Document ID: chunk:federal_register_of_legislation:C2016A00054:clause:2_47
Version: federal_register_of_legislation:C2016A00054
Segment Type: clause
Provision Reference: sch 2 cl 47
Character Range: 63396–63988

47  After subsection 118‑420(5)
Insert:
 (6) An entity is a widely held foreign venture capital fund of funds if:
 (a) the entity is a *foreign venture capital fund of funds; and
 (b) the entity is a *widely held entity; and
 (c) *eligible venture capital partners (other than foreign venture capital fund of funds) ultimately hold the rights to at least 90% of the entity's income; and
 (d) each other entity who:
 (i) if the entity is a *limited partnership—is a *general partner of the partnership; or
 (ii) otherwise—exercises day to day control of the entity;
  is a *foreign resident.