Document ID: chunk:federal_register_of_legislation:C2007A00078:clause:8_44:p5
Version: federal_register_of_legislation:C2007A00078
Segment Type: clause
Provision Reference: sch 8 cl 44 (pt 5/5)
Character Range: 48113–49118

satisfy at least 2 of the requirements in that subsection if the *Venture Capital Registration Board determines under section 25‑15 of the Venture Capital Act 2002 that:
 (a) the unit trust's primary activity is not an ineligible activity mentioned in subsection (14); and
 (b) the failure is temporary and did not exist at the time the investment referred to in subsection (1) was made and, if it has been disposed of, when it was disposed of.

Convertible notes

 (16) To the extent that an investment by an entity consists of the acquisition of a unit in a unit trust by converting a *convertible note issued by or on behalf of the trustee of the unit trust, the investment is, for the purpose of determining whether the unit trust meets the requirements of subsections (3) to (8), taken to have been made at the time when the entity last acquired the convertible note.

 (17) Subsection (16) applies whether or not the acquisition of the *convertible note was an *eligible venture capital investment.