Variable Capital Companies Act 2018 · 2020 Revised Edition · Part 6 · Management and Administration
57. Disqualification of director of VCC wound up on grounds of national security or interest
Feedback & supportLast amended by an amending law of 2019.
Subject to subsections (2) and (3), where under paragraph (k) of the provision that replaces section 125(1) of the IRDA because of section 130(6), a VCC is ordered to be wound up by the Court on the ground that the VCC is being used for purposes against national security or the national interest, the Court may, on the application of the Minister, make an order (called in this section a disqualification order) disqualifying any person who is a director of that VCC from being a director or in any way (whether directly or indirectly) being concerned in, or from taking part in, the management of another VCC for a period of 3 years from the date of the making of the winding up order.
VCC
“VCC” or “variable capital company” means a body corporate incorporated as such under this Act;
The Court must not make a disqualification order against any person unless the Court is satisfied that the person has been given at least 14 days’ notice of the application for the order.
The Court must not make a disqualification order against any person if the person proves to the satisfaction of the Court that —
the VCC had been used for purposes against national security or the national interest without his or her consent or connivance; and
he or she had exercised such diligence to prevent the VCC from being so used as he or she ought to have exercised, having regard to the nature of his or her function in that capacity and to all the circumstances.
A person who contravenes a disqualification order shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both.