Singapore legislation
Clause 117
Clause 117
Costs of investigations
(1)
Section 237 of the Companies Act applies in relation to an investigation of the affairs of a VCC under section 113 or 120 and any proceedings brought by the Minister in the name of the VCC, as it applies in relation to an investigation and proceedings mentioned in subsection (1) of that section, subject to section 5 and subsection (2).
(2)
The expenses of and incidental to an investigation under section 113 or 120 that relates solely to a sub-fund of an umbrella VCC (including the costs of any proceedings brought by the Minister in the name of the umbrella VCC in relation to such investigation) are to be paid —
out of the assets of the sub-fund; or
if the Minister so directs —
by the applicant for the investigation; or
in part out of such assets and in part by the applicant,and section 237(2) of the Companies Act (as applied by subsection (1)) applies accordingly.