In forceAmended2020 Revised Edition

Contents

Variable Capital Companies Act 2018 · 2020 Revised Edition · Part 3 · Constitution of Vcc

25. Application of other provisions of Part 3 of Companies Act 1967

Amended

Last amended by an amending law of 2024.

(1)

Sections 24, 25, 25A, 25B, 25C and 25D of the Companies Act 1967 apply in relation to a VCC as they apply in relation to a company, subject to section 5 and the following modifications:

(a)

section 25(2)(c) of the Companies Act 1967 is omitted;

(b)

a reference in section 25 of the Companies Act 1967 to a lack of capacity or power of a company is to a lack of capacity or power of a VCC by reason of section 15(1) or anything in the VCC’s constitution;

(c)

a reference in section 25B of the Companies Act 1967 to a limitation on the powers of the directors of a VCC under the company’s constitution is to a limitation on such powers under —

(i)

the VCC’s constitution;

(ii)

section 15(1);

(iii)

a resolution of the VCC or of any class of shareholders; or

(iv)

any agreement between the members of the VCC or of any class of shareholders;

(d)

sections 25 and 25B of the Companies Act 1967 do not apply to any limitation or lack of capacity arising from section 19(2).

(2)

Sections 41 to 41C of the Companies Act 1967 apply in relation to a VCC as they apply in relation to a corporation or a company (as the case may be), subject to section 5 and the following modifications:

(a)

section 41(9) of the Companies Act 1967 is omitted;

(b)

a reference in section 41B(3) of the Companies Act 1967 to more than one company is to 2 or more VCCs, or one or more VCCs and one or more companies.