Singapore legislation
Clause 111
Clause 111
Power to declare VCC
The Minister may by order declare that a VCC is one to which this Part applies if the Minister is satisfied —
(a)
that a prima facie case has been established that, for the protection of the public or the shareholders or creditors of the VCC, it is desirable that the affairs of the VCC should be investigated under this Part;
(b)
that it is in the public interest that allegations of fraud, misfeasance or other misconduct by persons who are or have been concerned with the formation or management of the VCC should be investigated under this Part; or
(c)
that for any other reason it is in the public interest that the affairs of the VCC should be investigated under this Part.