Venture Capital Act 2002
9‑4 Allowing a partner’s committed capit9‑4 Allowing a partner’s committed capital to exceed the 30% limit
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9‑4 Allowing a partner’s committed capital to exceed the 30% limit
(1) *Industry Innovation and Science Australia may, on the application of a partner of a partnership, make a decision allowing the partner’s committed capital in the partnership to exceed 30% of the partnership’s committed capital. (2) The application must be in the *form approved by Industry Innovation and Science Australia. (3) In considering whether to make such a decision, *Industry Innovation and Science Australia must apply the principles specified under subsection (4). (4) *Industry Innovation and Science Australia may, by legislative instrument, make principles about making decisions under this section. (5) If *Industry Innovation and Science Australia makes a decision under this section, Industry Innovation and Science Australia must notify the *general partner as soon as practicable after the decision is made. (6) If *Industry Innovation and Science Australia refuses to make a decision allowing the partner’s committed capital in the partnership to exceed 30% of the partnership’s committed capital, Industry Innovation and Science Australia must: (a) notify the *general partner as soon as practicable after the refusal; and (b) provide reasons for the refusal.