Singapore legislation
Clause 66
of Variable Capital Companies (Miscellaneous Amendments) Bill
Clause 66
Other saving and transitional provisions
(1)
Despite section 43, a person who is qualified, in accordance with the old section 125 of the VCC Act, to be appointed and to act as a receiver of the property of a VCC or sub‑fund, may be appointed and may act as such receiver for the period mentioned in subsection (3).
(2)
Despite section 47, a person who is qualified, in accordance with the old section 33(3) or 129 of the VCC Act, to be appointed and to act as a liquidator of a sub‑fund of an umbrella VCC or of a VCC (as the case may be), may be appointed and may act as such for the period mentioned in subsection (3).
(3)
The period in subsection (1) or (2) is —
6 months after the appointed day; and
if, within the period of 6 months, the person applies for a licence under section 51 of the IRDA, until the earlier of the following:
the date on which the licence is granted to the person;
the date on which the application is finally refused or withdrawn.
(4)
For a period of 2 years after the date of commencement of any provision of this Act, the Minister may, by regulations, prescribe such additional provisions of a saving or transitional nature consequent on the enactment of that provision as the Minister may consider necessary or expedient.