33D. Objections to dissolution of sub-fund

Amended

Last amended by an amending law of 2019.

(1)

Where a notice is given or published by the Registrar under section 33A(3) or 33B(4) of the Registrar’s intention to declare the sub-fund dissolved, any person may deliver, not later than the date specified in the notice, an objection to the declaration of dissolution of the sub-fund on the ground that there is reasonable cause why the sub-fund should not be declared dissolved, including that the sub-fund does not satisfy any of the prescribed grounds for dissolution mentioned in section 33A(1) or 33B(1).

(2)

An objection to the declaration of dissolution of the sub-fund must be given to the Registrar by notice in the prescribed form and manner.

(3)

Upon receipt of a notice of objection in the prescribed form and manner, and given within the time mentioned in subsection (1), the Registrar —

(a)

must (where applicable) give the umbrella VCC that applies for a declaration of dissolution of the sub-fund, a copy of the notice of objection; and

(b)

must, in deciding whether to allow the objection, take into account such considerations as may be prescribed.