Variable Capital Companies Act 2018 · 2020 Revised Edition · Part 9 · Investigations
117. Costs of investigations
Feedback & supportSection 237 of the Companies Act 1967 applies in relation to an investigation of the affairs of a VCC under section 113 or 120 and any proceedings brought by the Minister in the name of the VCC, as it applies in relation to an investigation and proceedings mentioned in section 237(1) of that Act, subject to section 5 and subsection (2).
VCC
“VCC” or “variable capital company” means a body corporate incorporated as such under this Act;
The expenses of and incidental to an investigation under section 113 or 120 that relates solely to a sub-fund of an umbrella VCC (including the costs of any proceedings brought by the Minister in the name of the umbrella VCC in relation to such investigation) are to be paid —
sub-fund
“sub-fund” means a collective investment scheme that is part of an umbrella VCC;
out of the assets of the sub-fund; or
if the Minister so directs —
by the applicant for the investigation; or
in part out of such assets and in part by the applicant,and section 237(2) of the Companies Act 1967 (as applied by subsection (1)) applies accordingly.