Clause 19

by inserting, immediately after the words “Companies Act” in subsection (2), the words “and Part 6, Part 8 and Part 9 (as it applies to winding up) of the IRDA,”;

by deleting the words “(called in this section an incorporated provision)” in subsection (3) and substituting the words “(called in this subsection an incorporated provision)”;

by inserting, immediately after the words “another incorporated provision” in subsection (3)(b), the words “or to a provision of the IRDA incorporated by reference in this Act,”;

by inserting, immediately after subsection (3), the following subsection:“(3A) Where a provision of the IRDA (called in this subsection an incorporated provision) is incorporated by reference in this Act, whether with or without modifications, then, in addition to any specific modifications set out in this Act —

the incorporated provision applies with the necessary modifications;

a reference in the incorporated provision to another incorporated provision or to a provision of the Companies Act incorporated by reference in this Act, is to that other provision as applied by this Act;

a reference in the incorporated provision to the Registrar of Companies is to the Registrar;

a reference in the incorporated provision (being section 124(1)(g) or (2)(c), 125(5), 127(3) or 198 of the IRDA) to the Minister, is to the Minister having charge of this Act;

a reference in the incorporated provision to a default penalty is to the default penalty in section 147;

a reference in the incorporated provision to a prescribed matter is to the matter prescribed by regulations made under section 165; and

the incorporated provision applies subject to such other modifications as may be prescribed by regulations made under subsection (4).”;

by inserting, immediately after the words “an incorporated provision” in subsection (4), the words “mentioned in subsection (3)”;

by inserting, immediately after subsection (4), the following subsection:“(5) The Minister may, for a period of 2 years starting on the date of commencement of section 19 of the Variable Capital Companies (Miscellaneous Amendments) Act 2019, make regulations to prescribe further modifications to an incorporated provision mentioned in subsection (3A) in its application by this Act.”; and

by inserting, immediately after the words “Companies Act” in the section heading, the words “and IRDA”.