Commonwealth Consolidated Acts

VENTURE CAPITAL ACT 2002 - SECT 17.5

             (1)  If * Innovation Australia has reason to believe that:

                     (a)  a partnership registered as a * VCLP does not meet the * registration requirements of a VCLP that are not * investment registration requirements; or

                    (ab)  a partnership registered as an * ESVCLP does not meet the * registration requirements of an ESVCLP that are not:

                              (i)  * investment registration requirements; or

                             (ii)  the * divestiture registration requirement; or

                     (b)  a partnership registered as an * AFOF does not meet the * registration requirements of an AFOF that are not * investment registration requirements;

it must notify a * general partner of the partnership, in writing, that it will revoke the registration if it is satisfied that, in 60 days time, the partnership does not meet the registration requirements of a VCLP, an ESVCLP or an AFOF, as the case may be.

             (2)  The notice must:

                     (a)  state the matters that, in * Innovation Australia's opinion, may constitute grounds for revocation; and

                     (b)  state that the * general partner may apply for an extension of the 60 day period; and

                     (c)  state that the general partner may make written submissions to Innovation Australia about the matters in the notice within the 60 day period or that period as extended under subsection (4).

             (3)  A * general partner may apply to * Innovation Australia, in the * form approved by Innovation Australia, for an extension of the 60 day period.

             (4)  * Innovation Australia may, for the purposes of paragraph (2)(c), extend, by up to 60 days, the period if it is satisfied that:

                     (a)  reasonable progress is being made towards meeting the requirements; and

                     (b)  the requirements will be met within the extended period.

             (5)  A * general partner may make submissions about the matters in the notice at any time during:

                     (a)  the 60 day period; or

                     (b)  if the period was extended under subsection (4)--that extended period.

             (6)  * Innovation Australia must revoke the registration if, after considering any submissions made under subsection (5), it is satisfied that:

                     (a)  at the end of the 60 day period; or

                     (b)  if the period was extended under subsection (4)--that extended period;

the partnership does not meet the * registration requirements of a VCLP, the * registration requirements of an ESVCLP or the * registration requirements of an AFOF, as the case may be.