13‑15 An ESVCLP’s approved investment pl13‑15 An ESVCLP’s approved investment plan

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.