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Modifications to Subdivision 5 of Division 4 of Part X of Companies Act

Variable Capital Companies (Modifications to Subdivision 5 of Division 4 of Part X of Companies Act for Sub-funds) Regulations 2020

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The application of Subdivision 5 of Division 4 of Part X of the Companies Act (Cap. 50) to a sub‑fund under section 33 of the Variable Capital Companies Act 2018 is subject to the following modifications, in addition to the modifications in section 5 of, and the First Schedule to, the Variable Capital Companies Act 2018:(a)a reference to the striking of the name of a company off the register is to a declaration of the dissolution of the sub‑fund;(b)a reference to a company carrying on business is to the umbrella VCC of the sub‑fund carrying on business in relation to the sub‑fund;(c)a reference to a company being in operation is to the sub‑fund being in operation;(d)a reference to members of a company is to members of the umbrella VCC holding shares issued in respect of the sub‑fund;(e)a letter or notice to be sent to a company is to be sent to the umbrella VCC;(f)references to the registered address and the constitution of a company are to the registered address and the constitution (respectively) of the umbrella VCC;(g)a reference to the liquidator of a company is to the liquidator of the sub‑fund;(h)a reference to the dissolution of a company is to the dissolution of the sub‑fund;(i)a reference to the particulars of a company is to the particulars of the sub‑fund;(j)a reference in section 344(3) of the Companies Act to the winding up of a company is to the winding up of the sub‑fund;(k)a reference in section 344(3) of the Companies Act to the affairs of a company is to the affairs of the sub‑fund;(l)upon the dissolution of a sub-fund under section 344(4) or 344A(6) of the Companies Act, the Registrar must immediately delete the particulars of the sub‑fund from the register in which it is registered under section 27 of the Variable Capital Companies Act 2018;(m)an application under section 344A of the Companies Act is to be made by the umbrella VCC by its directors or a majority of them;(n)a reference in section 344H(1) of the Companies Act to an officer of the company is to an officer of the umbrella VCC;(o)a reference in section 344H of the Companies Act to the books and papers in respect of a company is to the books and papers in respect of the sub‑fund;(p)sections 344(4)(b) and (5), 344A(7)(b), 344D, 344E, 344F and 344G of the Companies Act are omitted.

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