Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.