Singapore legislation

Clause 73

Duty to keep consents of directors, secretaries and managers

(1)

Section 173C of the Companies Act applies in relation to a VCC as it applies in relation to a company, subject to section 5 and subsections (2) and (3).

(2)

In addition to the matters in section 173C of the Companies Act, every VCC must keep at its registered office —

(a)

in respect of each director, the statement mentioned in section 49(b); and

(b)

in respect of each manager —

(i)

a signed copy of the manager’s consent to act as manager; and

(ii)

the statement mentioned in section 47(2)(b).

(3)

If section 173C(1) of the Companies Act as applied by subsection (1) or (2), 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 $5,000, and also to a default penalty.

Read in full context — Variable Capital Companies Bill →