Commonwealth Consolidated Acts

VENTURE CAPITAL ACT 2002 - SECT 17.1

             (1)  If * Innovation 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)  * Innovation 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 Innovation Australia's opinion, may constitute grounds for revocation; and

                     (b)  state the period, determined by Innovation 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 Innovation 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)  * Innovation 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.