Singapore legislation
Clause 24
of Variable Capital Companies (Miscellaneous Amendments) Bill
Clause 24
Amendment of section 20
Section 20 of the principal Act is amended by inserting, immediately after subsection (4), the following subsections:“(5) The VCC must, within 14 days after the making of any alteration under subsection (2), lodge with the Registrar —
(a)
a copy of the constitution as altered; and
(b)
any documentary evidence of the directors’ decision to make the alteration.(6) If default is made in complying with subsection (5), 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 $1,000 and also to a default penalty.”.