Variable Capital Companies Act 2018 · 2020 Revised Edition · Part 6 · Management and Administration
61. Disqualification under Limited Liability Partnerships Act 2005 and Companies Act 1967
Feedback & supportLast amended by an amending law of 2021. 2 amendments in all.
Subject to section 5, section 155C of the Companies Act 1967 applies in relation to a VCC as it applies in relation to a company.
VCC
“VCC” or “variable capital company” means a body corporate incorporated as such under this Act;
Subject to any permission which the Court may give pursuant to an application under subsection (3), a person who is subject to a disqualification or disqualification order under section 149, 149A, 154, 155 or 155A of the Companies Act 1967 must not act as a director of, or in any way (whether directly or indirectly) take part in or be concerned in the management of, any VCC during the period of the disqualification or disqualification order.
A person who is subject to a disqualification or disqualification order under section 149, 154, 155 or 155A of the Companies Act 1967, may apply to the Court for permission to act as a director of, or to take part in or be concerned in the management of, a VCC during the period of the disqualification or disqualification order, upon giving the Minister at least 14 days’ notice of his or her intention to apply for such permission.
director
“director” has the meaning given by section 4(1) of the Companies Act 1967;
On the hearing of any application under subsection (3), the Minister may be represented at the hearing and may oppose the granting of the application.
A person who contravenes subsection (2) 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.