Variable Capital Companies Act 2018 · 2020 Revised Edition · Part 13 · General Provisions
144. Application of provisions of Division 2 of Part 12 of Companies Act 1967, etc.
Feedback & supportLast amended by an amending law of 2021. 3 amendments in all.
Sections 401, 407, 409 and 409A of the Companies Act 1967 apply in relation to this Act (including a provision of the Companies Act or the IRDA as applied by this Act) as they apply in relation to the Companies Act 1967, subject to section 5 and the following further modifications:
a reference in those sections of the Companies Act 1967 to a corporation or company is to a VCC;
a reference in section 401(2) of the Companies Act 1967 to financial statements is to financial statements or consolidated financial statements (as the case may be) required to be prepared under Part 8;
a reference in sections 401, 407, 409 and 409A of the Companies Act 1967 to the Companies Act 1967 is to this Act (including a provision of the Companies Act or the IRDA applied by this Act);
a reference in section 401(2A) of the Companies Act 1967* to the Registrar of Companies is to the Registrar;
the reference in section 407(1)(c) of the Companies Act 1967* to any provision of that Act is to any provision of that Act or the IRDA (as applicable) applied by this Act;
a reference in section 409(1) or (8) of the Companies Act 1967* to the Registrar of Companies is to —
in the case of section 33 and Parts 10 and 11 other than section 130B — the Registrar or Official Receiver; or
in the case of other provisions of the Act — the Registrar;
a reference in section 409A(1), (2) or (7) of the Companies Act 1967* to the Registrar of Companies is to —
in the case of section 33 and Parts 10 and 11 other than section 130B — the Official Receiver; or
in the case of other provisions of the Act — the Registrar.
Every person who, while an officer or the manager of a VCC —
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);
by deceitful, fraudulent or dishonest means, induces any person to grant credit to the VCC, whether for the VCC itself or on account of any of its sub‑funds (if applicable);
with intent to defraud creditors of the VCC or any of its sub‑funds, makes or causes to be made any gift or transfer of or charge on, or causes or connives at the execution of any enforcement order against, the property of the VCC or any of its sub‑funds (if applicable); or
with intent to defraud creditors of the VCC or any of its sub‑funds, has concealed or removed any part of the property of the VCC or any of its sub‑funds after or within 2 months before the date of any unsatisfied judgment or order for payment of money obtained against the VCC or the property of any of its sub‑funds (if applicable),shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $15,000 or to imprisonment for a term not exceeding 3 years or to both.