Singapore legislation

Clause 49

Restrictions on naming of director in document or register

Section 146 (except subsection (5)) of the Companies Act applies in relation to a VCC or proposed VCC as it applies in relation to a company or proposed company, subject to section 5 and the following modifications:

(a)

a reference in section 146(1)(b) and (ii) of the Companies Act to the register of chief executive officers of a company is to the register of managers of a VCC;

(b)

in addition to the conditions in section 146(1A) of the Companies Act, the person to be named as a director or proposed director in a document or register mentioned in section 146(1)(a) or (b) of that Act must also —

(i)

by himself or herself; or

(ii)

through a registered qualified individual authorised by him or her,file with the Registrar a statement in the prescribed form and made by both the VCC and the person as to the person’s compliance with the prescribed factors in section 53(3); (c)the following provision applies in place of section 146(3) of the Companies Act (which disapplies section 146(1) and (2) of that Act to certain entities and documents):“Subsections (1) and (2) (other than the provisions relating to the signing of a consent to act as director) do not apply to a constitution adopted by a VCC after the expiration of one year from the date on which the VCC was entitled to commence business.”.

Read in full context — Variable Capital Companies Bill →