Commonwealth Consolidated Acts

VENTURE CAPITAL ACT 2002 - SECT 17.10

             (1)  Subject to subsection (2), * Innovation Australia may revoke a partnership's registration as a * VCLP, an * ESVCLP or an * AFOF under this Part if Innovation Australia is satisfied that the partnership has:

                     (a)  failed to lodge an annual return under section 15‑1; or

                     (b)  failed to lodge a quarterly return under section 15‑10; or

                     (c)  failed to provide any further information requested under section 15‑15; or

                     (d)  failed to provide any information requested under section 15‑20; or

                     (e)  during a 12 month period, received more than one notice under section 17‑1:

                              (i)  that related to a failure to meet the registration requirement set out in paragraph 9‑1(1)(e), 9‑3(1)(f) or 9‑5(1)(d) (whichever is applicable); and

                             (ii)  in relation to which the partnership's registration has not been revoked.

             (2)  * Innovation Australia must not revoke the partnership's registration unless Innovation Australia:

                     (a)  by notice in writing given to a * general partner of the partnership, allows the general partner at least 28 days after the notice is given in which to make written submissions to Innovation Australia about the matters specified in the notice that, in Innovation Australia's opinion, may constitute grounds for revocation; and

                     (b)  considers any such submissions.