Singapore legislation
Section 63
Section 63
Duty and liability of officers, etc.
(1)
Section 157(1), (2), (3) and (5) of the Companies Act 1967 applies in relation to a director, officer or agent of a VCC as it applies in relation to a director, officer or agent of a company, subject to section 5 and subsections (2) and (3).
(2)
For the purpose of subsection (1), a reference in section 157(2), (3) and (5) of the Companies Act 1967 to an agent of the company is to an agent of the VCC, the manager of the VCC, the custodian of the VCC (being a non‑umbrella VCC), or any person who at any time has been such agent, manager or custodian.
(3)
In addition to the duties imposed on a director or officer of a VCC under subsection (1), a director or officer of a VCC also owes the same duties to the VCC as those owed by a director or officer of a company to the company under the common law.