Document ID: chunk:federal_register_of_legislation:C2024C00617:body:0:p13
Version: federal_register_of_legislation:C2024C00617
Segment Type: other
Provision Reference: 
Character Range: 33370–36202

which it was established; or
 (ii) otherwise—the day on which the conditional registration was granted;
  and the partnership is taken, for the purposes of this Act and that Act, to have been *unconditionally registered from the day; and
 (b) for the purposes of the Income Tax Assessment Act 1997:
 (i) registration of the partnership as a VCLP, an ESVCLP or an AFOF is taken to have come into force on the day on which the conditional registration was granted; and
 (ii) the partnership is taken to have been unconditionally registered from the day.
 (3) If a *VCLP, an *ESVCLP or an *AFOF is not registered under section 13‑1 within 24 months after the day on which the conditional registration of the partnership was granted under section 13‑5, the conditional registration lapses.
 (4) Registration is taken to be in force until revoked under Division 17.

13‑15  An ESVCLP's approved investment plan
 (1) A notice under subsection 13‑1(3) to the effect that *Industry Innovation and Science Australia has decided to register a partnership as an *ESVCLP must specify a document that sets out the investment plan in relation to which Industry Innovation and Science Australia is satisfied as mentioned in paragraph 13‑1(1A)(c).
 (2) An *ESVCLP's approved investment plan is:
 (a) the investment plan set out in the document that the notice under subsection 13‑1(3) specifies; or
 (b) if that plan has been replaced under this section, that plan as so replaced.
 (3) A *general partner of an *ESVCLP may, by writing, request Industry Innovation and Science Australia to approve a new plan as a replacement for the ESVCLP's *approved investment plan.
 (4) The request must state why the *ESVCLP wants the replacement plan.
 (5) If *Industry Innovation and Science Australia is satisfied that the replacement plan is appropriate, it must grant the request and approve the replacement plan.
Note: Section 13‑20 deals with deciding whether a replacement plan is appropriate.
 (6) If *Industry Innovation and Science Australia approves the replacement plan, the ESVCLP's *approved investment plan is replaced accordingly on the giving of the approval.
 (7) If *Industry Innovation and Science Australia is not satisfied as mentioned in subsection (5), Industry Innovation and Science Australia must refuse the request.
 (8) *Industry Innovation and Science Australia must give the *general partner who made the request written notice of its decision on the request as soon as practicable after the decision is made.
 (9) If *Industry Innovation and Science Australia's decision is to refuse the request, the notice must also include a statement of its reasons for its decision.
 (10) A failure to comply with subsection (8) or (9) does not affect the validity of the decision.

13‑20  Deciding whether investment plans are appropriate