Singapore legislation
Section 144
Section 144
Application of provisions of Division 2 of Part 12 of Companies Act 1967, etc.
(1)
Sections 401, 407, 409 and 409A of the Companies Act 1967 apply in relation to this Act (including a provision of the Companies Act as applied by this Act) as they apply in relation to the Companies Act 1967, subject to section 5 and the following further modifications:
a reference in those sections of the Companies Act 1967 to a corporation or company is to a VCC;
a reference in section 401(2) of the Companies Act 1967 to financial statements is to financial statements or consolidated financial statements (as the case may be) required to be prepared under Part 8;
a reference in sections 401, 407, 409 and 409A of the Companies Act 1967 to the Companies Act 1967 is to this Act (including a provision of the Companies Act applied by this Act).
(2)
Every person who, while an officer or the manager of a VCC —
by deceitful, fraudulent or dishonest means, induces any person to grant credit to the VCC, whether for the VCC itself or on account of any of its sub‑funds (if applicable);
with intent to defraud creditors of the VCC or any of its sub‑funds, makes or causes to be made any gift or transfer of or charge on, or causes or connives at the levying of any execution against, the property of the VCC or any of its sub‑funds (if applicable); or
with intent to defraud creditors of the VCC or any of its sub‑funds, has concealed or removed any part of the property of the VCC or any of its sub‑funds after or within 2 months before the date of any unsatisfied judgment or order for payment of money obtained against the VCC or the property of any of its sub‑funds (if applicable),shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $15,000 or to imprisonment for a term not exceeding 3 years or to both.