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Venture Capital Fund Act 2019

Investment of VCF

26: VCF investment vehicles not required to prepare statements or annual reports

You could also call this:

"VCF investment vehicles do not need to prepare financial statements or annual reports."

Illustration for Venture Capital Fund Act 2019

You do not have to prepare separate financial statements for a VCF investment vehicle. This means you do not have to get these statements audited either. If the VCF investment vehicle is a company, the company's board does not have to prepare an annual report. You can find more information about this in the section 39 of this Act. The rules in this section override any other rules in the Companies Act 1993, the Limited Partnerships Act 2008, or the Public Audit Act 2001. The terms annual report and board have the same meanings as in section 2(1) of the Companies Act 1993. This section does not change the rules in sections 39 to 41.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS227097.

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25: VCF investment vehicles, or

"What is a VCF investment vehicle in the Venture Capital Fund Act 2019?"

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27: Guardians must establish investment policies, standards, and procedures, or

"Guardians must make rules for investing the Venture Capital Fund."

26VCF investment vehicles not required to prepare statements or annual reports

  1. A VCF investment vehicle is not required to do either of the following:

  2. prepare financial statements or group financial statements that are separate from those prepared for the VCF under section 39:
    1. have financial statements or group financial statements audited.

      1. If a VCF investment vehicle is a company, the board of the company is not required to prepare an annual report.

      2. Subsections (1) and (2) apply despite anything to the contrary in the Companies Act 1993, the Limited Partnerships Act 2008, or the Public Audit Act 2001.

      3. This section does not limit sections 39 to 41.

      4. In this section, annual report and board have the meanings given in section 2(1) of the Companies Act 1993.

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