120Lodgment of certain documents with the Director

120 Lodgment of certain documents with the Director

S. 120(1) amended by No. 2/2008 s. 26.

(1) An incorporated limited partnership that was incorporated on the basis of an intention to apply for registration of the partnership as a VCLP, an AFOF or an ESVCLP under Part 2 of the Venture Capital Act 2002 of the Commonwealth must, within one month after being so registered, lodge with the Director a copy of a document evidencing its status as a VCLP, an AFOF or an ESVCLP.

(2) An incorporated limited partnership that was incorporated on the basis of an intention to meet the requirements for recognition as a venture capital management partnership within the meaning of section 94D(3) of the Income Tax Assessment Act 1936 of the Commonwealth must, within one month after becoming such a partnership, lodge with the Director a statement that it is such a partnership.

(3) If—

S. 120(3)(a) amended by No. 2/2008 s. 26.

(a) the registration of an incorporated limited partnership as a VCLP, an AFOF or an ESVCLP under Part 2 of the Venture Capital Act 2002 of the Commonwealth is revoked; or

(b) an incorporated limited partnership ceases to be a venture capital management partnership within the meaning of section 94D(3) of the Income Tax Assessment Act 1936 of the Commonwealth—

the incorporated limited partnership must, within 7 days after the date on which that revocation took effect or it ceased to be such a partnership, lodge with the Director a notice of that revocation or cessation, specifying the date on which it took effect.

(4) If an incorporated limited partnership ceases to carry on business, the incorporated limited partnership must, as soon as practicable, lodge with the Director a notice of the cessation, specifying the date on which it took effect.

(5) A copy of a document, a statement or a notice required to be lodged with the Director under this section must be accompanied by the prescribed fee or, if no fee is prescribed, a fee of $70.00.

(6) A notice required to be lodged with the Director under this section must be—

(a) in the form approved by the Director; and

(b) contain the particulars required by the regulations or the approved form of notice.

(7) If subsection (1), (2), (3) or (4) is not complied with, each general partner in the incorporated limited partnership is guilty of an offence and liable to a penalty not exceeding 10 penalty units.

S. 121 inserted by No. 99/2003 s. 4.