Commonwealth Consolidated Acts

VENTURE CAPITAL ACT 2002 - SECT 21.25

             (1)  Subject to this section, * Innovation Australia may revoke an * entity's registration under this Part if Innovation Australia is satisfied that the entity has failed to comply with section 21‑20.

             (2)  As soon as practicable after revoking an * entity's registration under this Part, * Innovation Australia must give the entity a notice that advises of the revocation and sets out * Innovation Australia's reasons for deciding to revoke.

             (3)  * Innovation Australia must not revoke a registration unless Innovation Australia:

                     (a)  by notice in writing given to the * entity, allows the entity at least 14 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.