Singapore legislation
Clause 65
of Variable Capital Companies (Miscellaneous Amendments) Bill
Clause 65
Saving and transitional provisions relating to Part 4
(1)
Before the appointed day, a reference in the VCC Act to a provision of the Companies Act that is repealed by the IRDA, is to that provision as in force immediately before it is repealed.
(2)
Sections 17(b) to (i), 18 to 21, 29, 30, 43 to 48, 50 to 53, 56, 58, 59 and 62 do not apply to or in relation to the following, and old sections 2, 3, 5, 6, 33, 125 to 130, 142, 144, 147, 148, 154, 158 and 163 of, and the old First Schedule to, the VCC Act continue to apply to or in relation to the following:
an order, made before the appointed day, for the winding up of a VCC under section 216(2)(f) of the Companies Act as applied by the old section 142 of the VCC Act;
an appointment made before the appointed day of a receiver or manager of the property of a VCC or of a sub‑fund of an umbrella VCC;
an application made before the appointed day for the winding up of a VCC or a sub‑fund of an umbrella VCC, under section 253 of the Companies Act as applied by the old section 33 or 130 (as the case may be) of the VCC Act;
a voluntary winding up that commences (within the meaning of section 291(6) of the Companies Act as applied by the old section 33 or 130 of the VCC Act) before the appointed day.
(3)
For the purposes of subsection (1) —
a person who, immediately before the appointed day, was an approved liquidator within the meaning of the old section 129 of the VCC Act, continues as an approved liquidator for the purposes of sections 33 and 130 of the VCC Act despite sections 29 and 47 and section 9 of the Companies Act continues to apply to such person; and
any reference in the VCC Act (including a provision of the Companies Act applied by the VCC Act), as in force immediately before the appointed day, to “Official Receiver” is a reference to the Official Receiver as defined in the old section 2(1) of the VCC Act.
(4)
Section 237 of the IRDA (as applied by section 33 or 130 of the VCC Act) does not apply to any default in the keeping of proper books of account by a VCC where any part of the period mentioned in that section, for which proper books of account are not kept by the VCC, falls before the appointed day, and section 339 of the Companies Act as applied by the old section 33 or 130 (as the case may be) of the VCC Act, continues to apply to and in relation to such default.
(5)
A VCC Liquidation Account mentioned in the old section 130(19) of the VCC Act continues and is deemed to be a VCC Liquidation Account mentioned in section 130(19) of the VCC Act.
(6)
A Sub-fund Liquidation Account mentioned in the old paragraph 25 of the First Schedule to the VCC Act, continues and is deemed to be a Sub‑fund Liquidation Account mentioned in paragraph 38 of the First Schedule to the VCC Act.
(7)
An application made before the appointed day for an order under section 343 of the Companies Act as applied by the old section 33 or 130 of the VCC Act, is deemed to be an application made under section 208 of the IRDA as applied by section 33 or 130 (as the case may be) of the VCC Act.
(8)
Any outstanding property of a VCC or sub‑fund that is dissolved that, before the appointed day, is vested in the Official Receiver under section 346 of the Companies Act as applied by the old section 33 or 130 (as the case may be) of the VCC Act, is deemed to be vested in the Official Receiver under section 213 of the IRDA as applied by section 33 or 130 (as the case may be) of the VCC Act.
(9)
In this section and section 66 —
“appointed day” means the date of commencement of sections 17(b) to (i), 18 to 21, 29, 30, 43 to 48, 50 to 53, 56, 58, 59 and 62;
“IRDA” means the Insolvency, Restructuring and Dissolution Act 2018;
“VCC Act” means the Variable Capital Companies Act 2018;
a reference to an old provision of or an old Schedule to the VCC Act is to that provision of or that Schedule to the VCC Act that is in force immediately before the appointed day; and
a reference to a provision of the Companies Act is, if that provision is repealed by the IRDA, to that provision before it is repealed.