Singapore legislation
Regulation 32
of Variable Capital Companies (Voluntary Winding Up) Regulations 2026
Regulation 32
Holder of proxy not to vote on financially interested matter
Subregulation 1
A person acting under a general or special proxy must not vote in favour of any resolution that would directly or indirectly place the person, his or her partner or employer in a position to receive any remuneration out of the estate of the VCC or the estate comprising the property of the sub‑fund otherwise than rateably as a creditor with the other creditors of the VCC or sub‑fund.
Subregulation 2
Despite paragraph (1), a person who holds a special proxy to vote for an application to the Court in favour of the appointment of that person as liquidator of the VCC or sub‑fund may use the proxy and vote accordingly.
Subregulation 3
For the purposes of paragraph (1), a person (A) is a partner of another person (B) if A and B (whether with one or more other persons or otherwise) have entered into partnership with one another with a view to carrying on business for profit.