Singapore legislation

Clause 6

Application of Companies Act to VCC, etc.

(1)

Where a provision of the Companies Act is incorporated by reference in this Act and applies to or in relation to a VCC, a person of a VCC or a matter concerning a VCC, as that Companies Act provision applies to or in relation to a corporation, a person of a corporation or a matter concerning a corporation, then (despite a VCC being a corporation within the meaning of the Companies Act) the Companies Act provision is disapplied, but only to the extent of such application in this Act.

(2)

Where a provision of the Companies Act has a corresponding provision in this Act that applies to or in relation to a VCC, a person of a VCC or a matter concerning a VCC, as that Companies Act provision applies to or in relation to a corporation, a person of a corporation or a matter concerning a corporation, then (despite a VCC being a corporation within the meaning of the Companies Act) the Companies Act provision is disapplied, but only to the extent of such application in the corresponding provision.

(3)

Despite anything in the Companies Act —

(a)

Division 5 of Part X of that Act does not apply for the purpose of the winding up of a VCC or a sub‑fund of an umbrella VCC; and

(b)

Division 6 of Part X of that Act does not apply to any proceedings concerning a VCC or a sub‑fund of an umbrella VCC.

Read in full context — Variable Capital Companies Bill →