Singapore legislation
Section 60I
Section 60I
Application of Act to instrument between sub‑funds
(1)
A reference in this Act to an instrument or a description of instrument that effects a transaction, includes an instrument (called in this Part an instrument between sub‑funds) that effects a transaction between sub‑funds of an umbrella VCC that would have been the same transaction had the sub‑funds been legal persons.
(2)
A reference in this Act to an instrument or a description of instrument that is evidence of, or that signifies any matter relating to a transaction, includes an instrument (also called in this Part an instrument between sub‑funds) that is evidence of, or that signifies the same matter relating to a transaction between sub‑funds of an umbrella VCC, that would have been the same transaction had the sub‑funds been legal persons.
(3)
In the case of an instrument between sub‑funds, a reference in this Act to —
a party (however described) to an instrument; or
a party who executes an instrument,is to the umbrella VCC in relation to the relevant sub‑fund.
(4)
Accordingly —
any right of the party in subsection (3)(a) or (b) under this Act is a right of the umbrella VCC that is to be exercised for the purpose of the relevant sub‑fund; and
any liability or duty of that party under this Act is considered (for the purpose of section 29 of the VCC Act) a liability or duty of the umbrella VCC that is incurred, and to be discharged, for the purpose of the relevant sub‑fund.
(5)
To avoid doubt, the time and place of the execution of an instrument between sub‑funds is the time and place at which the umbrella VCC executes the instrument.
(6)
Where —
an umbrella VCC effects a transaction between its sub‑funds otherwise than by way of an instrument, or that is not evidenced or signified by an instrument; and
had the transaction been effected, evidenced or signified by an instrument, the instrument would have been chargeable with duty under this Act,the umbrella VCC must give notice to the Commissioner of the transaction, in such form as the Commissioner may require, within 14 days of the transaction.
(7)
The notice mentioned in subsection (6) is treated for the purposes of this Act as an instrument mentioned in subsection (6)(b) and chargeable with duty accordingly.
(8)
To avoid doubt, a reference to an instrument in subsections (6) and (7) includes an electronic instrument as defined in section 59(1).
(9)
An umbrella VCC that contravenes subsection (6) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding 4 times the amount of duty that is otherwise chargeable on the notice.