91Obligations to notify Commissioner

91 Obligations to notify Commissioner (1) An incorporated limited partnership must give the Commissioner: (a) a notice in the approved form within one month after becoming a VCLP, AFOF or VCMP; and (b) a notice in the approved form within 7 days after ceasing to be a VCLP, AFOF or VCMP; and (c) a notice in the approved form as soon as practicable after ceasing to carry on business. (2) Each general partner in an incorporated limited partnership commits an offence if the partnership contravenes subsection (1)(a), (b) or (c). Maximum penalty: If the offender is a natural person – 20 penalty units. If the offender is a body corporate – 100 penalty units. (3) It is a defence to a prosecution for the offence if the general partner proves that: (a) the general partner did not know about the contravention; and (b) reasonable precautions and appropriate diligence had been exercised to avoid the contravention.