Clause 29

by deleting subsection (2) and substituting the following subsection:“(2) Part 8 and Part 9 (as it applies to winding up) of the IRDA apply in relation to the winding up of a sub‑fund of an umbrella VCC as they apply in relation to the winding up of a company limited by shares, subject to section 5 and the modifications in the First Schedule.”;

by deleting the word “and” at the end of subsection (3)(a); and

by deleting the full-stop at the end of paragraph (b) of subsection (3) and substituting a semi‑colon, and by inserting immediately thereafter the following paragraphs:“(c)the reference in section 129(2)(a) to a members’ voluntary winding up is to a winding up under Division 3 of Part 8 of the IRDA as applied by this section, where a declaration has been made and lodged pursuant to section 163 of the IRDA as applied by this section; and

the reference in section 129(2)(b) to a creditors’ voluntary winding up is to a winding up under Division 3 of Part 8 of the IRDA as applied by this section, but not a members’ voluntary winding up mentioned in paragraph (c).”.