27. Registration of sub-fund

(1)

Within 7 days after forming a sub-fund, an umbrella VCC must apply to the Registrar for the registration of the sub‑fund.

(2)

An application for the registration of a sub-fund —

(a)

must be made in the form and manner determined by the Registrar; and

(b)

must be accompanied by such information as the Registrar may require and the prescribed fee.

(3)

If subsection (2)(a) and (b) is satisfied, the Registrar must —

(a)

(b)

issue a notice of the registration together with its registration number to the umbrella VCC.

(4)

If an umbrella VCC contravenes subsection (1), the VCC and every officer of the VCC who is in default shall each be guilty of an offence and shall each be liable on conviction to a fine not exceeding $1,000, and also to a default penalty.

Terms defined in this Act

default penalty
Defined · s 2
“default penalty” means a default penalty within the meaning of section 147;
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
Registrar
Defined · s 2
“Registrar” means the Registrar of VCCs appointed under this Act, and includes any Deputy or Assistant Registrar of VCCs;
Open s 2
registration
Defined · s 132
“registration”, in relation to a foreign corporate entity that has applied to be registered as a VCC under this Part, means registration by the Registrar under section 135(1), and “register” and “registered” are to be construed accordingly.
Open s 132
registration number
Defined · s 2
“registration number”, in relation to a sub-fund, means the registration number given by the Registrar to the sub‑fund upon its registration under section 27;
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
umbrella VCC
Defined · s 2
“umbrella VCC” means a VCC the constitution of which provides that it consists of, or is to consist of, 2 or more collective investment schemes, or words to that effect;
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