Clause 28

by inserting, immediately after subsection (1), the following subsection:“(1A) Where an umbrella VCC enters into an agreement or issues a business letter, statement of account, invoice, official notice, publication, bill of exchange, promissory note, indorsement, cheque, order, receipt or letter of credit for the purpose of any of its sub‑funds, it must set out in that document the fact that it is acting for the purpose of that sub‑fund as well as the matters specified in subsection (1)(a), (b) and (c).”;

by inserting, immediately after paragraph (b) of subsection (2), the following paragraph:“(ba)the fact that the umbrella VCC is acting for the purpose of the sub‑fund;”;

by inserting, immediately after the words “subsection (1)” in subsection (3), “, (1A)”; and

by deleting subsection (4) and substituting the following subsection:“(4) An officer of an umbrella VCC, or a person acting on his or her behalf, who —

signs or issues, or authorises to be signed or issued, on behalf of the VCC —

any document mentioned in subsection (1) in which the information in subsection (1)(a), (b) or (c) is not set out; or

any document mentioned in subsection (1A) in which the information in that subsection is not set out; or

authorises or enters into any agreement for the purpose of a sub‑fund of the VCC without ensuring that the information in subsection (2)(a), (b), (ba) and (c) has been disclosed to the other party to the agreement,shall be guilty of an offence and, if the document mentioned in paragraph (a) is a bill of exchange, promissory note, indorsement, cheque or order, be liable to the holder of it for the amount due on it, unless that liability has been discharged by the VCC.”.