Home - About this on-line document

The Deed

0. THE DEED

1. DICTIONARY

2. THE PARTNERSHIP

2.1 Investment Plan 
2.2 Continuity of the Partnership 
2.3 Continuity as a limited partnership 
2.4 Venture Capital Limited Partnership 
2.5 Partner status 
2.6 Exclusion of the Partnership Act, other statutes and laws 
2.7 Name 
2.8 Registered Office 
2.9 Documents and lodgings

3. CAPITALISATION OF THE PARTNERSHIP

3.1 Admission of the Initial Subscribers 
3.2 Retirement of the Initial Limited Partner 
3.3 Recording the admission of Initial Subscribers 
3.4 Admission of additional Limited Partners 
3.5 Recording additional Limited Partners 
3.6 Capital calls 
3.7 Timing of Capital Contributions 
3.8 Decrease in the Paid-Up Proportion 
3.9 Capital Accounts 
3.10 Borrowing and security by the Partnership

4. CONTRIBUTION ARREARS AND OTHER DEFAULT

4.1 Delinquent contributions 
4.2 Other default 
4.3 Consequences of default 
4.4 Appropriateness of remedies

5. PARTNERSHIP PROFITS AND LOSSES

5.1 Financial Year 
5.2 Interim period 
5.3 Distributions 

6. DISTRIBUTIONS OTHER THAN IN DISSOLUTION

6.1 General 
6.2 Exception 
6.3 Priority

7. PARTNERSHIP ACCOUNTS, RECORDS AND REPORTS

7.1 Partner register 
7.2 Maintenance and access to records 
7.3 Auditor 
7.4 Partnership Accounts, reports and tax information 
7.5 Valuation of Investments

8. MANAGEMENT OF THE PARTNERSHIP

8.1 Reinvestment 
8.2 No limitation of the General Partner 
8.3 Powers of the General Partner 
8.4 Limitations on powers of the General Partner 
8.5 Competition 
8.6 Authorised activities of the General Partner 
8.7 General obligations of the General Partner 
8.8 Power of the General Partner to bind the Partnership 
8.9 Appointments by the General Partner 
8.10 Limited Partners must comply with directions of Appointees 
8.11 Notification obligation of the General Partner 
8.12 Powers and obligations of Limited Partners 
8.13 Disclosures 
8.14 Advisory Committee 
8.15 Firm-Name, Firm-Mark and other intellectual property rights 
8.16 Amendment of this deed

9. TRANSFERS AND RETIREMENT

9.1 Disposal of the Partnership Interest of a Limited Partner 
9.2 [Pre-emptive rights on Transfers by Limited Partners] 
9.3 Transfer to another Limited Partner 
9.4 Substituted Limited Partner 
9.5 Change of trustee or custodian 
9.6 Transfer to an Affiliate 
9.7 Voluntary retirement of the General Partner 
9.8 Obligatory retirement of the General Partner 
9.9 Interim, successor and liquidating General Partners 
9.10 Death of a Limited Partner 
9.11 Other Transmission Event in respect of a Limited Partner 
9.12 [Drag along rights of Limited Partners] 
9.13 Amendment of the Register and the effect of Deeds of Accession

10. DURATION AND TERMINATION OF THE PARTNERSHIP

10.1 Dissolving events 
10.2 Extension of the term of the Partnership 
10.3 Winding up of the Partnership 

11. LIABILITY AND INDEMNIFICATION 

11.1 Liability of the Limited Partners 
11.2 Liability of the General Partner and the Advisory Committee 
11.3 Dealings 
11.4 Indemnity of the General Partner 
11.5 Indemnity of directors of investee companies 
11.6 Indemnity of members of the Advisory Committee 
11.7 Tax 
11.8 Indemnity as attorney 
11.9 Conduct of claims

12. MEETINGS OF PARTNERS

12.1 Application 
12.2 Convening of meetings 
12.3 Postponing meetings 
12.4 Notice 
12.5 Quorum at meetings 
12.6 Chair of meetings 
12.7 Attendance at meetings 
12.8 Representation at meetings 
12.9 Conduct of meetings 
12.10 Decisions at meetings 
12.11 Voting rights 
12.12 Resolutions without meetings 
12.13 Signing of minutes 
12.14 Minutes as evidence

13. MANAGEMENT FEE

13.1 Entitlement to the Management Fee 
13.2 Adjustment on termination of this deed

14. POWER OF ATTORNEY AND AGENT FOR SERVICE

14.1 Power of attorney 
14.2 Agent for service

15. CONFIDENTIALITY 

15.1 Limited Partners 
15.2 General Partner 

16. LIMITATION OF LIABILITY OF LIMITED PARTNERS

16.1 Capacity as trustee or responsible entity 
16.2 Rights of other parties 
16.3 Enforcement 
16.4 Winding up 
16.5 Exceptions 

17. GST

17.1 Consideration exclusive of GST 
17.2 Consideration 
17.3 Tax Invoice 
17.4 Payments 
17.5 Adjustment Event

18. GENERAL

18.1 Notices
18.2 Governing law 
18.3 Jurisdiction 
18.4 Invalidity 
18.5 Waivers 
18.6 Cumulative rights 
18.7 Survival of rights 
18.8 No trust 
18.9 Non-merger 
18.10 Payments 
18.11 Set-off 
18.12 Costs and expenses 
18.13 Further action
18.14 Entire agreement
18.15 Third party rights
18.16 Legal advice
18.17 Litigation fees
18.18 Counterparts 

Schedules

A GENERAL

B MANAGEMENT FEE

C DISTRIBUTIONS AND CARRIED INTEREST

D ADVISORY COMMITTEE 

E POWER OF ATTORNEY

F - RESTRICTED INVESTMENT PRACTICES

G FOREIGN PARTNER SCHEDULE

Attachments

A INVESTMENT PLAN

B DEED OF ACCESSION

C - DICTIONARY

D - EXAMPLES OF DISTRIBUTION PROVISIONS

E - EXAMPLES OF CARRIED INTEREST PROVISIONS

F - EXAMPLES OF PRE-EMPTIVE RIGHTS

G - EXAMPLE OF DRAG ALONG RIGHTS

Consensus One Venture Capital Limited Partnership Deed
html version Consensus Pty Ltd