Singapore legislation
Section 113
Section 113
Investigation of affairs of VCC by inspectors at direction of Minister
(1)
The Minister may, on an application mentioned in subsection (2) or (3), appoint one or more inspectors to investigate the affairs of a VCC or such aspects of the affairs of the VCC as are specified in the instrument of appointment, and to report on those affairs or aspects in such manner as the Minister directs.
(2)
For an investigation into any matter other than one specified in subsection (3), the Minister may exercise the power under subsection (1) —
on the application of —
not less than 200 members (excluding a subsidiary of the VCC if the subsidiary is registered as a member) or of members holding not less than 10% of the shares issued (excluding shares held by a subsidiary of the VCC under section 22(6) or (11), if any); or
holders of debentures holding not less than 20% in nominal value of all debentures issued by the VCC; or
on the application of the VCC pursuant to a special resolution.
(3)
For an investigation that relates solely to a sub‑fund of an umbrella VCC, the Minister may exercise the power under subsection (1) —
on the application of —
not less than 200 members holding shares that are issued in respect of that sub‑fund; (ii)members holding not less than 10% of the shares that are issued in respect of that sub‑fund (excluding shares held by a subsidiary of the VCC under section 22(6) or (11), if any); or
holders of debentures holding not less than 20% in nominal value of all debentures issued in respect of that sub‑fund by the VCC; or
on the application of the VCC pursuant to a resolution passed, in accordance with the VCC’s constitution, by one or more members holding shares that represent —
at least 75%; or
if the constitution of the VCC requires a greater majority for that resolution, that greater majority,of the total voting rights of all the members holding shares that are issued in respect of that sub‑fund who have the right to vote on that resolution.
(4)
An application under this section must be supported by such evidence as the Minister requires as to the reasons for the application and the motives of the applicants in requiring the investigation.
(5)
The Minister may, before appointing an inspector, require the applicants to give security for such amount as the Minister thinks fit for payment of the cost of the investigation.