Commonwealth Numbered Acts Commonwealth Numbered ActsIndustry Research and Development Act 1986
1 Section 3
Omit "and innovation activities", substitute ", innovation activities and venture capital activities".
2 Subsection 4(1) (definition of acting chairperson )
Repeal the definition.
3 Subsection 4(1) (definition of acting member )
Repeal the definition.
4 Subsection 4(1) (definition of Board )
Repeal the definition, substitute:
"Board" means Innovation Australia, established by section 6.
5 Subsection 4(1) (definition of chairperson )
Omit ", but does not include an acting Chairperson".
6 Subsection 4(1) (definition of member )
Omit ", but does not include an acting member".
7 Subsection 4(1)
Insert:
"PDF" has the same meaning as in the Pooled Development Funds Act 1992 .
8 At the end of paragraph 4(7)(a)
Add "and".
9 Paragraph 4(7)(b)
Repeal the paragraph.
10 At the end of section 4
Add:
(8) For the purposes of this Act, the Pooled Development Funds Act 1992 , the Venture Capital Act 2002 and any other Act, a person gives information, or produces a document, to the Board if the person gives the information, or produces the document, to:
(a) the Board; or
(b) a member of the Board; or
(c) a committee; or
(d) a member of a committee; or
(e) a member of the staff assisting the Board or a committee (see section 25); or
(f) a consultant assisting the Board or a committee (see section 25).
11 Section 6
Repeal the section, substitute:
6 Establishment of Innovation Australia
There is established by this section a board by the name of Innovation Australia.
12 After paragraph 7(aa)
Insert:
(b) to evaluate, and to advise the Minister about, the operation of this Act, the Pooled Development Funds Act 1992 and the Venture Capital Act 2002 , and the Commonwealth's income tax laws as they operate in relation to those Acts; and
13 Paragraph 7(c)
After "by", insert "the Pooled Development Funds Act 1992 , the Venture Capital Act 2002 or".
14 After paragraph 7(c)
Insert:
(ca) to give information it obtains under Part 2, 3 or 4 of the Venture Capital Act 2002 to the Commissioner of Taxation for the purposes of implementing and administering the taxation law (within the meaning of the Taxation Administration Act 1953 ); and
15 Subsection 11(1)
Omit ", or an acting Chairperson,".
16 Subsection 11(1)
Omit "or an acting Chairperson" (last occurring).
17 Paragraph 11(1)(a)
Repeal the paragraph, substitute:
(a) must make, or cause to be made, such inquiries as the Chairperson thinks necessary into:
(i) applications made under this Act, the Pooled Development Funds Act 1992 or the Venture Capital Act 2002 ; or
(ii) any other matter relevant to the operation of this Act, the Pooled Development Funds Act 1992 or the Venture Capital Act 2002 ; and
18 Paragraph 11(1)(b)
Before "applications", insert "those".
19 Subsection 16(4)
Repeal the subsection.
20 Subsection 17(8)
Repeal the subsection.
21 Subsection 18(8)
Repeal the subsection.
22 Subsection 19(1)
Omit "(1)".
23 Subsection 19(1)
After "this Act", insert ", the Pooled Development Funds Act 1992 or the Venture Capital Act 2002 ".
24 After section 19A
Insert:
19B Minister may require provision of advice
(1) The Minister may, by writing given to the Board, require the Board to advise the Minister about a matter connected with the operation of:
(a) this Act, the Pooled Development Funds Act 1992 or the Venture Capital Act 2002 ; or
(b) the Commonwealth's income tax laws as they operate in relation to this Act, the Pooled Development Funds Act 1992 or the Venture Capital Act 2002 .
(2) The Board must comply with such a requirement.
(3) A requirement made under subsection (1) is not a legislative instrument.
25 Subsection 20(1)
Omit ", and the exercise of its powers, under this Act", substitute "and the exercise of its powers".
26 Subsection 20(4)
Repeal the subsection, substitute:
(4) Subsection (1) does not empower the Minister to direct that the Board perform any of its functions, or exercise any of its powers, in a particular way in a particular case.
27 Subsections 20(5) and (6)
Repeal the subsections.
28 Subsections 21(1) and (2)
Repeal the subsections, substitute:
(1) The Board may, by resolution, delegate to the Chairperson, another member or a member of the staff assisting the Board, all or any of its functions and powers, other than its functions or powers:
(a) for PDFs--to make or revoke registration declarations under the Pooled Development Funds Act 1992 ; and
(b) to register entities or revoke registration under Part 7A of the Pooled Development Funds Act 1992 ; and
(c) to register limited partnerships as VCLPs, ESVCLPs or AFOFs or revoke registration under Part 2 of the Venture Capital Act 2002 ; and
(d) to approve ESVCLPs' investment plans, and their replacement plans, under Part 2 of the Venture Capital Act 2002 ; and
(e) to register entities as eligible venture capital investors or revoke registration under Part 3 of the Venture Capital Act 2002 ; and
(f) to make determinations under Part 4 of the Venture Capital Act 2002 .
(2) The Board may, by resolution, delegate to a committee all or any of its functions and powers (including those referred to in paragraphs (1)(a) to (f)).
29 Subsection 21(3)
After "delegation of a", insert "function or".
30 Paragraph 21(3)(a)
Omit "power was delegated);", substitute "function or power was delegated); and".
31 Paragraph 21(3)(b)
Repeal the paragraph.
32 Subsection 21(5)
After "delegation of a", insert "function or".
33 Subsections 21(7) and (8)
Repeal the subsections.
34 Subsection 22(1)
After "this Act", insert ", the Pooled Development Funds Act 1992 or the Venture Capital Act 2002 ".
35 Subsection 22(1A)
Omit "powers delegated to it by the Board under subsection 21(1)", substitute "functions or powers delegated to it by the Board under subsection 21(2)".
36 Subsection 22(2)
After "(2B)", insert ", (2BA)".
37 After subsection 22(2B)
Insert:
(2BA) Despite subsection (2B), a person may be appointed as a member of a committee for no more than 2 further consecutive terms if:
(a) during the previous 2 consecutive terms the person was not the Chairperson of the committee; and
(b) the person will be the Chairperson of the committee in those further terms.
38 Subsection 22(7)
After "this Act", insert ", the Pooled Development Funds Act 1992 or the Venture Capital Act 2002 ".
39 Subsection 22A(1)
Repeal the subsection, substitute:
(1) A committee may, by resolution, delegate to a member of the committee or to a member of the staff assisting the committee all or any of its functions and powers (including a function or power delegated to the committee by the Board under subsection 21(2), despite paragraph 34AB(b) of the Acts Interpretation Act 1901 ).
(1A) However, a committee must not delegate a function or power that:
(a) is referred to in paragraph 21(1)(a), (b), (c), (d), (e) or (f); and
(b) was delegated to the committee by the Board under subsection 21(2).
40 Subsection 22A(2)
After "delegation of a", insert "function or".
41 Paragraph 22A(2)(a)
After "when the", insert "function or".
42 Subsection 22A(3)
After "delegation of a", insert "function or".
43 Subsection 22A(5)
Repeal the subsection.
44 Subsection 22A(6)
Repeal the subsection.
45 Subsection 46(1)
Omit "activities", substitute "operations".
46 Paragraph 46(2)(a)
Omit "during the year in achieving the object of this Act", substitute ", the Pooled Development Funds Act 1992 and the Venture Capital Act 2002 during the year in achieving the objects of those Acts".
47 After subsection 46(2)
Insert:
(2A) The report must also contain:
(a) a list of all PDFs in existence as at the end of the financial year; and
(b) a list of all companies that became PDFs during the financial year; and
(c) a list of all companies that ceased to be PDFs during the financial year; and
(d) a list of the entities registered under Part 7A of the Pooled Development Funds Act 1992 as at the end of the financial year; and
(e) a list of the entities that became registered under Part 7A of the Pooled Development Funds Act 1992 during the financial year; and
(f) a list of the entities whose registration under Part 7A of the Pooled Development Funds Act 1992 was revoked during the financial year; and
(g) a list of the partnerships registered under Part 2 of the Venture Capital Act 2002 as at the end of the financial year; and
(h) a list of the partnerships that became registered under Part 2 of the Venture Capital Act 2002 during the financial year; and
(i) a list of the partnerships whose registration under Part 2 of the Venture Capital Act 2002 was revoked during the financial year; and
(j) a list of the entities registered under Part 3 of the Venture Capital Act 2002 as at the end of the financial year; and
(k) a list of the entities that became registered under Part 3 of the Venture Capital Act 2002 during the financial year; and
(l) a list of the entities whose registration under Part 3 of the Venture Capital Act 2002 was revoked during the financial year.
48 Subsection 47(1)
Omit "The Board, a committee, a member or an acting member of the Board, a member of a committee or a member of the staff assisting the Board or assisting a committee shall not", substitute "An official to whom this section applies must not".
49 Subsection 47(1)
Omit "information" (wherever occurring), substitute "protected information".
50 Subsection 47(2)
Omit "information" (first occurring), substitute "protected information".
51 Subsection 47(3)
Insert:
"official to whom this section applies" means the following:
(a) the Board;
(b) a person who is or has been a member of the Board;
(c) a committee;
(d) a person who is or has been a member of a committee;
(e) a person who is or has been a member of the staff assisting the Board or a committee (see section 25);
(f) a person who is or has been a consultant assisting the Board or a committee (see section 25);
(g) a person who was a member, or an acting member, of the former Industry Research and Development Board that was established by this Act (as in force before the commencement of Schedule 12 to the Tax Laws Amendment (2007 Measures No. 5) Act 2007 );
(h) a person who was a member of the staff assisting the former Industry Research and Development Board that was established by this Act (as in force before the commencement of Schedule 12 to the Tax Laws Amendment (2007 Measures No. 5) Act 2007 );
(i) a person who was a consultant assisting the former Industry Research and Development Board that was established by this Act (as in force before the commencement of Schedule 12 to the Tax Laws Amendment (2007 Measures No. 5) Act 2007 ).
52 Subsection 47(3)
Insert:
"protected information" means information that relates to a matter covered by this Act.
Pooled Development Funds Act 1992
53 Subsection 4(1) (definition of appointed member )
Repeal the definition.
54 Subsection 4(1) (definition of Board )
Repeal the definition, substitute:
"Board" means Innovation Australia, established by section 6 of the Industry Research and Development Act 1986 .
55 Subsection 4(1)
Insert:
"committee" means a committee appointed under section 22 of the Industry Research and Development Act 1986 .
56 Subsection 4(1) (definition of give information to the Board )
Omit "(5)", substitute "4(8) of the Industry Research and Development Act 1986 ".
57 Subsection 4(1) (definition of produce a document to the Board )
Omit "(5)", substitute "4(8) of the Industry Research and Development Act 1986 ".
58 Subsection 4(5)
Repeal the subsection.
59 Parts 2 and 9
Repeal the Parts.
60 Subsection 71(5) (paragraphs (a), (b) and (c) of the definition of person to whom this section applies )
Repeal the paragraphs, substitute:
(a) a member of the Board; or
(b) a member of a committee; or
(c) a member of the staff assisting the Board or a committee (see section 25 of the Industry Research and Development Act 1986 ); or
(d) a consultant assisting the Board or a committee (see section 25 of the Industry Research and Development Act 1986 ); or
(e) a member of the former Venture Capital Registration Board that was established by this Act (as in force before the commencement of Schedule 12 to the Tax Laws Amendment (2007 Measures No. 5) Act 2007 ); or
(f) a member of the staff assisting the former Venture Capital Registration Board that was established by this Act (as in force before the commencement of Schedule 12 to the Tax Laws Amendment (2007 Measures No. 5) Act 2007 ); or
(g) a consultant to the former Venture Capital Registration Board that was established by this Act (as in force before the commencement of Schedule 12 to the Tax Laws Amendment (2007 Measures No. 5) Act 2007 ), who was engaged under this Act before that commencement.
61 Subsection 71(5) (paragraph (a) of the definition of protected document )
Omit "to the Board in confidence", substitute "in confidence to the Board in relation to a matter covered by this Act or the Venture Capital Act 2002 ".
62 Subsection 71(5) (after paragraph (a) of the definition of protected document )
Insert:
(aa) a document supplied in confidence to the former Venture Capital Registration Board that was established by this Act (as in force before the commencement of Schedule 12 to the Tax Laws Amendment (2007 Measures No. 5) Act 2007 ); or
63 Subsection 71(5) (paragraph (a) of the definition of protected information )
Omit "to the Board in confidence", substitute "in confidence to the Board in relation to a matter covered by this Act or the Venture Capital Act 2002 ".
64 Subsection 71(5) (after paragraph (a) of the definition of protected information )
Insert:
(aa) information supplied in confidence to the former Venture Capital Registration Board that was established by this Act (as in force before the commencement of Schedule 12 to the Tax Laws Amendment (2007 Measures No. 5) Act 2007 ); or
65 Sections 72, 73, 74 and 75
Repeal the sections.
Part 2 -- Consequential amendments
Income Tax Assessment Act 1936
66 Paragraph 16(4)(m)
Omit "the PDF Registration Board established under section 5 of the Pooled Development Funds Act 1992 ", substitute "Innovation Australia, established by section 6 of the Industry Research and Development Act 1986 ,".
67 Subsection 73B(1) (definition of Board )
Omit "the Industry Research and Development Board", substitute "Innovation Australia,".
68 Subsection 73BD(12) (definition of Board )
Omit "the Industry Research and Development Board", substitute "Innovation Australia,".
69 Subsection 73BE(7) (definition of Board )
Omit "the Industry Research and Development Board", substitute "Innovation Australia,".
70 Subsection 73BK(12) (definition of Board )
Omit "the Industry Research and Development Board", substitute "Innovation Australia,".
71 Subsection 73BL(7) (definition of Board )
Omit "the Industry Research and Development Board", substitute "Innovation Australia,".
Income Tax Assessment Act 1997
72 Section 43‑100 (heading)
Repeal the heading, substitute:
43‑100 Certificates by Innovation Australia
73 Section 43‑100
Omit "the Industry Research and Development Board established under the Industry Research and Development Act 1986 ", substitute " * Innovation Australia"
74 Paragraph 118‑425(2)(b)
Omit "the Venture Capital Registration Board", substitute " * Innovation Australia".
75 Subsection 118‑425(2)
Omit "the Venture Capital Registration Board" (last occurring), substitute "Innovation Australia".
76 Subsection 118‑425(3) (note 3)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
77 Subsection 118‑425(14) (heading)
Repeal the heading, substitute:
Innovation Australia discretion
78 Subsection 118‑425(14)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
79 Paragraph 118‑427(3)(c)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
80 Subsection 118‑427(3)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
81 Subsection 118‑427(4) (note 3)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
82 Subsection 118‑427(15) (heading)
Repeal the heading, substitute:
Innovation Australia discretion
83 Subsection 118‑427(15)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
84 Subsection 995‑1(1)
Insert:
"form approved by Innovation Australia" has the same meaning as in section 33-5 of the Venture Capital Act 2002 .
85 Subsection 995‑1(1) (definition of form approved by the Venture Capital Registration Board )
Repeal the definition.
86 Subsection 995‑1(1)
Insert:
"Innovation Australia" means the board established by section 6 of the Industry Research and Development Act 1986 .
87 Subsection 995‑1(1) (definition of Venture Capital Registration Board )
Repeal the definition.
Industrial Research and Development Incentives Act 1976
88 Subsection 4(1) (definition of acting Chairperson )
Repeal the definition.
89 Subsection 4(1) (definition of new Board )
Omit "the Industry Research and Development Board", substitute "Innovation Australia,".
90 Subsection 4(1A)
Omit "(including an acting Chairperson of the new Board)".
91 Subsection 1‑15(2)
Omit " * Venture Capital Registration Board", substitute " * Innovation Australia".
92 Section 3‑1 (note)
Repeal the note, substitute:
Note: Innovation Australia is responsible for the operation of these measures. The Industry Research and Development Act 1986 provides for the establishment and operation of Innovation Australia.
93 Paragraph 3‑5(c)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
94 Section 3‑15 (heading)
Repeal the heading, substitute:
3‑15 Determinations by Innovation Australia concerning certain investments (Part 4)
95 Section 3‑15
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
96 Section 3‑20
Omit "the Venture Capital Registration Board's", substitute "Innovation Australia's".
97 Section 7‑1
Omit "The Venture Capital Registration Board" (first occurring), substitute "Innovation Australia".
98 Section 7‑1
Omit "the Venture Capital Registration Board" (wherever occurring), substitute "Innovation Australia".
99 Section 7‑1
Omit "The Venture Capital Registration Board" (second occurring), substitute "Innovation Australia".
100 Paragraph 9‑3(4)(a)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
101 Subsection 9‑4(1)
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
102 Subsection 9‑4(2)
Omit " * form approved by the * Venture Capital Registration Board", substitute " * form approved by Innovation Australia".
103 Subsection 9‑4(3)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
104 Subsection 9‑4(4)
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
105 Subsection 9‑4(5)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
106 Subsection 9‑4(5)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
107 Subsection 9‑4(6)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
108 Subsection 9‑4(6)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
109 Paragraph 9‑10(1)(b)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
110 Subsection 9‑10(2)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
111 Subsection 9‑10(2)
Omit " * form approved by the Venture Capital Registration Board", substitute " * form approved by Innovation Australia".
112 Subsection 9‑10(2)
Omit "for the Venture Capital Registration Board", substitute "for Innovation Australia".
113 Subsection 9‑10(3)
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
114 Subsection 9‑10(3)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
115 Subsection 11‑1(1)
Omit " * form approved by the Venture Capital Registration Board", substitute " * form approved by Innovation Australia".
116 Subsection 11‑1(1)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
117 Paragraph 11‑1(2)(l)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
118 Subsection 11‑5(1)
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
119 Subsection 11‑5(1)
Omit "the Venture Capital Registration Board" (wherever occurring), substitute "Innovation Australia".
120 Section 11‑10
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
121 Subsection 11‑15(1)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
122 Subsection 11‑15(2)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
123 Subsection 11‑15(2)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
124 Subsection 11‑15(3)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
125 Subsection 11‑15(4)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
126 Subsection 11‑15(4)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
127 Subsection 13‑1(1)
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
128 Paragraph 13‑1(1)(d)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
129 Subsection 13‑1(1)
Omit "the Venture Capital Registration Board" (last occurring), substitute "Innovation Australia".
130 Subsection 13‑1(1A)
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
131 Paragraph 13‑1(1A)(c)
Omit "the Venture Capital Registration Board" (wherever occurring), substitute "Innovation Australia".
132 Paragraphs 13‑1(1A)(d) and (f)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
133 Subsection 13‑1(1A)
Omit "the Venture Capital Registration Board" (last occurring), substitute "Innovation Australia".
134 Subsection 13‑1(2)
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
135 Paragraph 13‑1(2)(d)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
136 Subsection 13‑1(2)
Omit "the Venture Capital Registration Board" (last occurring), substitute "Innovation Australia".
137 Subsection 13‑1(3)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
138 Subsection 13‑1(3)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
139 Subsection 13‑1(4)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
140 Subsection 13‑1(4)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
141 Subsection 13‑1(5)
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
142 Subsection 13‑5(1)
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
143 Subsection 13‑5(1)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
144 Subsection 13‑5(1A)
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
145 Subsection 13‑5(1A)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
146 Subsection 13‑5(2)
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
147 Subsection 13‑5(2)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
148 Subsection 13‑15(1)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
149 Subsection 13‑15(1)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
150 Subsections 13‑15(3), (5) and (6)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
151 Subsection 13‑15(7)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
152 Subsection 13‑15(7)
Omit "the Board", substitute "Innovation Australia".
153 Subsection 13‑15(8)
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
154 Subsection 13‑15(9)
Omit "the * Venture Capital Registration Board's", substitute " * Innovation Australia's".
155 Subsection 13‑20(1)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
156 Subsection 13‑20(2)
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
157 Subsection 13‑20(3)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
158 Section 15‑1
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
159 Paragraph 15‑1(h)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
160 Subsection 15‑5(1)
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
161 Subsection 15‑5(1)
Omit "the Venture Capital Registration Board" (wherever occurring), substitute "Innovation Australia".
162 Section 15‑10
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
163 Section 15‑15
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
164 Subsection 15‑17(1)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
165 Subsections 15‑17(2) and (3)
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
166 Subsection 15‑17(4)
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
167 Subsection 15‑17(4)
Omit "section 75 of the Pooled Development Funds Act 1992 ", substitute " section 46 of the Industry Research and Development Act 1986 ".
168 Section 15‑20
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
169 Section 15‑20
Omit "the Venture Capital Registration Board" (wherever occurring), substitute "Innovation Australia".
170 Subsection 17‑1(1)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
171 Subsection 17‑1(2)
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
172 Paragraph 17‑1(3)(a)
Omit "the Venture Capital Registration Board's", substitute " * Innovation Australia's".
173 Paragraphs 17‑1(3)(b) and (c)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
174 Subsection 17‑1(5)
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
175 Subsection 17‑3(1)
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
176 Subsection 17‑3(1)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
177 Subsection 17‑3(2)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
178 Subsection 17‑3(2)
Omit " * form approved by the Venture Capital Registration Board", substitute " * form approved by Innovation Australia".
179 Subsection 17‑3(3)
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
180 Subsection 17‑3(3)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
181 Subsection 17‑3(4)
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
182 Subsection 17‑5(1)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
183 Paragraph 17‑5(2)(a)
Omit "the * Venture Capital Registration Board's", substitute " * Innovation Australia's".
184 Paragraph 17‑5(2)(c)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
185 Subsection 17‑5(3)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
186 Subsection 17‑5(3)
Omit " * form approved by the Venture Capital Registration Board", substitute " * form approved by Innovation Australia".
187 Subsections 17‑5(4) and (6)
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
188 Section 17‑10 (heading)
Repeal the heading, substitute:
17‑10 Revocation at discretion of Innovation Australia
189 Subsection 17‑10(1)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
190 Subsection 17‑10(1)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
191 Subsection 17‑10(2)
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
192 Subsection 17‑10(2)
Omit "the Venture Capital Registration Board" (first occurring), substitute "Innovation Australia".
193 Paragraph 17‑10(2)(a)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
194 Paragraph 17‑10(2)(a)
Omit "the Venture Capital Registration Board's", substitute "Innovation Australia's".
195 Section 17‑15
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
196 Section 17‑15
Omit "the Venture Capital Registration Board's", substitute "Innovation Australia's".
197 Section 17‑20
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
198 Subsection 17‑25(1)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
199 Subsection 17‑25(2)
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
200 Section 21‑1
Omit "The Venture Capital Registration Board", substitute "Innovation Australia".
201 Subsection 21‑5(1)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
202 Subsection 21‑5(1)
Omit " * form approved by the Venture Capital Registration Board", substitute " * form approved by Innovation Australia".
203 Subsection 21‑5(2)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
204 Subsection 21‑5(4)
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
205 Subsection 21‑5(4)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
206 Subsection 21‑5(5)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
207 Subsection 21‑5(5)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
208 Subsection 21‑5(6)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
209 Subsection 21‑5(6)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
210 Subsection 21‑10(1)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
211 Subsection 21‑10(2)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
212 Subsection 21‑10(2)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
213 Subsection 21‑10(3)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
214 Subsection 21‑10(4)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
215 Subsection 21‑10(4)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
216 Subsection 21‑20(1)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
217 Section 21‑25 (heading)
Repeal the heading, substitute:
21‑25 Revocation at discretion of Innovation Australia
218 Subsection 21‑25(1)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
219 Subsection 21‑25(1)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
220 Subsection 21‑25(2)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
221 Subsection 21‑25(2)
Omit "the Venture Capital Registration Board's", substitute "Innovation Australia's".
222 Subsection 21‑25(3)
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
223 Subsection 21‑25(3)
Omit "the Venture Capital Registration Board" (first occurring), substitute "Innovation Australia".
224 Paragraph 21‑25(3)(a)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
225 Paragraph 21‑25(3)(a)
Omit "the Venture Capital Registration Board's", substitute "Innovation Australia's".
226 Subsection 21‑30(1)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
227 Subsection 21‑30(2)
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
228 Part 4 (heading)
Repeal the heading, substitute:
Part 4 -- Determinations by Innovation Australia concerning certain investments
229 Division 25 of Part 4 (heading)
Repeal the heading, substitute:
Division 25 -- Determinations by Innovation Australia concerning certain investments
230 Section 25‑1
Omit "The Venture Capital Registration Board", substitute "Innovation Australia".
231 Section 25‑5 (heading)
Repeal the heading, substitute:
25‑5 Innovation Australia may determine a shorter period
232 Subsections 25‑5(1) and (1A)
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
233 Subsection 25‑5(2)
Omit " * form approved by the * Venture Capital Registration Board", substitute " * form approved by Innovation Australia".
234 Subsection 25‑5(3)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
235 Subsection 25‑5(4)
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
236 Subsection 25‑5(5)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
237 Subsection 25‑5(5)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
238 Subsection 25‑5(6)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
239 Subsection 25‑5(6)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
240 Section 25‑10 (heading)
Repeal the heading, substitute:
25‑10 Innovation Australia may determine that a requirement does not apply
241 Subsections 25‑10(1) and (1A)
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
242 Subsection 25‑10(2)
Omit " * form approved by the * Venture Capital Registration Board", substitute " * form approved by Innovation Australia".
243 Subsection 25‑10(3)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
244 Subsection 25‑10(4)
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
245 Subsection 25‑10(5)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
246 Subsection 25‑10(5)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
247 Subsection 25‑10(6)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
248 Subsection 25‑10(6)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
249 Section 25‑15 (heading)
Repeal the heading, substitute:
25‑15 Innovation Australia may determine that a requirement does not apply
250 Subsections 25‑15(1) and (1A)
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
251 Subsection 25‑15(2)
Omit " * form approved by the Venture Capital Registration Board", substitute " * form approved by Innovation Australia".
252 Subsection 25‑15(3)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
253 Subsection 25‑15(4)
Omit "The * Venture Capital Registration Board", substitute " * Innovation Australia".
254 Subsection 25‑15(5)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
255 Subsection 25‑15(5)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
256 Subsection 25‑15(6)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
257 Subsection 25‑15(6)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
258 Section 29‑1
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
259 Subsections 29‑5(1) and (2)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
260 Subsection 29‑10(1)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
261 Subsection 29‑10(1)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
262 Subsection 29‑10(2)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
263 Subsection 29‑10(2)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
264 Subsection 29‑10(4)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
265 Subsection 29‑10(4)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
266 Subsection 29‑10(5)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
267 Subsection 29‑10(5)
Omit "the Venture Capital Registration Board" (wherever occurring), substitute "Innovation Australia".
268 Subsection 29‑10(6)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
269 Subsection 29‑10(6)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
270 Paragraph 29‑10(6)(b)
Omit "the Venture Capital Registration Board's", substitute "Innovation Australia's".
271 Subsection 29‑10(8)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
272 Paragraph 29‑10(8)(a)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
273 Subsection 29‑15(1)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
274 Section 33‑1
Repeal the section.
275 Section 33‑5 (heading)
Repeal the heading, substitute:
33‑5 Meaning of form approved by Innovation Australia
276 Section 33‑5
Omit " form approved by the Venture Capital Registration Board ", substitute " form approved by Innovation Australia ".
277 Paragraph 33‑5(a)
Omit "the * Venture Capital Registration Board", substitute " * Innovation Australia".
278 Paragraphs 33‑5(c) and (d)
Omit "the Venture Capital Registration Board", substitute "Innovation Australia".
Part 3 -- Transitional provisions
279 Interpretation
In this Part:
new Board means Innovation Australia, established by section 6 of the Industry Research and Development Act 1986 (as amended by this Schedule).
former Board means:
(a) the Industry Research and Development Board that was established by the Industry Research and Development Act 1986 (as in force before the commencement of this item); or
(b) the Venture Capital Registration Board that was established by the Pooled Development Funds Act 1992 (as in force before the commencement of this item).
280 Things done to a former Board before commencement
(1) Any thing done to a former Board before the commencement of this item is taken, on and after that commencement, to have been done to the new Board.
(2) Without limiting subitem (1), examples of things done to a former Board include, but are not limited to, the following:
(a) the making of applications or requests to the former Board;
(b) the making of agreements with the former Board;
(c) the giving of notices, documents or other things to the former Board;
(d) the giving of directions by the Minister to the former Board.
281 Things done to the Chairperson or acting Chairperson of a former Board before commencement
(1) Any thing done to the Chairperson, or acting Chairperson, of a former Board before the commencement of this item is taken, on and after that commencement, to have been done to the Chairperson of the new Board.
(2) Without limiting subitem (1), examples of things done to the Chairperson of a former Board include, but are not limited to, the giving of notices or advice to the Chairperson.
282 Things done by a former Board before commencement
(1) Any thing done by a former Board before the commencement of this item is taken, on and after that commencement, to have been done by the new Board.
(2) Without limiting subitem (1), examples of things done by a former Board include, but are not limited to, the following:
(a) the making of determinations or decisions by the former Board;
(b) the granting or revoking of registrations, approvals, certificates or other things by the former Board;
(c) the making of requests by the former Board;
(d) the giving of directions by the former Board;
(e) the making of guidelines by the former Board;
(f) the formulation of criteria by the former Board;
(g) the approval of forms by the former Board;
(h) the making of requirements by the former Board;
(i) the making of agreements by the former Board;
(j) the giving of notices, documents or other things by the former Board.
(3) Without limiting subitem (1), if, after the commencement of this item, the new Board is required under section 46 of the Industry Research and Development Act 1986 (as amended by this Schedule) to give a report in relation to a financial year that commenced before the commencement of this item, then the new Board must include in the report any matter that, had the amendments made by this Schedule not been made, a former Board would have been required to include in a report for that year under:
(a) section 46 of the Industry Research and Development Act 1986 (as in force before the commencement of this item); or
(b) section 75 of the Pooled Development Funds Act 1992 (as in force before the commencement of this item); or
(c) section 33‑1 of the Venture Capital Act 2002 (as in force before the commencement of this item).
283 Things done by the Chairperson or acting Chairperson of a former Board before commencement
(1) Any thing done by the Chairperson, or acting Chairperson, of a former Board before the commencement of this item is taken, on and after that commencement, to have been done by the Chairperson of the new Board.
(2) Without limiting subitem (1), examples of things done by the Chairperson of a former Board include, but are not limited to, the following:
(a) the making of inquiries or reports by the Chairperson;
(b) a determination, by the Chairperson, of the form of records;
(c) the signing of documents by the Chairperson.
284 Things done by a member or acting member of a former Board before commencement
(1) Any thing done by a member, or acting member, of a former Board before the commencement of this item is taken, on and after that commencement, to have been done by a member of the new Board.
(2) Without limiting subitem (1), examples of things done by a member of a former Board include, but are not limited to, the signing of a certificate by the member.
285 Things done by a person authorised by a former Board before commencement
(1) Any thing done by a person authorised by a former Board before the commencement of this item is taken, on and after that commencement, to have been done by a person authorised by the new Board.
(2) Without limiting subitem (1), examples of things done by a person authorised by a former Board include, but are not limited to, the signing of a certificate by the person.
286 References to a former Board in instruments etc.
A reference to a former Board in the following:
(a) a legislative instrument;
(b) guidelines made or criteria formulated under the Industry Research and Development Act 1986 or the Venture Capital Act 2002 ;
(c) certificates, notices or other documents given to or by the former Board under the Industry Research and Development Act 1986 , the Pooled Development Funds Act 1992 or the Venture Capital Act 2002 ;
(d) directions given by the Minister to the former Board under the Industry Research and Development Act 1986 or the Pooled Development Funds Act 1992 ;
(e) forms approved by the former Board under the Industry Research and Development Act 1986 ;
(f) agreements made with the former Board under the Industry Research and Development Act 1986 ;
is taken, after the commencement of this item, to be a reference to the new Board.
287 Committees
An appointment of a member of a committee under section 22 of the Industry Research and Development Act 1986 that is in force immediately before the commencement of this item is taken, on that commencement, to be revoked.
[ Minister's second reading speech made in--
House of Representatives on 16 August 2007
Senate on 13 September 2007 ]
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