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Application of section 101 of VCC Act to revised financial statements, etc.

Variable Capital Companies (Revision of Defective Financial Statements, or Consolidated Financial Statements or Balance Sheet) Regulations 2020

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Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

Proposed text

—(1) Subject to this regulation, section 101(1) of the VCC Act together with section 201AA(2) to (5) of the Companies Act (as applied by section 101(2) of the VCC Act) apply in relation to the revised financial statements, or the revised consolidated financial statements or balance sheet, of a VCC as those provisions apply in relation to the documents mentioned in section 101(1) of the VCC Act.(2) Subject to the modifications in paragraph (3), section 101(1)(a) of the VCC Act applies in respect of the revised financial statements, or the revised consolidated financial statements or balance sheet, of a VCC that had not dispensed with the holding of an annual general meeting as it applies to the documents mentioned in that provision.(3) For the purposes of paragraph (2), the reference in section 101(1)(a) of the VCC Act to the annual general meeting under section 100 of the VCC Act is to the general meeting at which the revised financial statements, or the revised consolidated financial statements or balance sheet, are laid under regulation 7(1)(c).(4) Subject to the modification in paragraph (5), section 101(1)(b) of the VCC Act applies in respect of the revised financial statements, or the revised consolidated financial statements or balance sheet, of a VCC that had not dispensed with the holding of an annual general meeting as it applies to the documents mentioned in that provision.(5) For the purposes of paragraph (4), the reference in section 101(1)(b) of the VCC Act to the documents that were sent in accordance with section 105(1) and (2) of the VCC Act is to the documents mentioned in paragraph (4) that were sent in accordance with regulation 7(1)(a).(6) For the purposes of applying section 201AA(2) to (5) of the Companies Act under this regulation —(a)the reference in section 201AA(2) of the Companies Act to section 201AA(1) of the Companies Act is to section 101(1) of the VCC Act; and(b)the reference in section 201AA(4)(a) of the Companies Act to section 201AA(3) of the Companies Act is to that provision as applied by this regulation.(7) In this regulation, a reference to the revised financial statements, or the revised consolidated financial statements or balance sheet, includes —(a)the new directors’ statement on the revised financial statements, or the revised consolidated financial statements or balance sheet; and(b)the auditor’s report on the revised financial statements, or the revised consolidated financial statements or balance sheet.

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