Singapore legislation
Regulation 35
of Variable Capital Companies (Court-Ordered Winding Up) Regulations 2026
Regulation 35
Mode of payments out of authorised bank account
Subregulation 1
Every payment by the liquidator out of the authorised bank account must be made —
by cheque in accordance with paragraph (2); or
by electronic fund transfer in accordance with an arrangement with the bank under which no payment instructed by the liquidator may be made unless the payment is authorised by a member of the committee of inspection and any other person as the committee of inspection may appoint.
Subregulation 2
Every payment by the liquidator out of the authorised bank account by cheque must be made payable to order, and the cheque —
must have marked or written on the face of it the name of the VCC or the names of the sub‑fund and the umbrella VCC of that sub‑fund, and must be signed by the liquidator; and
must be countersigned by at least one member of the committee of inspection in question and any other person as the committee of inspection may appoint.
Subregulation 3
In this regulation, “electronic fund transfer”, in relation to an authorised bank account, means an electronic transfer of funds from the authorised bank account to another bank account.