Clause 58

Section 107 of the principal Act is amended by inserting, immediately after subsection (12), the following sub-heading and subsection:“Application of section 13H(12A) Section 13H and the regulations made under it apply for the purpose of determining the exempt income of a sub-fund under subsection (3) as if it were an approved venture company under that section if the umbrella VCC of the sub-fund is approved for the purpose of that section.”.