Singapore legislation
Section 120
Section 120
Appointment and powers of inspectors to investigate ownership of VCC
(1)
Where it appears to the Minister that there is good reason to do so, the Minister may appoint one or more inspectors to investigate and report on the membership of any VCC (whether or not it is a declared VCC), and otherwise for the purpose of determining the true persons who are or have been —
financially interested in the success or failure (real or apparent) of the VCC; or
able to control or materially influence the policy of the VCC.
(2)
An application may be made to the Minister for an investigation with respect to particular shares in or debentures of any VCC (whether or not it is a declared VCC), for the purpose mentioned in subsection (1), by —
in a case other than one mentioned in paragraph (b) —
not less than 200 members (excluding a subsidiary of the VCC if the subsidiary is registered as a member); or
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
in a case where the shares or other matter in question relate solely to a sub-fund of a VCC —
not less than 200 members holding shares that are issued in respect of that sub‑fund; or
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).
(3)
On an application made under subsection (2), the Minister must appoint an inspector or inspectors to conduct an investigation, unless the Minister is satisfied that the application is vexatious.
(4)
An inspector appointed pursuant to an application made under subsection (2) may investigate any matter which the application seeks to have investigated, except insofar as the Minister is satisfied that it is unreasonable for that matter to be investigated.
(5)
Subject to section 5, section 243(2) and (4) of the Companies Act 1967 applies, with the necessary modifications in relation to an investigation under this section as it applies in relation to an investigation under that section.
(6)
The provisions of this Part applicable to an investigation into the affairs of a declared VCC apply to an investigation under this section, subject to the necessary modifications and the following further modifications:
a reference in this Part (including a provision of the Companies Act 1967 applied by this Part) to an officer or agent of a VCC or other corporation is to a person who is or has been, or whom the inspector has reasonable cause to believe to be or to have been —
financially interested in the success or failure or the apparent success or failure of the VCC or any other corporation the membership of which is investigated with that of the VCC; or
able to control or materially influence the policy of that VCC or corporation,and a person concerned only on behalf of others; and
the Minister is not bound to provide to the VCC or any other person a copy of any report by an inspector appointed under this section if the Minister is of the opinion that there is good reason for not divulging the contents of the report or any part of it, but may (if the Minister thinks fit) cause to be kept by the Registrar a copy of the report or (as the case may be) the parts of the report, as respects which the Minister is not of that opinion.