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VENTURE CAPITAL ACT 2002 No. 137, 2002 - SECT 9.10
Meaning of permitted loan
- (1)
- A debt interest is a permitted loan if:
- (a)
- it is a loan made to a * company and the sum of:
- (i)
- the * equity interests that the partnership owns in the company; and
- (ii)
- any debt interests that the partnership owns in the company that can be
converted into equity interests in the company;
is at least 10% of the sum of:
- (iii)
- all of the equity interests in the company; and
- (iv)
- all of the debt interests in the company that can be converted into
equity interests in the company;
and the company meets the requirements of subsections 118- 425(2) to (7) of
the Income Tax Assessment Act 1997 in relation to the investments referred to
in subparagraphs (i) and (ii); or
- (b)
- it is repaid within 6 months, or such longer period as the * PDF Board
allows under subsection (3).
- (2)
- A * general partner may apply to the * PDF Board, in the * form approved
by the PDF Board, for the PDF Board to allow a longer period for the purposes
of paragraph (1)(b).
- (3)
- The * PDF Board may, for the purposes of paragraph (1)(b), allow a
longer period if the PDF Board is satisfied that:
- (a)
- there are exceptional circumstances; and
- (b)
- the extended period is no longer than reasonably necessary.
Table of sections
11-1 Application for registration
11-5 Determination of
further information to be included in application
11-10 Further information
may be requested
11-15 Period within which application must be decided
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