Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The registration requirements of an ESVCLP , in relation to a * limited partnership, are that:
(a) the partnership was established by or under a law in force in, or in any part of:
(i) Australia; or
(ii) a foreign country in respect of which a double tax agreement (as defined in Part X of the Income Tax Assessment Act 1936 ) is in force that is an agreement of a kind referred to in subparagraph (b)(i), (ia), (ii), (iii), (iv) or (v) of that definition; and
(b) all of the partners who are * general partners are residents of a country referred to in paragraph (a); and
(c) under the partnership agreement the partnership is to remain in existence for a period of not less than 5 years and not more than 15 years; and
(d) the partnership's * committed capital:
(i) is at least $10 million; and
(ii) does not exceed $200 million; and
(e) none of the partners has * committed capital in the partnership that, taken together with the sum of the amounts of committed capital in the partnership of any of that partner's * associates (other than associates to whom subsection (5) applies), exceeds 30% of the partnership's committed capital; and
(f) each investment that the partnership holds is:
(i) an * eligible venture capital investment; or
(ii) an investment in a company, in which the partnership owns one or more eligible venture capital investments, that would have been an eligible venture capital investment but for subsections 118 - 425(2) and (6) of the Income Tax Assessment Act 1997 ; or
(iii) an investment in a unit trust, in which the partnership owns one or more eligible venture capital investments, that would have been an eligible venture capital investment but for subsections 118 - 427(3) and (7) of the Income Tax Assessment Act 1997 ; and
(g) each investment that the partnership holds is in accordance with the partnership's * approved investment plan; and
(h) the partnership acts in accordance with the partnership's approved investment plan; and
(j) the partnership only carries on activities that are related to making eligible venture capital investments, investments to which subparagraph (f)(ii) applies or investments to which subparagraph (f)(iii) applies; and
(k) every * debt interest that the partnership owns is, and continues to be, a * permitted loan.
(2) The requirements in paragraphs (1)(e), (f), (g), (h), (j) and (k) are investment registration requirements .
(4) Paragraph (1)(e) does not apply in relation to a particular partner's * committed capital in the partnership if:
(a) * Industry Innovation and Science Australia allows, under section 9 - 4, the partner's committed capital in the partnership to exceed 30% of the partnership's committed capital; or
(b) subsection (5) applies to the partner.
(5) This subsection applies to:
(a) an * ADI; or
(b) a * life insurance company; or
(c) a public authority:
(i) that is constituted by a law of a State or internal Territory; and
(ii) that carries on life insurance business within the meaning of section 11 of the Life Insurance Act 1995 ; or
(d) a widely - held complying superannuation fund within the meaning of section 4A of the Pooled Development Funds Act 1992 ; or
(e) a * widely held foreign venture capital fund of funds.