In force2020 Revised Edition

Contents

Variable Capital Companies Act 2018 · 2020 Revised Edition · Part 13 · General Provisions

145. False statements or reports

A person who, while an officer or the manager of a VCC, the custodian of a VCC (being a non-umbrella VCC) or the custodian of a sub‑fund, with intent to deceive, makes or provides, or knowingly and wilfully authorises or permits the making or providing of, any false or misleading statement or report relating to the affairs of the VCC or sub‑fund (as the case may be), to —

(a)

a director, an auditor, a member, the holder of a debenture of the VCC or sub‑fund or a trustee for such holder;

(b)

in the case of a VCC that is a subsidiary, an auditor of the holding company,shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both.

Terms defined in s 2

debenture
Defined · s 2
“debenture” includes debenture stock, bonds, notes and any other securities of a VCC whether constituting a charge on the assets of the VCC or not, but does not include —(a)a cheque, letter of credit, order for the payment of money or bill of exchange;(b)subject to the regulations made under section 165, a promissory note having a face value of not less than $100,000 and having a maturity period of not more than 12 months; and(c)for the purposes of a prescribed provision of this Act, such instrument or class of instruments as may be prescribed;
Open s 2
director
Defined · s 2
“director” has the meaning given by section 4(1) of the Companies Act 1967;
Open s 2
holding company
Defined · s 2
“holding company” has the meaning given by section 5 of the Companies Act 1967;
Open s 2
manager
Defined · s 2
“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;
Open s 2
non-umbrella VCC
Defined · s 2
“non-umbrella VCC” means a VCC that is not an umbrella VCC;
Open s 2
officer
Defined · s 2
“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);
Open s 2
sub-fund
Defined · s 2
“sub-fund” means a collective investment scheme that is part of an umbrella VCC;
Open s 2
subsidiary
Defined · s 2
“subsidiary” has the meaning given by section 5 of the Companies Act 1967;
Open s 2
VCC
Defined · s 2
“VCC” or “variable capital company” means a body corporate incorporated as such under this Act;
Open s 2

Report

Read on from s 146

Schedules

Read on from Schedules