Source: https://sso.agc.gov.sg/Act/VCCA2018/Uncommenced/20190112170127?DocDate=20181112
Timestamp: 2019-07-15 22:41:50
Document Index: 123398387

Matched Legal Cases: ['art 2', 'art 3', 'art 4', 'art 5', 'art 6', 'art 7', 'art 8', 'art 9', 'art\n111', 'art 10', 'art 11', 'art 12', 'art\n134', 'art 13', 'art 9', 'art 7']

Variable Capital Companies Act 2018 - Singapore Statutes Online
(No. 44 of 2018)
as at 16 Jul 2019
3 Affairs of corporation or sub-fund
4 When corporations related to each other
5 Purpose of Act and application of Companies Act provisions in this Act
6 Application of Companies Act to VCC, etc.
Part 2 ADMINISTRATION OF ACT
8 Administration of Act and appointment of Registrar of VCCs, etc.
9 Registers, etc.
10 Electronic transaction system
11 Rectification of registers
12 Enforcement of duty to make returns
13 Relodgment of lost registered documents, and size, durability and legibility of documents lodged with Registrar
14 VCC auditors
Part 3 CONSTITUTION OF VCC
15 Object of VCC
16 Registration of VCC
17 Members of VCC
18 Duty to refuse registration
19 Constitution of VCC
20 Alteration of constitution
21 Name of VCC
22 Membership of holding company
23 Rights attached to shares in section 22(6) and (11)
24 Disposal and cancellation of shares in section 22(6) and (11)
25 Application of other provisions of Part III of Companies Act
26 Holding out as VCC
Part 4 SUB-FUNDS
27 Registration of sub-fund
28 Duty to provide certain information to Registrar
29 Segregated assets and liabilities of sub-funds
30 Disclosure of sub-fund details
31 Cross sub-fund investment
32 Further matters about sub-funds
33 Winding up of sub-fund
Part 5 SHARES, DEBENTURES AND CHARGES
Division 1  Shares
34 Shares of VCC
35 Power to repurchase or redeem own shares
36 Application of provisions of Division 3 of Part IV of Companies Act
Division 2  Debentures
37 Application of provisions of Division 5 of Part IV of Companies Act
Division 3  Title and Transfer of Shares and Debentures
38 Duties of VCC with respect to allotments and transfers
39 Certificate is evidence of title
40 Transfer of shares or debentures
41 Application of other provisions of Division 7 of Part IV of Companies Act
Division 4  Charges
42 Registration of charges
43 Duty of VCC to register charges existing on property acquired
Part 6 MANAGEMENT AND ADMINISTRATION
44 Interpretation of this Part
Division 2  Office and Name
45 Registered office, office hours, and publication of name and registration number
Division 3  Managers
46 Manager
47 Restrictions on naming of manager in document or register
Division 4  Directors and Secretaries
Subdivision 1 Preliminary provisions
48 VCC must have certain description of director, etc.
49 Restrictions on naming of director in document or register
50 Appointment of directors
51 Validity of acts of directors and secretary
52 Removal of director
Subdivision 2 Qualifications and disqualifications of directors and officers
53 Directors must be fit and proper persons
54 Qualification of director
55 Restriction on undischarged bankrupt
56 Disqualification of unfit director of insolvent VCC
57 Disqualification of director of VCC wound up on grounds of national security or interest
58 Disqualification of director on conviction of certain offences, etc.
59 Disqualification and debarment from being director or secretary in connection with default in filing documents under this Act
60 Disqualification for being director of not less than 3 VCCs that were struck off within 5‑year period
61 Disqualification under Limited Liability Partnerships Act and Companies Act
Subdivision 3 Duties and powers of directors, etc.
62 Disclosure by director of interests in transactions, property, offices, etc.
63 Duty and liability of officers, etc.
64 Powers of directors
65 Loans and quasi-loans to directors, credit transactions and related arrangements, etc., and related provisions
66 Register of director’s shareholdings
67 Disclosure of director’s emoluments and general duty to make disclosure
68 Payments to director for loss of office, and director’s emoluments
Subdivision 4 Secretaries
69 Secretary
Division 5  Provisions Applicable to Officers
70 Officer liability, insurance and third party indemnity
71 Registers of directors, secretaries, auditors and managers
72 Duty to provide information
73 Duty to keep consents of directors, secretaries and managers
74 Self-notification in certain circumstances
75 Provision of residential address to Registrar
76 When residential address may be entered in register in place of alternate address
Division 6  Meetings and Proceedings
77 Annual general meeting
78 When VCC need not hold annual general meeting
79 Convening of extraordinary general meeting on requisition and calling of meetings
80 Other provisions as to meetings and resolutions
Division 7  Register of Members
81 Register of members
82 Inspection of register
Part 7 INTERNATIONAL OBLIGATIONS AND PREVENTION OF MONEY LAUNDERING, TERRORISM FINANCING AND OTHER OFFENCES
Division 1  Directions and Regulations to Implement International Obligations and Prevent Money Laundering and Terrorism
83 Directions and regulations to discharge Government’s international obligations
84 Requirements for prevention of money laundering and terrorism financing
85 Inspection of VCCs for compliance with directions and regulations
Division 2  Assistance to Foreign Authorities and Domestic Authorities
86 Interpretation of this Division
87 Purpose of Division
88 Assistance to AML/CFT authorities
89 Assistance to domestic authorities
90 Other provisions applicable to sections 88 and 89
91 Inspection by AML/CFT authority
Division 3  Miscellaneous Provisions
92 Corporate offenders and unincorporated associations
93 Composition of offences
94 MAS officers, etc., treated as public officers
95 Power to exempt and to make regulations for further modifications
Part 8 ANNUAL RETURN, FINANCIAL STATEMENTS AND AUDIT
Division 1  Interpretation
96 Interpretation of this Part
Division 2  Annual Return
97 Annual return
Division 3  Financial Statements
98 Financial year
99 Accounting records and systems of control
100 Financial statements and consolidated financial statements
101 Retention of documents laid before VCC at annual general meeting
102 When directors need not lay financial statements before VCC
103 Relief from requirements as to form and content of financial statements, consolidated financial statements and directors’ statement
104 Defective financial statements, or consolidated financial statements and balance sheet
105 Members of VCC entitled to financial statements, etc.
106 Penalty
Division 4  Audit
107 Appointment and remuneration of auditors
108 Resignation of auditor of VCC
109 Other provisions concerning auditors
Part 9 INVESTIGATIONS
110 Interpretation of this Part
111 Power to declare VCC
112 Appointment and powers of inspector
113 Investigation of affairs of VCC by inspectors at direction of Minister
114 Reports of inspectors
115 Investigation of affairs of related corporation
116 Procedure and powers of inspector
117 Costs of investigations
118 Suspension of actions and proceedings in respect of VCC
119 Winding up of VCC
120 Appointment and powers of inspectors to investigate ownership of VCC
121 Power to require information as to persons interested in shares or debentures
122 Power to impose restrictions on shares or debentures
123 Inspectors appointed in other countries
124 Miscellaneous provisions
Part 10 RECEIVERS AND MANAGERS
125 Application of Part VIII of Companies Act
126 Statement that receiver appointed
127 Payment of certain debts out of assets subject to floating charge in priority to claims under charge
128 Enforcement of duty of receiver, etc., to make returns
Part 11 WINDING UP
129 Disqualification of liquidators
130 Application of Part X of Companies Act
Part 12 TRANSFER OF REGISTRATION
131 Foreign corporate entities to which this Part applies
133 Name of VCCs to be registered under this Part
134 Application for registration
135 Registration
136 When registration must be refused
137 Effect of registration
138 Revocation of registration
139 Duty of VCC to register pre-existing charges
140 Duties of VCC with respect to issue of certificates
Part 13 GENERAL PROVISIONS
Division 1  Remedies of Members and Debenture Holders for Oppression, etc.
142 Personal remedies in cases of oppression or injustice, and derivative or representative action
143 Application
144 Application of provisions of Division 2 of Part XII of Companies Act, etc.
145 False statements or reports
146 Obtaining payment, etc., to VCC by false promise of officer or agent of VCC
147 Default penalties
148 Composition of offences
Division 3  Other General Provisions
150 Electronic transmission of documents
151 Costs of proceedings and security for costs
152 Disposal of shares of shareholder whose whereabouts are unknown
153 Power to grant relief
154 Irregularities
155 Inspection of books of VCC and related provisions
156 Production and inspection of books or papers where offence suspected
157 VCC records
158 Translations of instruments, etc.
159 Certificate of incorporation is conclusive evidence
160 Court may compel compliance
161 Disclosure of information by Registrar to MAS
162 Disclosure of information by MAS to ACRA or Registrar
163 Appeals against act or decision of Registrar
164 Rules of Court
166 Amendment of Schedules
167 Consequential and related amendments to other Acts
FIRST SCHEDULE Modifications of Part X of Companies Act in its application to winding up of a sub-fund of an umbrella VCC
SECOND SCHEDULE Content of Directors’ statement
THIRD SCHEDULE Provisions for Application of section 162
Uncommenced as at 16 Jul 2019
NO. 43] Friday, November 16 [2018
An Act to provide for the incorporation, operation and regulation of bodies corporate to be known as variable capital companies and to provide for related matters, and to make consequential and related amendments to certain other Acts.
1. This Act is the Variable Capital Companies Act 2018 and comes into operation on a date that the Minister appoints by notification in the Gazette.
2.—(1) In this Act, unless the contrary intention appears —
“Accounting Standards”, in relation to a VCC, means —
(a) the accounting standards mentioned in section 100(8)(a) or the accounting standards or practices prescribed under section 100(8)(b); or
(b) where those accounting standards or practices (as the case may be) are substituted with other accounting standards under section 100(9) in relation to that VCC, the other accounting standards;
“accounts” means profit and loss accounts and balance sheets and includes notes (other than auditors’ reports or directors’ reports) attached or intended to be read with any of those profit and loss accounts or balance sheets;
“ACRA” means the Accounting and Corporate Regulatory Authority established under section 3 of the Accounting and Corporate Regulatory Authority Act (Cap. 2A);
“book-entry securities” has the meaning given by section 81SF of the Securities and Futures Act (Cap. 289);
“books” has the meaning given by section 4(1) of the Companies Act (Cap. 50);
“borrowing VCC” means a VCC that is or will be under a liability (whether or not such liability is present or future) to repay any money received or to be received by it in response to an invitation to the public to subscribe for or purchase debentures of the VCC;
“certified” —
(a) in relation to a copy of a document, means certified in the prescribed manner to be a true copy of the document; and
(b) in relation to a translation of a document, means certified in the prescribed manner to be a correct translation of the document into the English language;
“closed-end fund” has the meaning given by section 2(1) of the Securities and Futures Act;
“collective investment scheme” has the meaning given by section 2(1) of the Securities and Futures Act;
“company” has the meaning given by section 4(1) of the Companies Act;
“consolidated financial statements” has the meaning given by the Accounting Standards;
“constitution”, in relation to a VCC, means the constitution of the VCC that is registered with the Registrar under section 16(4), as may be amended from time to time;
“contributory” —
(a) in relation to a VCC, means a person liable to contribute to the assets of the VCC in the event of its being wound up, and includes the holder of fully paid shares in the VCC and (before the final determination of the persons who are contributories) any person alleged to be a contributory of the VCC; and
(b) in relation to a sub-fund, means a person liable to contribute to the assets of the sub‑fund in the event of its being wound up, and includes the holder of fully paid shares in the VCC that are issued in respect of that sub‑fund and (before the final determination of the persons who are contributories) any person alleged to be a contributory of the sub‑fund;
“corporation” has the meaning given by section 4(1) of the Companies Act and (to avoid doubt) includes a VCC;
“Court” means the High Court or a judge of the High Court;
“creditors’ voluntary winding up” means a winding up under Division 3 of Part X of the Companies Act as applied by section 130, but not a members’ voluntary winding up;
“custodian” —
(a) in relation to a non-umbrella VCC, means an entity to which the assets of the VCC are entrusted for safekeeping; and
(b) in relation to a sub-fund, means an entity to which the assets of the sub‑fund are entrusted for safekeeping;
“debenture” includes debenture stock, bonds, notes and any other securities of a VCC whether constituting a charge on the assets of the VCC or not, but does not include —
(b) subject to the regulations made under section 165, a promissory note having a face value of not less than $100,000 and having a maturity period of not more than 12 months; and
(c) for the purposes of a prescribed provision of this Act, such instrument or class of instruments as may be prescribed;
“default penalty” means a default penalty within the meaning of section 147;
“document” includes any summons, order and other legal process, and any notice and register;
“electronic communication” has the meaning given by section 4(1) of the Companies Act;
“emoluments”, in relation to any director or auditor of a VCC, includes any fees, percentages and other payments made (including the money value of any allowances or perquisites) or consideration given, directly or indirectly, to the director or auditor by that VCC or by a holding company or a subsidiary of that VCC, whether made or given to him or her in his or her capacity as a director or an auditor or otherwise in connection with the affairs of that VCC or of the holding company or the subsidiary;
“expert” includes an engineer, a valuer, an accountant and any other person whose profession or reputation gives authority to a statement made by him or her;
“financial statements”, in relation to a VCC, means the financial statements of the VCC required to be prepared in accordance with the Accounting Standards;
“financial year”, in relation to a VCC, means —
(a) the period in respect of which its financial statements are made up, whether that period is a year or not; and
(b) which is determined in accordance with section 98;
“fund administration service” includes valuation, accounting, settlement of expenses and acting as a transfer agent;
“holding company” has the meaning given by section 5 of the Companies Act;
“liquidator” includes the Official Receiver when acting as the liquidator of a VCC or a sub‑fund;
“manager”, in relation to a VCC, means the manager appointed by the VCC to manage its property or to operate the collective investment scheme or schemes that comprise the VCC;
“marketable securities” has the meaning given by section 4(1) of the Companies Act;
“MAS” means the Monetary Authority of Singapore established under section 3 of the MAS Act;
“MAS Act” means the Monetary Authority of Singapore Act (Cap. 186);
“members’ voluntary winding up” means a winding up under Division 3 of Part X of the Companies Act as applied by section 130, where a declaration has been made and lodged pursuant to section 293 of that Act as applied by section 130;
“net asset value”, in relation to a VCC, means the total assets less the total liabilities of the VCC, as determined in accordance with the Accounting Standards;
“non-umbrella VCC” means a VCC that is not an umbrella VCC;
“officer”, in relation to a VCC or other corporation, includes —
(c) any liquidator of the corporation (being a VCC or company) appointed in a voluntary winding up,
(g) a judicial manager appointed by the Court under Part VIIIA of the Companies Act (if applicable);
“Official Receiver” means the Official Assignee appointed under the Bankruptcy Act (Cap. 20), and includes the deputy of any such Official Assignee and any person appointed as Assistant Official Assignee;
“prospectus” means any prospectus, notice, circular, material, advertisement, publication or other document used to make an offer of shares in a VCC or proposed VCC, but does not include —
(a) a profile statement mentioned in section 296(2) of the Securities and Futures Act;
(b) any material, advertisement or publication which is authorised by section 300 of that Act (other than subsection (3)); or
(c) a product highlights sheet mentioned in section 296A(1) of that Act;
“public accountant” means a person who is registered or treated as registered under the Accountants Act (Cap. 2) as a public accountant;
“qualified representative”, in relation to the manager of a VCC, means a representative (within the meaning of section 2(1) of the Securities and Futures Act) of the manager who is —
(a) a person described in section 99B(1)(a), (b), (c) or (d) of the Securities and Futures Act; or
(b) a person who is exempt from section 99B(1) of that Act under section 99B(2) of that Act;
“register of auditors” means a register of auditors kept by the Registrar under section 173 of the Companies Act as applied by section 71(1);
“register of directors” means a register of directors kept by the Registrar under section 173 of the Companies Act as applied by section 71(1);
“register of managers” means a register of managers kept by the Registrar under section 71(3);
“register of members” means a register of members kept by a VCC under section 81;
“register of secretaries” means a register of secretaries kept by the Registrar under section 173 of the Companies Act as applied by section 71(1);
“registered qualified individual” means a qualified individual registered under section 28G of the Accounting and Corporate Regulatory Authority Act;
“Registrar” means the Registrar of VCCs appointed under this Act, and includes any Deputy or Assistant Registrar of VCCs;
“registration number”, in relation to a sub-fund, means the registration number given by the Registrar to the sub‑fund upon its registration under section 27;
“related corporation”, in relation to a corporation, means a corporation that is treated as related to the firstmentioned corporation under section 4;
“share”, in relation to a VCC, means a unit in a collective investment scheme that is part of the VCC, and includes a share taken by a subscriber to the constitution of a VCC, whether or not it is such unit;
“sub-fund” means a collective investment scheme that is part of an umbrella VCC;
“umbrella VCC” means a VCC the constitution of which provides that it consists of, or is to consist of, 2 or more collective investment schemes, or words to that effect;
“unit”, in relation to a collective investment scheme, has the meaning given by section 2(1) of the Securities and Futures Act;
“VCC” or “variable capital company” means a body corporate incorporated as such under this Act;
“wholly owned subsidiary” has the meaning given by section 5B of the Companies Act.
(2) In this Act (including a provision of the Companies Act applied by this Act) —
(a) a reference to the directors of a VCC is, in the case of a VCC that has only one director, to that director; and
(b) a reference to the doing of any act by 2 or more directors is, in the case of a VCC that has only one director, to the doing of that act by that director.
(a) a reference to a debt, obligation or liability of a sub‑fund is to a debt, obligation or liability that is incurred by the umbrella VCC concerned on behalf of or that is attributable to that sub‑fund;
(b) a reference to a debenture of a sub-fund is to a debenture issued by the umbrella VCC concerned in respect of a debt, obligation or liability of the sub‑fund;
(c) a reference to any asset, property or undertaking of a sub‑fund is to any asset, property or undertaking that is held by the umbrella VCC concerned on behalf of or that is attributable to that sub‑fund; and
(d) a reference to a creditor of a sub-fund is to a creditor of the umbrella VCC concerned in respect of a debt, obligation or liability of the sub‑fund.
(4) Subject to section 5, section 4(2), (5), (5A) and (7) of the Companies Act applies for the purposes of interpreting this Act, including a provision of the Companies Act applied by this Act.
(5) A reference to the Minister in any of the following provisions includes the Minister of State for the Ministry of the Minister, who is authorised by the Minister for the purposes of hearing an appeal under that provision:
(a) sections 18(3), 21(4), 135(9) and 136(3);
(b) sections 27(5), (5AA), (5A) and (12C), and 28(3), (3D), (3DA) and (3E) of the Companies Act as applied by section 21;
(c) section 155B(8) of the Companies Act as applied by section 59.
(6) Subject to section 5 and the modifications in subsection (7), section 7 (except subsections (1) and (6A)) of the Companies Act applies for the purposes of —
(a) section 66;
(b) section 163 of the Companies Act as applied by section 65; and
(c) section 165 of the Companies Act as applied by section 67.
(7) The modifications mentioned in subsection (6) are as follows:
(a) subsection (3) of section 7 of the Companies Act only applies in relation to a share of a corporation other than a VCC;
(b) paragraph (ca) of section 7(9) of that Act is omitted;
(c) a book-entry security is treated as an interest in a share;
(d) a person that is a subsidiary of a VCC does not have an interest in the shares of the VCC by reason only that that interest is purchased or otherwise acquired by the subsidiary under section 22(6) or (11).
(8) For the purposes of any provision of this Act (including a provision of the Companies Act applied by this Act) that provides that an officer of a corporation who is in default is guilty of an offence or is liable to a penalty or punishment, an officer of the corporation is in default if the officer knowingly and wilfully —
(a) commits the offence; or
(9) Where it is necessary, in a proceeding for an offence under this Act, to establish the conduct of the manager of a VCC or the custodian of a non‑umbrella VCC or sub‑fund, any conduct engaged in or on behalf of the manager or custodian —
(a) by a director, an employee or an agent of the manager or custodian within the scope of his or her actual or apparent authority; or
(b) by any other person at the direction or with the consent or agreement (whether express or implied) of a director, an employee or an agent of the manager or custodian, where the giving of the direction, consent or agreement is within the scope of the actual or apparent authority of the director, employee or agent,
is treated as having been engaged in by the manager or custodian.
(10) Where it is necessary, in a proceeding for an offence under this Act, to establish the state of mind of a manager of a VCC, or a custodian of a non‑umbrella VCC or sub‑fund, in respect of conduct engaged in, or treated under subsection (9) as having been engaged in by the manager or custodian, it is sufficient to show that a director, an employee or an agent of the manager or custodian, being one by whom the conduct was engaged in within the scope of his or her actual or apparent authority, had that state of mind.
(11) A reference in subsection (10) to the state of mind of a person includes the knowledge, intention, opinion, belief or purpose of the person and the person’s reasons for his or her intention, opinion, belief or purpose.
Affairs of corporation or sub-fund
3.—(1) Unless the context otherwise requires, a reference to the affairs of a VCC or other corporation (called in this subsection the corporation) in the following provisions:
(a) Part 9, including a provision of the Companies Act applied by that Part;
(b) section 130(13);
(c) paragraph (f) of the provision that replaces section 254(1) of the Companies Act because of section 130(8);
(d) section 142;
(e) section 145;
(f) section 155,
is a reference to —
(g) the promotion, formation, membership, control, business, trading, transactions and dealings (whether alone or jointly with another person and including transactions and dealings as agent, bailee or trustee), property (whether held alone or jointly with another person and including property held as agent, bailee or trustee), liabilities (including liabilities owed jointly with another person and liabilities as trustee), profits and other income, receipts, losses, outgoings and expenditure of the corporation;
(h) in the case of a corporation (not being a trustee corporation) that is a trustee (but without affecting paragraph (g)), matters concerned with the ascertainment of the identity of the persons who are beneficiaries under the trust, their rights under the trust and any payments that they have received, or are entitled to receive, under the terms of the trust;
(i) the internal management and proceeding of the corporation;
(j) any act or thing done (including any contract made and any transaction entered into) by or on behalf of the corporation, or to or in relation to the corporation or its business or property, at a time when —
(ii) the corporation is under judicial management (where applicable);
(iii) a compromise or an arrangement made between the corporation and another person or other persons is being administered; or
(iv) the corporation or (if it is an umbrella VCC) the corporation or any of its sub‑funds, is being wound up,
and includes any conduct of the receiver, the receiver and manager, or the judicial manager of the person administering the compromise or arrangement or of any liquidator or provisional liquidator of the corporation or sub‑fund (where applicable);
(k) the ownership of shares in, debentures of, and interests issued by, the corporation;
(l) the power of persons to exercise, or to control the exercise of, the rights to vote attached to shares in the corporation or to dispose of, or to exercise control over the disposal of, such shares;
(m) matters concerned with the ascertainment of the persons who are or have been financially interested in the success or failure, or apparent success or failure, of the corporation or are or have been able to control or materially influence the policy of the corporation;
(n) the circumstances under which a person acquired or disposed of, or became entitled to acquire or dispose of, shares in, debentures of, or interests issued by, the corporation;
(o) where the corporation has issued interests, matters concerning the financial or business undertaking, scheme, common enterprise or investment contract to which those interests relate; and
(p) matters relating to or arising out of the audit of, or working papers or reports of an auditor concerning, any matters in paragraphs (g) to (o).
(2) Unless the context otherwise requires, a reference to the affairs of a sub‑fund in the following provisions:
(a) section 114(5)(a)(ii);
(c) paragraph (f) of the provision that replaces section 254(1) of the Companies Act because of paragraph 14 of the First Schedule;
(d) paragraph 19 of the First Schedule,
(e) the promotion, formation, control, business, trading, transactions and dealings of the sub‑fund (whether by the umbrella VCC alone or jointly with another person and including transactions and dealings as agent, bailee or trustee), property of the sub‑fund (whether held by the umbrella VCC alone or jointly with another person and including property held as agent, bailee or trustee), liabilities of the sub‑fund (including liabilities owed by the umbrella VCC jointly with another person and liabilities as trustee), profits and other income, receipts, losses, outgoings and expenditure of the umbrella VCC received or incurred on behalf of the sub‑fund;
(f) the internal management and proceeding of the umbrella VCC in respect of the sub‑fund;
(g) any act or thing done (including any contract made and any transaction entered into) —
(i) by the umbrella VCC on behalf of the sub-fund; or
(ii) to or in relation to the umbrella VCC in respect of the sub‑fund or the business or property of the sub‑fund,
at a time when —
(iii) a receiver, or a receiver and manager, is in possession of, or has control over, property of the sub‑fund;
(iv) a compromise or an arrangement made between the umbrella VCC (on behalf of the sub‑fund) and the creditors of the sub‑fund (or any class of them), members holding shares issued in respect of that sub‑fund (or any class of them), or another person or other persons, is being administered; or
(v) the sub-fund is being wound up,
and includes any conduct of the receiver, the receiver and manager, of the person administering the compromise or arrangement or of any liquidator or provisional liquidator of the sub‑fund, as the case may be;
(h) the ownership of shares in and interests issued by the umbrella VCC in respect of the sub‑fund, or the debentures of the sub‑fund;
(i) the power of persons to exercise, or to control the exercise of, the rights to vote attached to shares issued by the umbrella VCC in respect of the sub‑fund, or to dispose of, or to exercise control over the disposal of, such shares;
(j) matters concerned with the ascertainment of the persons who are or have been financially interested in the success or failure, or apparent success or failure, of the sub‑fund or are or have been able to control or materially influence the policy of the umbrella VCC in relation to the sub‑fund;
(k) the circumstances under which a person acquired or disposed of, or became entitled to acquire or dispose of, shares in or interests issued by the umbrella VCC in respect of the sub‑fund, or the debentures of the sub‑fund;
(l) matters concerning the financial or business undertaking, scheme, common enterprise or investment contract to which the shares of the umbrella VCC in respect of the sub-fund relate; and
(m) matters relating to or arising out of the audit of, or working papers or reports of an auditor concerning, any matters in paragraphs (e) to (l).
When corporations related to each other
4. For the purposes of this Act, where a corporation —
then the firstmentioned corporation and the other corporation are treated as related to each other.
Purpose of Act and application of Companies Act provisions in this Act
5.—(1) The purpose of this Act is to enable a body corporate known as a variable capital company or VCC, to be formed, and to provide for its operation and regulation.
(2) This Act (except for Part 7) applies the provisions of the Companies Act subject to the modifications set out by this Act.
(3) Where a provision of the Companies Act (called in this section an incorporated provision) is incorporated by reference in this Act, whether with or without modifications, then, in addition to any specific modifications set out in this Act —
(b) a reference in the incorporated provision to another incorporated provision is to that other provision as applied by this Act;
(c) a reference in the incorporated provision to the Registrar of Companies is to the Registrar;
(d) subject to section 2(5), a reference in the incorporated provision to the Minister is to the Minister having charge of this Act;
(e) a reference in the incorporated provision to the Authority is to ACRA;
(f) a reference in the incorporated provision to a default penalty is to the default penalty in section 147;
(g) a reference in the incorporated provision to a prescribed matter is to the matter prescribed by regulations made under section 165; and
(h) the incorporated provision applies subject to such other modifications as may be prescribed by regulations made under subsection (4).
(4) The Minister may, for a period of 2 years starting on the date of commencement of this Act, make regulations to prescribe further modifications to an incorporated provision in its application by this Act.
Application of Companies Act to VCC, etc.
6.—(1) Where a provision of the Companies Act is incorporated by reference in this Act and applies to or in relation to a VCC, a person of a VCC or a matter concerning a VCC, as that Companies Act provision applies to or in relation to a corporation, a person of a corporation or a matter concerning a corporation, then (despite a VCC being a corporation within the meaning of the Companies Act) the Companies Act provision is disapplied, but only to the extent of such application in this Act.
(2) Where a provision of the Companies Act has a corresponding provision in this Act that applies to or in relation to a VCC, a person of a VCC or a matter concerning a VCC, as that Companies Act provision applies to or in relation to a corporation, a person of a corporation or a matter concerning a corporation, then (despite a VCC being a corporation within the meaning of the Companies Act) the Companies Act provision is disapplied, but only to the extent of such application in the corresponding provision.
(3) Despite anything in the Companies Act —
(a) Division 5 of Part X of that Act does not apply for the purpose of the winding up of a VCC or a sub‑fund of an umbrella VCC; and
(b) Division 6 of Part X of that Act does not apply to any proceedings concerning a VCC or a sub‑fund of an umbrella VCC.