Document ID: chunk:federal_register_of_legislation:C2025C00029:section:7:p26
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 7 (pt 26/58)
Character Range: 2363458–2366184

of one or more technologies.
Note: A substantially novel application of a technology could, for example, take the form of a substantially novel product or service.

Private findings
 (2) *Industry Innovation and Science Australia may, on application by a company or unit trust, make a written decision:
 (a) finding that a specified activity is a substantially novel application of one or more technologies; or
 (b) refusing to make such a finding about a specified activity.
Note: A refusal to make a finding is reviewable (see Part 5 of the Venture Capital Act 2002).

Period for which a finding is in force
 (3) Subject to variation or revocation, a finding under subsection (1) or paragraph (2)(a) is in force for the period specified in the finding.
Note: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.

Applications for private findings
 (4) An application for a finding under paragraph (2)(a) must be in the *form approved by Industry Innovation and Science Australia.
 (5) *Industry Innovation and Science Australia must notify the applicant in writing of any decision under subsection (2) about the application.
 (6) A failure to comply with subsection (5) does not affect the validity of a finding or decision.

118‑435  Special rule relating to investment in foreign resident holding companies
 (1) A company that meets the requirements of subsections 118‑425(6) and (7) is treated as also meeting the requirements of subsections 118‑425(2), (3), (4), (4A) and (5) if:
 (a) it is a resident of:
 (i) Canada; or
 (ii) France; or
 (iii) Germany; or
 (iv) Japan; or
 (v) the United Kingdom; or
 (vi) the United States of America; or
 (vii) any other foreign country prescribed by the regulations; and
 (b) it beneficially owns all the *shares in another company or all the units in a unit trust; and
 (c) it does not carry on any *business other than to support the primary activity of the other company or unit trust; and
 (d) the other company meets the requirements of subsections 118‑425(2) to (7), or the unit trust meets the requirements of subsections 118‑427(3) to (8), as the case requires.
 (2) However, if:
 (a) the company is so treated as meeting those requirements; and
 (b) at any time within the period of 12 months after the day on which the first *eligible venture capital investment was made in the company:
 (i) the other company ceases to be an Australian resident; or
 (ii) the unit trust ceases to carry on *business in Australia;
  as the case requires;
then:
 (c) any eligible venture capital investments already made in the company or unit trust cease to be eligible venture capital investments; and
 (d) any further investments made in the company or