Variable Capital Companies Act 2018 · 2020 Revised Edition · Part 5 · Shares, Debentures and Charges
43. Duty of VCC to register charges existing on property acquired
Feedback & supportThis section applies in place of section 133 of the Companies Act 1967.
Where a VCC acquires any property which is subject to a charge of any such kind as would, if it had been created by the VCC after the acquisition of the property, have been required to be registered under section 131 of the Companies Act 1967 (as applied by section 42), the VCC must lodge a statement of the prescribed particulars with the Registrar for registration within 30 days after the date on which the acquisition is completed.
VCC
“VCC” or “variable capital company” means a body corporate incorporated as such under this Act;
If subsection (1) is contravened, 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.
officer
“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);