South Australian Numbered Acts

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PARTNERSHIP (VENTURE CAPITAL FUNDS) AMENDMENT ACT 2005 (NO 15 OF 2005) - SECT 43

43—Insertion of section 51D

Before section 52 insert:

51D—Who may apply for registration?

        (1)         An application for registration as a limited partnership may be made by—

            (a)         a partnership; or

            (b)         any persons or partnerships, or both, proposing to be partners in the limited partnership.

        (2)         An application for registration as an incorporated limited partnership may be made, in the circumstances described in subsection (3), by—

            (a)         a partnership (including an external partnership); or

            (b)         any persons or partnerships (including external partnerships), or both, proposing to be partners in the proposed incorporated limited partnership.

        (3)         The circumstances are—

            (a)         that the partnership is registered under Part 2 of the Venture Capital Act 2002 of the Commonwealth, or a general partner in the partnership or a proposed general partner in the proposed incorporated limited partnership intends to apply for registration of the incorporated limited partnership or proposed partnership under that Part, as—

                  (i)         a VCLP within the meaning of that Act; or

                  (ii)         an AFOF within the meaning of that Act; or

            (b)         that the partnership is a venture capital management partnership within the meaning of section 94D(3) of the Income Tax Assessment Act 1936 of the Commonwealth or the partners in the partnership or the proposed partners in the proposed incorporated limited partnership intend that the partnership or proposed incorporated limited partnership will meet the requirements set out in that section for recognition as a venture capital management partnership; or

            (c)         such other circumstances as are prescribed.



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