Variable Capital Companies Act 2018 · 2020 Revised Edition · Part 9 · Investigations
110. Interpretation of this Part
Feedback & supportThis section applies for the interpretation of the provisions of this Part, including provisions of the Companies Act 1967 applied by this Part.
A reference to a declared VCC is to a VCC declared by an order under section 111 as a VCC to which this Part applies.
VCC
“VCC” or “variable capital company” means a body corporate incorporated as such under this Act;
A reference to an officer or agent of a corporation that is not a VCC includes —
officer
“officer”, in relation to a VCC or other corporation, includes —(a)any director or secretary of the corporation or a person employed in an executive capacity by the corporation;(b)a receiver and manager of any part of the undertaking of the corporation appointed under a power contained in any instrument; and(c)any liquidator of the corporation (being a VCC or company) appointed in a voluntary winding up,but does not include —(d)any receiver who is not also a manager;(e)any receiver and manager appointed by the Court;(f)any liquidator appointed by the Court or by the creditors; or(g)a judicial manager appointed by the Court under Part 8A of the Companies Act 1967 (if applicable);
a director, a banker, a solicitor or an auditor of the corporation;
a person who at any time —
has been a person mentioned in paragraph (a); or
has been otherwise employed or appointed by the corporation;
a person who —
has in the person’s possession any property of the corporation;
is a creditor of the corporation; or
is capable of giving information concerning the promotion, formation, trading, dealings, affairs or property of the corporation; and
where there are reasonable grounds for suspecting or believing that a person is a person mentioned in paragraph (c) — that person.
Except as otherwise provided in section 116(c), a reference to an officer or agent of a corporation that is a VCC includes —
corporation
“corporation” has the meaning given by section 4(1) of the Companies Act 1967 and (to avoid doubt) includes a VCC;
a director, a banker, a solicitor or an auditor of the VCC or a person who has been such a person at any time;
the manager of the VCC, the custodian of the VCC (being a non‑umbrella VCC) or the custodian of a sub-fund of the VCC, or a person who has been such a person at any time;
a person who has been otherwise employed or appointed at any time by the VCC;
a person who —
has in the person’s possession any property of the VCC;
is a creditor of the VCC; or
is capable of giving information concerning the promotion, formation, trading, dealings, affairs or property of the VCC; and
where there are reasonable grounds for suspecting or believing that a person is a person mentioned in paragraph (d) — that person.