Partnership Amendment (Venture Capital) Act 2007 (NSW)

An Act to amend the Partnership Act 1892 to enable early stage venture capital limited partnerships to be registered as incorporated limited partnerships under that Act; and for other purposes.

1Name of Act

This Act is the Partnership Amendment (Venture Capital) Act 2007.

2Commencement

This Act commences on the date of assent to this Act.

3Amendment of Partnership Act 1892 55 Vic No 12

The Partnership Act 1892 is amended as set out in Schedule 1.

4Consequential amendment of Partnership Regulation 2007

The Partnership Regulation 2007 is amended as set out in Schedule 2.

5Repeal of Act(1)

This Act is repealed on the day following the day on which this Act commences.

(2)

The repeal of this Act does not, because of the operation of section 30 of the Interpretation Act 1987, affect any amendment made by this Act.

Schedule 1Amendment of Partnership Act 1892

(Section 3)

[1]Section 53D Who may apply for registration?

Insert after section 53D (3) (a) (ii):

(iii)

an ESVCLP within the meaning of that Act, or

[2]Section 54 Application for registration

Omit “VCLP or an AFOF” wherever occurring in section 54 (2) (j) and (k).

Insert instead “VCLP, AFOF or ESVCLP”.

[3]Section 67A Limited partner not to take part in the management of incorporated limited partnership

Omit “VCLP or an AFOF” from section 67A (3) (k).

Insert instead “VCLP, AFOF or ESVCLP”.

[4]Section 73E Lodgment of certain documents with the Registrar

Omit “VCLP or an AFOF” wherever occurring in section 73E (1) and (3) (a).

Insert instead “VCLP, AFOF or ESVCLP”.

[5]Schedule 1 Winding up of incorporated limited partnerships

Omit “VCLP or an AFOF” from clause 3 (3) (a).

Insert instead “VCLP, AFOF or ESVCLP”.

[6]Schedule 2 Savings, transitional and other provisions

Insert before clause 1:

[7]Schedule 2, clause 1

Insert at the end of clause 1 (1):

Partnership Amendment (Venture Capital) Act 2007

[8]Schedule 2, Part 2, heading

Insert before clause 2:

Partnership Amendment (Venture Capital Funds) Act 2004[9]Schedule 2, Part 3

Insert after clause 2:

Part 3Provisions consequent on enactment of Partnership Amendment (Venture Capital) Act 20073Applications for registration of ESVCLPs or proposed ESVCLPs made before amendments commence(1)

The provisions of this Act (as amended by the amending Act) extend to any application for the registration of an ESVCLP or proposed ESVCLP as an incorporated limited partnership that was made on or after the day on which the Bill for the amending Act was first introduced into Parliament.

(2)

In this clause:

amending Act means the Partnership Amendment (Venture Capital) Act 2007.

ESVCLP has the same meaning as in the Venture Capital Act 2002 of the Commonwealth.

Schedule 2Consequential amendment of Partnership Regulation 2007

(Section 4)

Omit “VCLP or an AFOF” wherever occurring in items 6 and 8.

Insert instead “VCLP, AFOF or ESVCLP”.