Clause 65
Loans and quasi-loans to directors, credit transactions and related arrangements, etc., and related provisions
of Variable Capital Companies Bill
(1)
Sections 162, 163, 163A and 163B of the Companies Act apply in relation to a VCC as they apply in relation to a company, subject to section 5, subsection (2) and the following modifications:
a reference in any of those sections of the Companies Act to a company that by virtue of section 6 of that Act is deemed to be related to the company, or to a related 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 are omitted;
a reference to another company or the other company in section 163(1), (3D)(a) or (4)(a) of the Companies Act is to a company or another VCC.
(2)
In section 163 of the Companies Act, 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.