Variable Capital Companies Act 2018 · 2020 Revised Edition · Part 13 · General Provisions
151. Costs of proceedings and security for costs
Feedback & supportLast amended by an amending law of 2021.
The costs of any proceeding before a court under this Act must be borne by such party to the proceeding as the court may, in its discretion, direct.
Subsection (1) does not apply to any proceedings under Part 7 except for proceedings for the recovery of any remuneration or expense under section 85(3) and (4).
Where a VCC is claimant in any action or other legal proceeding, the court having jurisdiction in the matter may, if it appears by credible testimony that there is reason to believe that the VCC will be unable to pay the costs of the defendant if successful in his or her defence —
VCC
“VCC” or “variable capital company” means a body corporate incorporated as such under this Act;
require sufficient security to be given for those costs; and
stay all proceedings until the security is given.