Singapore legislation

Clause 42

Registration of charges

(1)

Division 8 of Part IV of the Companies Act applies in relation to a VCC and a charge created by it (including one created over any property or undertaking of a sub‑fund), as it applies in relation to a company and a charge created by it, subject to the modifications in subsection (2) and to sections 5 and 43.

(2)

The modifications are as follows:

(a)

sections 131(3AA), 140 and 141 of the Companies Act are omitted;

(b)

the reference in section 131(3) of the Companies Act to the date of commencement of section 63 of the Companies (Amendment) Act 2014 is to the date of commencement of this Act;

(c)

in the case of a charge over any property or undertaking of a sub‑fund, the statement mentioned in section 131(5) of the Companies Act in respect of that charge must contain, in addition to the particulars in that provision, the name and registration number of the sub‑fund;

(d)

in the case of a charge over any property or undertaking of a sub-fund, there must be entered in the register of charges under section 134(1) of the Companies Act, in addition to the particulars set out in that provision, the name and registration number of the sub‑fund;

(e)

section 136(1) of the Companies Act also applies in a case where the property or undertaking that is the subject of a registered charge ceases to form part of the property or undertaking of a sub‑fund, and in that event the statement to be lodged under that provision is a statement of that fact;

(f)

in the case of a charge over any property or undertaking of a sub‑fund, the reference in section 138(1A)(b)(ii) of the Companies Act to the date the property or undertaking ceases to form part of the company’s property or undertaking is to the date the property or undertaking ceases to form part of the property or undertaking of the sub‑fund;

(g)

in the case of a charge over the property or undertaking of a sub‑fund, the register of charges in section 138(2) of the Companies Act must also contain (in addition to a description of the matters set out in that provision) the name and registration number of the sub‑fund.

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