Commonwealth Consolidated Acts

VENTURE CAPITAL ACT 2002 - SECT 9.4

             (1)  * Innovation Australia may, on the application of a partner of a partnership, make a decision allowing the partner's committed capital in the partnership to exceed 30% of the partnership's committed capital.

             (2)  The application must be in the * form approved by Innovation Australia.

             (3)  In considering whether to make such a decision, * Innovation Australia must apply the principles specified under subsection (4).

             (4)  * Innovation Australia may, by legislative instrument, make principles about making decisions under this section.

             (5)  If * Innovation Australia makes a decision under this section, Innovation Australia must notify the * general partner as soon as practicable after the decision is made.

             (6)  If * Innovation Australia refuses to make a decision allowing the partner's committed capital in the partnership to exceed 30% of the partnership's committed capital, Innovation Australia must:

                     (a)  notify the * general partner as soon as practicable after the refusal; and

                     (b)  provide reasons for the refusal.