Variable Capital Companies Act 2018 · 2020 Revised Edition · Part 6 · Management and Administration
73. Duty to keep consents of directors, secretaries and managers
Feedback & supportSection 173C of the Companies Act 1967 applies in relation to a VCC as it applies in relation to a company, subject to section 5 and subsections (2) and (3).
VCC
“VCC” or “variable capital company” means a body corporate incorporated as such under this Act;
In addition to the matters in section 173C of the Companies Act 1967, every VCC must keep at its registered office —
in respect of each director, the statement mentioned in section 49(b); and
in respect of each manager —
a signed copy of the manager’s consent to act as manager; and
the statement mentioned in section 47(2)(b).
If section 173C of the Companies Act 1967 as applied by subsection (1) or (2), is contravened, the VCC and every officer of the VCC who is in default shall each be guilty of an offence and shall each be liable on conviction to a fine not exceeding $5,000, and also to a default penalty.
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);