Variable Capital Companies Act 2018 · 2020 Revised Edition · Part 9 · Investigations
112. Appointment and powers of inspector
Feedback & supportLast amended by an amending law of 2019.
Where a VCC has been declared as a VCC to which this Part applies, the Minister must appoint one or more inspectors to investigate the affairs of that VCC, and to report his or her opinion on those affairs to the Minister.
VCC
“VCC” or “variable capital company” means a body corporate incorporated as such under this Act;
Sections 231(2) to (9) and 239 of the Companies Act 1967 apply in relation to an inspector appointed under subsection (1) and an investigation mentioned in that subsection, as they apply in relation to an inspector appointed under section 231(1) of that Act and an investigation mentioned in that provision, subject to section 5 and the following modifications:
if the investigation relates solely to a sub‑fund of an umbrella VCC, then —
any expenses ordered to be paid by the VCC under section 231(4) of the Companies Act 1967 are to be paid out of the assets of the sub‑fund only; and
if the sub-fund is in liquidation or subsequently goes into liquidation, those expenses are treated as part of the costs and expenses of the winding up of the sub‑fund for the purposes of section 203(1)(b) of the IRDA as applied by section 33;
the reference in section 231(4) of the Companies Act 1967 to section 233(4) of the Companies Act 1967 is to section 114(5).