Variable Capital Companies Act 2018 · 2020 Revised Edition · Part 6 · Management and Administration
68. Payments to director for loss of office, and director’s emoluments
Feedback & supportSections 168 and 169 of the Companies Act 1967 apply in relation to a VCC as they apply in relation to a company, subject to section 5 and the following modifications:
VCC
“VCC” or “variable capital company” means a body corporate incorporated as such under this Act;
a reference in section 168(1B)(a) and (7) of the Companies Act 1967 to a corporation which is by virtue of section 6 of that Act deemed to be related to the company is to a related corporation of the VCC;
corporation
“corporation” has the meaning given by section 4(1) of the Companies Act 1967 and (to avoid doubt) includes a VCC;
section 168(5)(a) of the Companies Act 1967 is omitted;
the reference in section 168(2) of the Companies Act 1967 to any requirement of the Take‑over Code mentioned in section 139 of the Securities and Futures Act 2001 is omitted.