Variable Capital Companies Act 2018 · 2020 Revised Edition · Part 10 · Receivers and Managers
126. Statement that receiver or manager is appointed
Feedback & supportLast amended by an amending law of 2019.
This section applies in place of section 82 of the IRDA.
Where a receiver or manager of the property of a VCC has been appointed —
manager
“manager”, in relation to a VCC, means the manager appointed by the VCC to manage its property or to operate the collective investment scheme or schemes that comprise the VCC;
every invoice, order for goods, business letter, order form or other correspondence (whether in hard copy, electronic or any other form) issued by or on behalf of —
the VCC or any of its sub-funds (if applicable);
the receiver or manager of the property of the VCC or any of its sub-funds (if applicable); or
the liquidator of the VCC or any of its sub-funds (if applicable),being a document on or in which the name of the VCC or any of its sub-funds appears; and
every Internet website of the VCC or any of its sub-funds (if applicable) on which the name of the VCC or any of its sub-funds appears,must contain a statement immediately following the name of the VCC or sub-fund, that a receiver or manager has been appointed in respect of the property of the VCC.
Where a receiver or manager of the property of a sub-fund of an umbrella VCC has been appointed —
sub-fund
“sub-fund” means a collective investment scheme that is part of an umbrella VCC;
every invoice, order for goods, business letter, order form or other correspondence (whether in hard copy, electronic or any other form) issued by or on behalf of —
the umbrella VCC for the sub-fund;
the receiver or manager of the property of the sub-fund; or
the liquidator of the sub-fund,being a document on or in which the name of the sub-fund appears; and
every Internet website of the umbrella VCC or the sub-fund on which the name of the sub-fund appears,must contain a statement immediately following the name of that sub-fund, that a receiver or manager has been appointed in respect of the property of the sub-fund.
To avoid doubt, subsections (2) and (3) apply cumulatively in a case where a receiver or manager has been appointed in respect of the property of an umbrella VCC, and the same or another receiver or manager has been appointed in respect of the property of any of its sub-funds.
umbrella VCC
“umbrella VCC” means a VCC the constitution of which provides that it consists of, or is to consist of, 2 or more collective investment schemes, or words to that effect;
If subsection (2) or (3) is contravened, the VCC and each of the following shall be guilty of an offence:
VCC
“VCC” or “variable capital company” means a body corporate incorporated as such under this Act;
every officer of the VCC who knowingly and wilfully authorises or permits the default;
the liquidator of the VCC or the sub-fund (as the case may be), if the liquidator knowingly and wilfully authorises or permits the default;
the receiver or manager of the property of the VCC or the sub-fund (as the case may be), if the receiver or manager knowingly and wilfully authorises or permits the default.