b) both as a VCLP and as an * AFOF; or
(c) both as an ESVCLP and as an AFOF; or
(d) as a VCLP, as an ESVCLP and as an AFOF.