Regulation 7
Grounds and conditions for striking off VCC’s name on application of VCC
Subregulation 1
This regulation sets out for the purposes of section 344A(1) of the Companies Act 1967 (as applied by section 130B of the VCC Act), the grounds and conditions on which the Registrar may strike the name of a VCC off the register of VCCs on the application of the VCC.
Subregulation 2
The Registrar may strike the name of a VCC off the register of VCCs on the ground that the VCC —
has not started to carry on any business or has not begun operation; or
has ceased to carry on any business or has ceased to operate.
Subregulation 3
The conditions on which the Registrar may strike the name of a VCC off the register of VCCs on the application of the VCC are —
the VCC is not a party to any ongoing or pending proceedings (whether civil or criminal) before a court, whether in Singapore or elsewhere;
the VCC has no asset or contingent asset and no liability or contingent liability; and
the VCC is not subject to any ongoing or pending regulatory action.