Document ID: chunk:federal_register_of_legislation:C2007A00078:clause:8_171:p2
Version: federal_register_of_legislation:C2007A00078
Segment Type: clause
Provision Reference: sch 8 cl 171 (pt 2/2)
Character Range: 84323–86780

investment registration requirements.

 (3) The requirement in paragraph (1)(i) is the divestiture registration requirement.

 (4) Paragraph (1)(e) does not apply in relation to a particular partner's *committed capital in the partnership if:
 (a) the *Venture Capital Registration Board allows, under section 9‑4, the partner's committed capital in the partnership to exceed 30% of the partnership's committed capital; or
 (b) subsection (5) applies to the partner.

 (5) This subsection applies to:
 (a) an *ADI; or
 (b) a *life insurance company; or
 (c) a public authority:
 (i) that is constituted by a law of a State or internal Territory; and
 (ii) that carries on life insurance business within the meaning of section 11 of the Life Insurance Act 1995; or
 (d) a widely‑held complying superannuation fund within the meaning of section 4A of the Pooled Development Funds Act 1992.

 (6) An investment in a company or unit trust breaches this subsection if, at the end of the partnership's preceding income year, the sum of the values of:
 (a) the assets of the company or unit trust; and
 (b) the assets of each other entity that is a *connected entity of the company or unit trust;
exceed $250 million.

9‑4  Allowing a partner's committed capital to exceed the 30% limit

 (1) The *Venture Capital Registration Board may, on the application of a partner of a partnership, make a decision allowing the partner's committed capital in the partnership to exceed 30% of the partnership's committed capital.

 (2) The application must be in the *form approved by the *Venture Capital Registration Board.

 (3) In considering whether to make such a decision, the *Venture Capital Registration Board must apply the principles specified under subsection (4).

 (4) The *Venture Capital Registration Board may, by legislative instrument, make principles about making decisions under this section.

 (5) If the *Venture Capital Registration Board makes a decision under this section, the Venture Capital Registration Board must notify the *general partner as soon as practicable after the decision is made.

 (6) If the *Venture Capital Registration Board refuses to make a decision allowing the partner's committed capital in the partnership to exceed 30% of the partnership's committed capital, the Venture Capital Registration Board must:
 (a) notify the *general partner as soon as practicable after the refusal; and
 (b) provide reasons for the refusal.