Variable Capital Companies Act 2018 · 2020 Revised Edition · Part 1 · Preliminary
6A. Application of IRDA to VCC, etc.
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Where a provision of the IRDA is incorporated by reference in this Act and applies to or in relation to a VCC, a person of a VCC or a matter concerning a VCC, as that IRDA provision applies to or in relation to a corporation, a person of a corporation or a matter concerning a corporation, then (despite a VCC being a corporation within the meaning of the IRDA) the IRDA provision is disapplied, but only to the extent of such application in this Act.
VCC
“VCC” or “variable capital company” means a body corporate incorporated as such under this Act;
Where a provision of the IRDA has a corresponding provision in this Act that applies to or in relation to a VCC, a person of a VCC or a matter concerning a VCC, as that IRDA provision applies to or in relation to a corporation, a person of a corporation or a matter concerning a corporation, then (despite a VCC being a corporation within the meaning of the IRDA) the IRDA provision is disapplied, but only to the extent of such application in the corresponding provision.
corporation
“corporation” has the meaning given by section 4(1) of the Companies Act 1967 and (to avoid doubt) includes a VCC;
Despite anything in the IRDA —
Division 1 of Part 10 of the IRDA does not apply for the purpose of the winding up of a VCC or a sub-fund of an umbrella VCC; and
Part 11 of the IRDA does not apply to any proceedings concerning a VCC or a sub-fund of an umbrella VCC.
Section 268 of the IRDA applies in relation to an offence under any of the following as it applies in relation to an offence under Parts 4, 5, 6, 7, 8, 9, 10, 11 and 12 of the IRDA:
section 401(2A) or 407 of the Companies Act as applied by section 144, insofar as it relates to any act under Part 6, 8 or 9 of the IRDA as applied by this Act;
Part 6 of the IRDA as applied by Part 10;
Part 8 or 9 of the IRDA as applied by section 33(2) or Part 11.