Singapore legislation
Clause 126
Clause 126
Statement that receiver appointed
(1)
This section applies in place of section 222 of the Companies Act.
(2)
Where a receiver or manager of the property of a VCC has been appointed, every invoice order for goods or business letter issued by or on behalf of —
the VCC or any of its sub-funds;
the receiver or manager of the property of the VCC or any of its sub-funds (if applicable); or
the liquidator of the VCC or any of its sub-funds (if applicable),being a document in which the name of the VCC or any of its sub‑funds appears, must contain a statement immediately following the name of the VCC or sub-fund, that a receiver or manager has been appointed in respect of the property of the VCC.
(3)
Where a receiver or manager of the property of a sub-fund of an umbrella VCC has been appointed, every invoice order for goods or business letter issued by or on behalf of —
the umbrella VCC for the sub-fund;
the receiver or manager of the property of the sub-fund; or
the liquidator of the sub-fund,being a document in which the name of the sub-fund appears, must contain a statement immediately following the name of that sub‑fund, that a receiver or manager has been appointed in respect of the property of the sub-fund.
(4)
To avoid doubt, subsections (2) and (3) apply cumulatively in a case where a receiver or manager has been appointed in respect of the property of an umbrella VCC, and the same or another receiver or manager has been appointed in respect of the property of any of its sub-funds.
(5)
If subsection (2) or (3) is contravened, the VCC and each of the following shall be guilty of an offence:
every officer of the VCC who knowingly and wilfully authorises or permits the default;
the liquidator of the VCC or the sub-fund (as the case may be), if he or she knowingly and wilfully authorises or permits the default;
the receiver or manager of the property of the VCC or the sub-fund (as the case may be), if he or she knowingly and wilfully authorises or permits the default.