Variable Capital Companies Act 2018 · 2020 Revised Edition · Part 3 · Constitution of Vcc
24. Disposal of shares in section 22(6) and (11)
Feedback & supportLast amended by an amending law of 2019.
This section applies to the shares in a VCC mentioned in section 22(6) and (11).
VCC
“VCC” or “variable capital company” means a body corporate incorporated as such under this Act;
The subsidiary mentioned in section 22(6) or (11) may at any time —
subsidiary
“subsidiary” has the meaning given by section 5 of the Companies Act 1967;
sell the shares (or any of them) for cash;
transfer the shares (or any of them) for the purposes of or pursuant to any share scheme, whether for employees, directors or other persons;
transfer the shares (or any of them) as consideration for the acquisition of shares in or assets of another company or VCC or assets of a person; or
sell, transfer or otherwise use the shares for such other purposes as the Minister may by order prescribe.
In subsection (2), “cash”, in relation to a sale of shares by the subsidiary, means —
cash (including foreign currency) received by the subsidiary;
a cheque received by the subsidiary in good faith which the directors have no reason for suspecting will not be paid;
a release of a liability of the subsidiary for a liquidated sum; or
an undertaking to pay cash to the subsidiary on or before a date not more than 90 days after the date on which the subsidiary agrees to sell the shares.