Singapore legislation
Section 34
Section 34
Shares of VCC
(1)
The shares or other interest of any member in a VCC are movable property and transferable in the manner provided by the constitution of the VCC and is not of the nature of immovable property.
(2)
A shareholder has no interest in the property of a VCC.
(3)
Subject to its constitution, a VCC may issue more than one class of shares.
(4)
The rights which attach to each share of any given class are —
the right, in accordance with the constitution of the VCC, to participate in or receive profits, income or other payments or returns arising from —
the acquisition, holding, management or disposal of the property or part of the property of the VCC; or
the exercise, redemption or expiry of any right, interest, title or benefit in the property or part of the property of the VCC, or to receive sums paid out of such profits, income or other payments or returns;
the right (if any), in accordance with the constitution of the VCC, to vote at any general meeting of the VCC or at any meeting of shareholders of that class of shares; and
such other rights as may be provided in the constitution in relation to shares of that class.
(5)
A VCC may make provision in its constitution to authorise the conversion of one class of shares into another class of shares.
(6)
Section 74 of the Companies Act 1967 (as applied by section 36) applies where a conversion of shares undertaken by a VCC involves a variation or an abrogation of the rights attached to any class of shares.