Singapore legislation
Clause 30
Clause 30
Disclosure of sub-fund details
(1)
An umbrella VCC must set out in every agreement, business letter, statement of account, invoice, official notice, publication, bill of exchange, promissory note, indorsement, cheque, order, receipt or letter of credit in which any of its sub‑funds is mentioned, all of the following:
the name of the sub-fund;
the registration number of the sub-fund;
the fact that the assets and liabilities of the sub‑fund are segregated in accordance with section 29.
(2)
Before entering into an oral agreement on behalf of any of its sub‑funds, an umbrella VCC must disclose to the other party to the agreement all of the following:
the name of the sub-fund;
the registration number of the sub-fund;
the fact that the assets and liabilities of the sub‑fund are segregated in accordance with section 29.
(3)
An umbrella VCC that fails to comply with subsection (1) or (2) shall be guilty of an offence.
(4)
An officer of an umbrella VCC, or a person acting on his or her behalf, who —
signs, issues, or authorises to be signed or issued, on behalf of the VCC any document mentioned in subsection (1) in which the information in subsection (1)(a), (b) or (c) is not set out; or
authorises or enters into any agreement on behalf of a sub‑fund of the VCC without ensuring that the information in subsection (2)(a), (b) and (c) has been disclosed to the other party to the agreement,shall be guilty of an offence and, if the document mentioned in paragraph (a) is a bill of exchange, promissory note, indorsement, cheque or order, be liable to the holder of it for the amount due on it, unless that liability has been discharged by the VCC.