Commonwealth Consolidated Acts

VENTURE CAPITAL ACT 2002 - SECT 17.3

             (1)  * Innovation Australia must revoke the registration of a partnership registered as an * ESVCLP if Innovation Australia is satisfied that, in relation to a particular investment that the partnership holds, the partnership:

                     (a)  did not meet the * divestiture registration requirement at the start of an income year of the partnership; and

                     (b)  does not meet the * divestiture registration requirement at the end of:

                              (i)  the period of 6 months starting at the start of that income year; or

                             (ii)  if that period is extended under subsection (3)--that period as so extended.

             (2)  A * general partner may, within the period referred to in subparagraph (1)(b)(i), apply to * Innovation Australia, in the * form approved by Innovation Australia, for an extension of that period.

             (3)  * Innovation Australia may extend, by up to 3 months, the period referred to in subparagraph (1)(b)(i) if Innovation Australia is satisfied, in accordance with any guidelines made under subsection (4), that there are special circumstances justifying the extension.

             (4)  * Innovation Australia may, by legislative instrument, make guidelines relating to the matters to be taken into account in considering whether to grant an extension.