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Venture Capital Bill 2002

Part 5 Review of decisions

Division 29 Review of decisions

   

Table of sections

29-1          Decisions reviewed

29-5          Notification of right to seek internal review

29-10        Internal review of decisions

29-15        Review of decisions by Administrative Appeals Tribunal

29-1   Decisions reviewed

                   The following decisions of the * PDF Board are reviewable under this Part:

                     (a)  decisions under subsection 9-10(3) allowing, or refusing to allow, a longer period for the purposes of paragraph 9-10(1)(b) for repayment of a * permitted loan;

                     (b)  decisions under section 13-1 refusing to register a * limited partnership as a * VCLP or an * AFOF under Part 2;

                     (c)  decisions under section 13-5 refusing to register conditionally a limited partnership as a VCLP or an AFOF;

                     (d)  decisions under section 17-1, 17-5 or 17-10 revoking a registration under Part 2;

                     (e)  decisions under subsection 17-1(2) determining a period within which * investment registration requirements must be met;

                      (f)  decisions under section 21-5 refusing to register an entity as an * eligible venture capital investor under Part 3;

                     (g)  decisions under section 21-25 revoking a registration under Part 3;

                     (h)  decisions under section 25-5 determining a shorter period, or refusing to make such a determination; or

                      (i)  decisions under section 25-10 refusing to make a determination.

29-5   Notification of right to seek internal review

             (1)  A notice that:

                     (a)  is given to the * person affected by a decision that is reviewable under this Part; and

                     (b)  advises that person of the decision;

must include a statement to the effect that the person may, under section 29-10, request the * PDF Board to reconsider the decision.

             (2)  The person affected by the decision is the person who made the relevant application to the PDF Board.

             (3)  A failure to comply with subsection (1) in relation to a decision reviewable under this Part does not affect the validity of the decision.

29-10   Internal review of decisions

             (1)  If the * person affected by a decision that is reviewable under this Part is dissatisfied with the decision, the person may, by notice in writing given to the * PDF Board, request the PDF Board to reconsider the decision.

             (2)  The request must not be made more than 21 days, or such longer period as the * PDF Board approves, after the person receives from the PDF Board a notice advising of the decision.

             (3)  The request must set out the person’s reasons for making it.

             (4)  On receipt of the request, the * PDF Board must reconsider the decision and may confirm or revoke it, or vary it in such manner as the PDF Board thinks fit.

             (5)  If the * PDF Board does not confirm, vary or revoke the decision before the end of the period of 60 days after the day on which the PDF Board receives the request, the PDF Board is taken, at the end of that period, to have confirmed the decision.

             (6)  As soon as practicable after the * PDF Board confirms, varies or revokes the decision, the PDF Board must give the person a written notice that:

                     (a)  advises of the confirmation, variation or revocation of the decision; and

                     (b)  except in a case to which subsection (5) applies—advises of the PDF Board’s reasons for confirming, varying or revoking the decision; and

                     (c)  in the case of a confirmation or variation of the decision—advises the person that the person may apply to the Administrative Appeals Tribunal under the Administrative Appeals Tribunal Act 1975 for review of the decision as confirmed or varied.

             (7)  A failure to comply with subsection (6) in relation to the confirmation, variation or revocation of the decision does not affect the validity of the confirmation, variation or revocation.

             (8)  For the purposes of subsections (4), (5), (6) and (7) and section 29-15, if the * PDF Board revokes a decision and replaces it with another decision:

                     (a)  the PDF Board is taken to vary the first-mentioned decision and not to revoke it; and

                     (b)  the other decision is taken to be the first-mentioned decision as varied.

29-15   Review of decisions by Administrative Appeals Tribunal

             (1)  Application may be made to the Administrative Appeals Tribunal for a reviewable decision of the * PDF Board that has been confirmed or varied under section 29-10.

             (2)  An application may only be made by * the person affected by the decision.