Regulation 3
Grounds and conditions for declaring sub‑fund dissolved on application by umbrella VCC
Subregulation 1
This regulation sets out, for the purposes of section 33B(1) of the VCC Act, the grounds and conditions on which the Registrar may declare a sub‑fund of an umbrella VCC to be dissolved on the application of the umbrella VCC.
Subregulation 2
The Registrar may declare the sub‑fund of an umbrella VCC dissolved on the ground that the umbrella VCC —
has not started to carry on any business in relation to the sub‑fund or has not begun operation of the sub-fund; or
has ceased to carry on any business in relation to the sub‑fund or has ceased to operate the sub‑fund.
Subregulation 3
The conditions on which the Registrar may declare the sub‑fund of an umbrella VCC dissolved on the application of the umbrella VCC are —
the umbrella VCC is not, on account of the sub‑fund, a party to any ongoing or pending proceedings (whether civil or criminal) before a court, whether in Singapore or elsewhere;
the sub‑fund has no asset or contingent asset and no liability or contingent liability; and
the umbrella VCC is not, on account of the sub‑fund, subject to any ongoing or pending regulatory action.