Certain documents to be given to commissioner
91 Certain documents to be given to commissioner
An incorporated limited partnership that was incorporated on the basis that it intended to apply for registration of the partnership as a VCLP, ESVCLP or AFOF under the Venture Capital Act 2002 (Cwlth), part 2 (Registration of limited partnerships) must, within 1 month after being registered, give the commissioner for fair trading a copy of a document proving its status as a VCLP, ESVCLP or AFOF.
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 under the Income Tax Assessment Act 1936 (Cwlth), section 94D (3) (Corporate limited partnerships) must, within 1 month after becoming that venture capital management partnership, give the commissioner for fair trading a statement that it is that venture capital management partnership.
Subsection (4) applies if—
the registration of an incorporated limited partnership as a VCLP, ESVCLP or AFOF under the Venture Capital Act 2002 (Cwlth), part 2 is revoked; or
an incorporated limited partnership ceases to be a venture capital management partnership under the Income Tax Assessment Act 1936 (Cwlth), section 94D (3).
The incorporated limited partnership must, within 7 days after the day the revocation took effect or it ceased to be that venture capital management partnership, give the commissioner for fair trading written notice of the revocation or cessation, stating the date it took effect.
If an incorporated limited partnership ceases to carry on business, the incorporated limited partnership must, as soon as practicable, give the commissioner for fair trading written notice of the cessation, stating the date it took effect.
A notice under this section must contain the information required by the regulations.
Each general partner in the incorporated limited partnership commits an offence if subsection (1), (2), (4) or (5) is not complied with.
Maximum penalty: 10 penalty units.
It is a defence to a prosecution for an offence for failing to comply with subsection (7) if the general partner proves that—
the general partner did not know about the failure; and
reasonable precautions were taken and appropriate diligence was exercised to avoid the failure.
An offence against subsection (7) is a strict liability offence.
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