Singapore legislation
Section 27
Section 27
Registration of sub-fund
(1)
Within 7 days after forming a sub-fund, an umbrella VCC must apply to the Registrar for the registration of the sub‑fund.
(2)
An application for the registration of a sub-fund —
must be made in the form and manner determined by the Registrar; and
must be accompanied by such information as the Registrar may require and the prescribed fee.
(3)
If subsection (2)(a) and (b) is satisfied, the Registrar must —
register the sub-fund; and
issue a notice of the registration together with its registration number to the umbrella VCC.
(4)
If an umbrella VCC contravenes subsection (1), the VCC and every officer of the VCC who is in default shall each be guilty of an offence and shall each be liable on conviction to a fine not exceeding $1,000, and also to a default penalty.