Singapore legislation
Clause 114
Clause 114
Reports of inspectors
(1)
An inspector appointed by the Minister may and, if so directed by the Minister must, make one or more interim reports to the Minister.
(2)
On the conclusion of an investigation, the inspector must make a report to the Minister of —
the inspector’s opinion on or in relation to the affairs that the inspector is appointed to investigate; and
the facts upon which that opinion is based.
(3)
Subject to section 233(1B) of the Companies Act as applied by subsection (4), the Minister must forward one copy of the report to each of the following:
the VCC at its registered office;
the applicant for the investigation under section 113, but only if the applicant requests for it.
(4)
Subject to section 5, sections 233(1A) to (3) and 238 of the Companies Act apply in relation to a report under subsection (1) or (2) as they apply in relation to a report mentioned in section 233(1) of that Act.
(5)
If from a report of an inspector, it appears to the Minister that proceedings ought in the public interest to be brought by the VCC that is the subject of, or whose sub-fund is the subject of, the report —
for the recovery of damages in respect of any fraud, misfeasance or other misconduct —
in connection with the promotion or formation of the VCC or sub-fund; or
in the management of the affairs of the VCC or the affairs of the sub-fund; or
for the recovery of any property of the VCC or sub-fund which has been misapplied or wrongfully retained,the Minister may himself or herself bring proceedings for that purpose in the name of the VCC.