Variable Capital Companies Act 2018 · 2020 Revised Edition · Part 6 · Management and Administration
67. Disclosure of director’s emoluments and general duty to make disclosure
Feedback & supportLast amended by an amending law of 2019.
Sections 164A and 165 of the Companies Act 1967 apply in relation to a VCC and a director of a VCC, as they apply in relation to a company and a director of a company, subject to sections 5 and 66(14) and the following modifications:
VCC
“VCC” or “variable capital company” means a body corporate incorporated as such under this Act;
the reference in section 164A(1)(a) of the Companies Act 1967 to the company itself if it is registered as its own member is to a subsidiary of the VCC that is registered as a member of the VCC;
company
“company” has the meaning given by section 4(1) of the Companies Act 1967;
the reference to treasury shares in section 164A(1)(b) of the Companies Act 1967 is to shares held by a subsidiary of the VCC under section 22(6) or (11) (if any);
subsidiary
“subsidiary” has the meaning given by section 5 of the Companies Act 1967;
the reference in section 165(1) of the Companies Act 1967 to section 164 of that Act is to section 66;
all references in section 165 of the Companies Act 1967 relating to a chief executive officer are omitted;
executive officer
“executive officer”, in relation to a VCC, means any person, by whatever name described, who —(a)is in the direct employment of, or acting for or by arrangement with, the VCC; and(b)is concerned with or takes part in the management of the VCC on a day‑to‑day basis;
section 165(7), (8) and (10) of the Companies Act 1967 is omitted.