Commonwealth Consolidated Acts

VENTURE CAPITAL ACT 2002 - SECT 13.15

             (1)  A notice under subsection 13‑1(3) to the effect that * Innovation Australia has decided to register a partnership as an * ESVCLP must specify a document that sets out the investment plan in relation to which Innovation Australia is satisfied as mentioned in paragraph 13‑1(1A)(c).

             (2)  An * ESVCLP's approved investment plan is:

                     (a)  the investment plan set out in the document that the notice under subsection 13‑1(3) specifies; or

                     (b)  if that plan has been replaced under this section, that plan as so replaced.

             (3)  A * general partner of an * ESVCLP may, by writing, request Innovation Australia to approve a new plan as a replacement for the ESVCLP's * approved investment plan.

             (4)  The request must state why the * ESVCLP wants the replacement plan.

             (5)  If * Innovation Australia is satisfied that the replacement plan is appropriate, it must grant the request and approve the replacement plan.

Note:          Section 13‑20 deals with deciding whether a replacement plan is appropriate.

             (6)  If * Innovation Australia approves the replacement plan, the ESVCLP's * approved investment plan is replaced accordingly on the giving of the approval.

             (7)  If * Innovation Australia is not satisfied as mentioned in subsection (5), Innovation Australia must refuse the request.

             (8)  * Innovation Australia must give the * general partner who made the request written notice of its decision on the request as soon as practicable after the decision is made.

             (9)  If * Innovation Australia's decision is to refuse the request, the notice must also include a statement of its reasons for its decision.

           (10)  A failure to comply with subsection (8) or (9) does not affect the validity of the decision.