Singapore legislation
Section 138
Section 138
Revocation of registration
(1)
The Registrar may by order revoke the registration of a VCC if the VCC fails to comply with section 135(6).
(2)
The Registrar must, before making an order of revocation —
give the VCC written notice of the Registrar’s intention to revoke the registration;
specify in the notice a period of at least 30 days within which the VCC may make written representations to the Registrar; and
consider the VCC’s written representations (if any) that are received by the Registrar within the time specified in the notice.
(3)
At the expiration of the time specified in the notice mentioned in subsection (2), the Registrar may, unless cause to the contrary is previously shown, order that the registration of the VCC be revoked.
(4)
The Registrar must —
cause a notice of the order of revocation to be published in the Gazette; and
serve a copy of the notice of the order of revocation on the VCC which registration is revoked.
(5)
Upon publication of the notice of the order of revocation in the Gazette, the order of revocation takes effect, and the VCC ceases to be a VCC, and the provisions of this Act cease to apply to the VCC and to its sub-funds, if any.
(6)
An order of revocation under subsection (3) is final.
(7)
Despite the order of revocation in respect of a VCC under subsection (3), the liability (if any) of every officer and member of the VCC continues.
(8)
Nothing in this section affects —
the enforcement by any person of any right or claim against the VCC; or
the enforcement by the VCC of any right or claim against any person,whether such right or claim is enforced against, or by the VCC in its own right or in respect of any of its sub-funds.