PARTNERSHIP ACT 1891 - SECT 71E

PARTNERSHIP ACT 1891 - SECT 71E

71E—Lodgment of certain documents with Commission

        (1)         An incorporated limited partnership that was incorporated on the basis that it intended to be registered as a VCLP, AFOF or ESVCLP under Part 2 of the Venture Capital Act 2002 of the Commonwealth must, within one month after being so registered, lodge with the Commission a copy of a document evidencing its status as a VCLP, AFOF or ESVCLP.

        (2)         An incorporated limited partnership that was incorporated on the basis that it intended to meet the requirements for recognition as a venture capital management partnership within the meaning of section 94D(3) of the Income Tax Assessment Act 1936 of the Commonwealth must, within one month after becoming such a venture capital management partnership, lodge with the Commission a statement that it is such a partnership.

        (3)         If—

            (a)         the registration of an incorporated limited partnership as a VCLP, AFOF or ESVCLP under Part 2 of the Venture Capital Act 2002 of the Commonwealth is revoked; or

            (b)         an incorporated limited partnership ceases to be a venture capital management partnership within the meaning of section 94D(3) of the Income Tax Assessment Act 1936 of the Commonwealth,

the incorporated limited partnership must, within 7 days after the date on which that revocation took effect or it ceased to be such a venture capital limited partnership, lodge with the Commission a notice of that revocation or cessation, specifying the date on which it took effect.

        (4)         If an incorporated limited partnership ceases to carry on business, the incorporated limited partnership must, as soon as practicable, lodge with the Commission a notice of the cessation, specifying the date on which it took effect.

        (5)         A copy of a document or a notice required to be lodged with the Commission under this section must be accompanied by the prescribed fee or, if no fee is prescribed, a fee of $70.

        (6)         A notice required to be lodged with the Commission under this section must—

            (a)         be in the form approved by the Commission; and

            (b)         contain the particulars required by the regulations or the approved form of notice.

        (7)         If subsection (1), (2), (3) or (4) is not complied with, each general partner in the incorporated limited partnership is guilty of an offence.

Maximum penalty: $1 250