Variable Capital Companies Act 2018 · 2020 Revised Edition · Part 6 · Management and Administration
47. Restrictions on naming of manager in document or register
Feedback & supportA person must not be named as manager or proposed manager of a VCC in —
manager
“manager”, in relation to a VCC, means the manager appointed by the VCC to manage its property or to operate the collective investment scheme or schemes that comprise the VCC;
any document filed or lodged with or submitted to the Registrar for the purposes of the incorporation of the VCC; or
the register of managers of the VCC,unless, before —
the incorporation of the VCC; or
the filing of any return containing the particulars required to be specified in the register of managers,as the case may be, the person has complied with the condition set out in subsection (2).
The condition in subsection (1) is that the person must have, by itself or through a registered qualified individual authorised by the person, filed with the Registrar —
registered qualified individual
“registered qualified individual” means a qualified individual registered under section 32 of the Accounting and Corporate Regulatory Authority Act 2004;
a declaration in the prescribed form that the person has consented to act as manager of the VCC; and
a statement in the prescribed form stating that the person is a person mentioned in section 46(2).
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 $10,000, and also to a default penalty.
VCC
“VCC” or “variable capital company” means a body corporate incorporated as such under this Act;