Variable Capital Companies Act 2018 · 2020 Revised Edition · Part 6 · Management and Administration
63. Duty and liability of officers, etc.
Feedback & supportSection 157(1), (2), (3) and (5) of the Companies Act 1967 applies in relation to a director, officer or agent of a VCC as it applies in relation to a director, officer or agent of a company, subject to section 5 and subsections (2) and (3).
director
“director” has the meaning given by section 4(1) of the Companies Act 1967;
For the purpose of subsection (1), a reference in section 157(2), (3) and (5) of the Companies Act 1967 to an agent of the company is to an agent of the VCC, the manager of the VCC, the custodian of the VCC (being a non‑umbrella VCC), or any person who at any time has been such agent, manager or custodian.
company
“company” has the meaning given by section 4(1) of the Companies Act 1967;
In addition to the duties imposed on a director or officer of a VCC under subsection (1), a director or officer of a VCC also owes the same duties to the VCC as those owed by a director or officer of a company to the company under the common law.
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);