Document ID: chunk:federal_register_of_legislation:C2007A00078:clause:8_192
Version: federal_register_of_legislation:C2007A00078
Segment Type: clause
Provision Reference: sch 8 cl 192
Character Range: 95782–97248

192  After section 17‑1
Insert:

17‑3  Revoking registration of ESVCLPs for not meeting divestiture registration requirement

 (1) The *Venture Capital Registration Board must revoke the registration of a partnership registered as an *ESVCLP if the Venture Capital Registration Board is satisfied that, in relation to a particular investment that the partnership holds, the partnership:
 (a) did not meet the *divestiture registration requirement at the start of an income year of the partnership; and
 (b) does not meet the *divestiture registration requirement at the end of:
 (i) the period of 6 months starting at the start of that income year; or
 (ii) if that period is extended under subsection (3)—that period as so extended.

 (2) A *general partner may, within the period referred to in subparagraph (1)(b)(i), apply to the *Venture Capital Registration Board, in the *form approved by the Venture Capital Registration Board, for an extension of that period.

 (3) The *Venture Capital Registration Board may extend, by up to 3 months, the period referred to in subparagraph (1)(b)(i) if the Venture Capital Registration Board is satisfied, in accordance with any guidelines made under subsection (4), that there are special circumstances justifying the extension.

 (4) The *Venture Capital Registration Board may, by legislative instrument, make guidelines relating to the matters to be taken into account in considering whether to grant an extension.