Singapore legislation
Section 5
Section 5
Purpose of Act and application of Companies Act provisions in this Act
(1)
The purpose of this Act is to enable a body corporate known as a variable capital company or VCC, to be formed, and to provide for its operation and regulation.
(2)
This Act (except for Part 7) applies the provisions of the Companies Act subject to the modifications set out by this Act.
(3)
Where a provision of the Companies Act 1967 (called in this section an incorporated provision) is incorporated by reference in this Act, whether with or without modifications, then, in addition to any specific modifications set out in this Act —
the incorporated provision applies with the necessary modifications;
a reference in the incorporated provision to another incorporated provision is to that other provision as applied by this Act;
a reference in the incorporated provision to the Registrar of Companies is to the Registrar;
subject to section 2(5), a reference in the incorporated provision to the Minister is to the Minister having charge of this Act;
a reference in the incorporated provision to the Authority is to ACRA;
a reference in the incorporated provision to a default penalty is to the default penalty in section 147;
a reference in the incorporated provision to a prescribed matter is to the matter prescribed by regulations made under section 165; and
the incorporated provision applies subject to such other modifications as may be prescribed by regulations made under subsection (4).
(4)
The Minister may, for a period of 2 years starting on 14 January 2020, make regulations to prescribe further modifications to an incorporated provision in its application by this Act.