Commonwealth Consolidated Acts

VENTURE CAPITAL ACT 2002 - SECT 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.

  (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.

  (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.

  (4)   A * general partner may make submissions about the matters in the notice at any time during that period.

  (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.

  (6)   Subsection   ( 5) does not apply if the registration is revoked under section   17 - 10 within that period.