Variable Capital Companies Act 2018 · 2020 Revised Edition · Part 6 · Management and Administration
65. Loans and quasi-loans to directors, credit transactions and related arrangements, etc., and related provisions
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Sections 162, 163, 163A and 163B of the Companies Act 1967 apply in relation to a VCC as they apply in relation to a company, subject to section 5, subsection (2) and the following modifications:
VCC
“VCC” or “variable capital company” means a body corporate incorporated as such under this Act;
a reference in any of those sections of the Companies Act 1967 to a company that by virtue of section 6 of that Act is deemed to be related to the company is to a company that is a related corporation of the VCC;
sections 162(3), (4), (5) and (10) and 163(3D)(b) and (c) and (4)(b) of the Companies Act 1967 are omitted;
a reference to another company or the other company in section 163(1), (3D)(a) or (4)(a) of the Companies Act 1967 is to a company or another VCC.
In section 163 of the Companies Act 1967, a person who has an interest in a share is treated as having an interest in the voting power conferred on the holder of that share.