Clause 130

replace subsections (3), (4), (5) and (6) with —“(3) Upon receipt of the application, the Registrar must, if satisfied that the grounds and conditions (if any) mentioned in subsection (1) have been satisfied, publish in the Gazette, and send to the umbrella VCC and its directors, secretaries and members holding shares issued in respect of the sub‑fund, a notice —

stating that the Registrar intends to exercise the power under this section in relation to the sub‑fund; and

inviting any person to show cause why that should not be done within such period as may be prescribed.(4) The Registrar must not declare the sub‑fund dissolved under this section until after the expiration of 60 days after the publication by the Registrar in the Gazette of the notice mentioned in subsection (3).(5) If no person shows cause or sufficient cause within the period mentioned in subsection (3)(b) why the sub‑fund should not be declared dissolved, the Registrar must declare the sub‑fund dissolved and delete its particulars from the register in which it is registered under section 27.(6) The sub‑fund is considered dissolved on the date and at the time when the Registrar deletes its particulars from the register in which it is registered under section 27.(6A) After the Registrar has declared the sub‑fund dissolved and deleted its particulars from the register in which it is registered under section 27, the Registrar must —

publish a notice in the Gazette of the fact that the sub‑fund has been dissolved, and the date and time when its particulars have been deleted from that register; and

starting on the date and time when the Registrar deletes the particulars of the sub‑fund from that register, ensure that any person who obtains any information on the sub‑fund or the umbrella VCC of the sub‑fund using the electronic transaction system is also informed that the sub‑fund has been dissolved.”; and

in subsection (8)(b), replace “(4) and (5)” with “(3) and (6A)(a)”.