VENTURE CAPITAL ACT 2002 No. 137, 2002 - SECT 9.5 Registration requirements of AFOFs

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VENTURE CAPITAL ACT 2002 No. 137, 2002 - SECT 9.5

Registration requirements of AFOFs

(1): The registration requirements of an AFOF , in relation to a ^*limited partnership, are that:

(a): the partnership is established by or under the law of a State or Territory; and
(b): all of the partners who are ^*general partners are ^*Australian residents; and
(c): under the partnership agreement, the partnership is to remain in existence for a period of not less than 5 years and not more than 20 years; and
(d): each investment that the partnership owns is:

(i): an investment in a ^*VCLP; or
(ii): an ^*eligible venture capital investment in a company in which a VCLP, of which the partnership is a partner, owns one or more eligible venture capital investments; or
(iii): an investment in a company referred to in subparagraph (ii) that would have been an eligible venture capital investment but for subsections 118-425(2) and (6) of the Income Tax Assessment Act 1997 ; and

(e): the partnership only carries on activities that are related to making eligible venture capital investments, investments to which subparagraph (d)(iii) applies or investing in VCLPs; and
(f): every ^*debt interest that the partnership owns is, and continues to be, a ^*permitted loan.

(2): The requirements in paragraphs (1)(d), (e) and (f) are investment registration requirements .

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