Singapore legislation
Clause 17
Clause 17
Members of VCC
(1)
The subscribers to the constitution of a VCC are considered to have agreed to become members of the VCC and, on the incorporation of the VCC, must be entered as members in the register of members.
(2)
Apart from the subscribers, every other person who agrees to become a member of the VCC and whose name is entered in the register of members is a member of the VCC.
(3)
The liability of a member of a VCC is limited to the amount (if any) unpaid on the shares held by the member.
(4)
Subsection (3) does not affect any other liability to which a member may be subject under this Act.