Commonwealth Consolidated Acts

VENTURE CAPITAL ACT 2002 - SECT 13.1

             (1)  * Innovation Australia must register a partnership as a * VCLP under this Part if:

                     (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 Innovation Australia that the VCLP has sufficient funds to begin its investment program;

unless Innovation 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)  * Innovation Australia must register a partnership as an * ESVCLP under this Part if:

                     (a)  a * general partner has applied for registration as an ESVCLP; and

                     (b)  the application meets the requirements under section 11‑1; and

                     (c)  Innovation Australia is satisfied that the partnership's investment plan (as set out in the application or that plan as since approved by Innovation Australia is appropriate; and

Note:       Section 13‑20 deals with deciding whether an investment plan is appropriate.

                     (d)  Innovation 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 Innovation Australia that the ESVCLP has sufficient funds to begin its investment program;

unless Innovation 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)  * Innovation Australia must register a partnership as an * AFOF under this Part if:

                     (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 Innovation Australia that the AFOF has sufficient funds to begin its investment program;

unless Innovation 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 * Innovation Australia decides to register the partnership as a * VCLP, an * ESVCLP or an * AFOF under this Part, Innovation Australia must notify a * general partner of the partnership as soon as practicable after the decision is made.

             (4)  If * Innovation Australia decides not to register the partnership as a * VCLP, an * ESVCLP or an * AFOF under this Part, Innovation 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)  * Innovation 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.