37. Application of provisions of Division 5 of Part 4 of Companies Act 1967

Terms defined in s 2

• borrowing VCC

  borrowing VCC

  Defined · s 2

  “borrowing VCC” means a VCC that is or will be under a liability (whether or not such liability is present or future) to repay any money received or to be received by it in response to an invitation to the public to subscribe for or purchase debentures of the VCC;

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• company

  company

  Defined · s 2

  “company” has the meaning given by section 4(1) of the Companies Act 1967;

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• corporation

  corporation

  Defined · s 2

  “corporation” has the meaning given by section 4(1) of the Companies Act 1967 and (to avoid doubt) includes a VCC;

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• debenture

  debenture

  Defined · s 2

  “debenture” includes debenture stock, bonds, notes and any other securities of a VCC whether constituting a charge on the assets of the VCC or not, but does not include —(a)a cheque, letter of credit, order for the payment of money or bill of exchange;(b)subject to the regulations made under section 165, a promissory note having a face value of not less than $100,000 and having a maturity period of not more than 12 months; and(c)for the purposes of a prescribed provision of this Act, such instrument or class of instruments as may be prescribed;

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• registration number

  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;

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• sub-fund

  sub-fund

  Defined · s 2

  “sub-fund” means a collective investment scheme that is part of an umbrella VCC;

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• VCC

  VCC

  Defined · s 2

  “VCC” or “variable capital company” means a body corporate incorporated as such under this Act;

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