Singapore legislation
Clause 43
Clause 43
Duty of VCC to register charges existing on property acquired
(1)
This section applies in place of section 133 of the Companies Act.
(2)
Where a VCC acquires any property which is subject to a charge of any such kind as would, if it had been created by the VCC after the acquisition of the property, have been required to be registered under section 131 of the Companies Act (as applied by section 42), the VCC must lodge a statement of the prescribed particulars with the Registrar for registration within 30 days after the date on which the acquisition is completed.
(3)
If subsection (1) is contravened, the VCC and every officer of the VCC who is in default shall each be guilty of an offence and shall each be liable on conviction to a fine not exceeding $1,000, and also to a default penalty.