Singapore legislation

Clause 21

of Variable Capital Companies (Miscellaneous Amendments) Bill

Clause 21

New section 6A

The principal Act is amended by inserting, immediately after section 6, the following section:“Application of IRDA to VCC, etc.6A.—

(1)

Where a provision of the IRDA 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 IRDA 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 IRDA) the IRDA provision is disapplied, but only to the extent of such application in this Act.(2) Where a provision of the IRDA 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 IRDA 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 IRDA) the IRDA provision is disapplied, but only to the extent of such application in the corresponding provision.(3) Despite anything in the IRDA —

(a)

Division 1 of Part 10 of the IRDA does not apply for the purpose of the winding up of a VCC or a sub‑fund of an umbrella VCC; and

(b)

Part 11 of the IRDA does not apply to any proceedings concerning a VCC or a sub‑fund of an umbrella VCC.(4) Section 268 of the IRDA applies in relation to an offence under any of the following as it applies in relation to an offence under Parts 4, 5, 6, 7, 8, 9, 10, 11 and 12 of the IRDA:

(a)

section 401(2A) or 407 of the Companies Act as applied by section 144, insofar as it relates to any act under Part 6, 8 or 9 of the IRDA as applied by this Act;

(b)

Part 6 of the IRDA as applied by Part 10;

(c)

Part 8 or 9 of the IRDA as applied by section 33(2) or Part 11.”.

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