Variable Capital Companies Act 2018 · 2020 Revised Edition · Part 1 · Preliminary
5. Purpose of Act and application of Companies Act and IRDA provisions in this Act
Feedback & supportLast amended by an amending law of 2020. 2 amendments in all.
The purpose of this Act is to enable a body corporate known as a variable capital company or VCC, to be formed, and to provide for its operation and regulation.
variable capital company
“VCC” or “variable capital company” means a body corporate incorporated as such under this Act;
This Act (except for Part 7) applies the provisions of the Companies Act and Part 6, Part 8 and Part 9 (as it applies to winding up) of the IRDA, subject to the modifications set out by this Act.
Where a provision of the Companies Act 1967 (called in this subsection an incorporated provision) is incorporated by reference in this Act, whether with or without modifications, then, in addition to any specific modifications set out in this Act —
the incorporated provision applies with the necessary modifications;
a reference in the incorporated provision to another incorporated provision or to a provision of the IRDA incorporated by reference in this Act, is to that other provision as applied by this Act;
a reference in the incorporated provision to the Registrar of Companies is to the Registrar;
subject to section 2(5), a reference in the incorporated provision to the Minister is to the Minister having charge of this Act;
a reference in the incorporated provision to the Authority is to ACRA;
a reference in the incorporated provision to a default penalty is to the default penalty in section 147;
a reference in the incorporated provision to a prescribed matter is to the matter prescribed by regulations made under section 165; and
the incorporated provision applies subject to such other modifications as may be prescribed by regulations made under subsection (4).
Where a provision of the IRDA (called in this subsection an incorporated provision) is incorporated by reference in this Act, whether with or without modifications, then, in addition to any specific modifications set out in this Act —
the incorporated provision applies with the necessary modifications;
a reference in the incorporated provision to another incorporated provision or to a provision of the Companies Act 1967* incorporated by reference in this Act, is to that other provision as applied by this Act;
a reference in the incorporated provision to the Registrar of Companies is to the Registrar;
a reference in the incorporated provision (being section 124(1)(g) or (2)(c), 125(5), 127(3) or 198 of the IRDA) to the Minister, is to the Minister having charge of this Act;
a reference in the incorporated provision to a default penalty is to the default penalty in section 147;
a reference in the incorporated provision to a prescribed matter is to the matter prescribed by regulations made under section 165; and
the incorporated provision applies subject to such other modifications as may be prescribed by regulations made under subsection (4).
The Minister may, for a period of 2 years starting on 14 January 2020, make regulations to prescribe further modifications to an incorporated provision mentioned in subsection (3) in its application by this Act.
The Minister may, for a period of 2 years starting on the date of commencement of section 19 of the Variable Capital Companies (Miscellaneous Amendments) Act 2019, make regulations to prescribe further modifications to an incorporated provision mentioned in subsection (3A) in its application by this Act.