Singapore legislation
Clause 65
Clause 65
Loans and quasi-loans to directors, credit transactions and related arrangements, etc., and related provisions
(1)
Sections 162, 163, 163A and 163B of the Companies Act apply in relation to a VCC as they apply in relation to a company, subject to section 5, subsection (2) and the following modifications:
a reference in any of those sections of the Companies Act to a company that by virtue of section 6 of that Act is deemed to be related to the company, or to a related company, is to a company that is a related corporation of the VCC;
sections 162(3), (4), (5) and (10) and 163(3D)(b) and (c) and (4)(b) of the Companies Act are omitted;
a reference to another company or the other company in section 163(1), (3D)(a) or (4)(a) of the Companies Act is to a company or another VCC.
(2)
In section 163 of the Companies Act, a person who has an interest in a share is treated as having an interest in the voting power conferred on the holder of that share.