Commonwealth Consolidated Acts

VENTURE CAPITAL ACT 2002 - SECT 29.10

             (1)  If the * person affected by a decision that is reviewable under this Part is dissatisfied with the decision, the person may, by notice in writing given to * Innovation Australia, request Innovation Australia to reconsider the decision.

             (2)  The request must not be made more than 21 days, or such longer period as * Innovation Australia approves, after the person receives from Innovation Australia a notice advising of the decision.

             (3)  The request must set out the person's reasons for making it.

             (4)  On receipt of the request, * Innovation Australia must reconsider the decision and may confirm or revoke it, or vary it in such manner as Innovation Australia thinks fit.

             (5)  If * Innovation Australia does not confirm, vary or revoke the decision before the end of the period of 60 days after the day on which Innovation Australia receives the request, Innovation Australia is taken, at the end of that period, to have confirmed the decision.

             (6)  As soon as practicable after * Innovation Australia confirms, varies or revokes the decision, Innovation Australia must give the person a written notice that:

                     (a)  advises of the confirmation, variation or revocation of the decision; and

                     (b)  except in a case to which subsection (5) applies--advises of Innovation Australia's reasons for confirming, varying or revoking the decision; and

                     (c)  in the case of a confirmation or variation of the decision--advises the person that the person may apply to the Administrative Appeals Tribunal under the Administrative Appeals Tribunal Act 1975 for review of the decision as confirmed or varied.

             (7)  A failure to comply with subsection (6) in relation to the confirmation, variation or revocation of the decision does not affect the validity of the confirmation, variation or revocation.

             (8)  For the purposes of subsections (4), (5), (6) and (7) and section 29‑15, if * Innovation Australia revokes a decision and replaces it with another decision:

                     (a)  Innovation Australia is taken to vary the first‑mentioned decision and not to revoke it; and

                     (b)  the other decision is taken to be the first‑mentioned decision as varied.