Singapore legislation

Clause 67

Disclosure of director’s emoluments and general duty to make disclosure

Sections 164A and 165 of the Companies Act apply in relation to a VCC and a director of a VCC, as they apply in relation to a company and a director of a company, subject to sections 5 and 66(14) and the following modifications:

(a)

the reference in section 164A(1)(a) of the Companies Act to the company itself if it is registered as its own member, is to the VCC itself if it is registered as its own member, and to a subsidiary of the VCC that is registered as a member of the VCC;

(b)

the reference to treasury shares in section 164A(1)(b) of the Companies Act is to shares held by a subsidiary of the VCC under section 22(6) or (11) (if any);

(c)

the reference in section 165(1) of the Companies Act to section 164 of that Act is to section 66;

(d)

all references in section 165 of the Companies Act relating to a chief executive officer are omitted;

(e)

section 165(7), (8) and (10) of the Companies Act is omitted.

Read in full context — Variable Capital Companies Bill →