Singapore legislation
Regulation 9
Regulation 9
Relief from requirements as to form and content of revised financial statements, etc., and new directors’ statement
Subregulation 1
The directors of a VCC may apply to the Registrar for an order relieving them from any requirement of these Regulations relating to either or both of the following:
the form and content of the revised financial statements, or the revised consolidated financial statements or balance sheet, other than a requirement of the Accounting Standards;
the form and content of the new directors’ statement.
Subregulation 2
Upon receipt of an application under paragraph (1), the Registrar may make an order either —
unconditionally; or
on condition that the directors of the VCC comply with any other requirements relating to the form and content of the documents mentioned in paragraph (1) that the Registrar thinks fit to impose.
Subregulation 3
The Registrar must not make an order under paragraph (2) unless the Registrar is of the opinion that compliance with the requirements of these Regulations would —
render the documents mentioned in paragraph (1) misleading or inappropriate to the circumstances of the VCC; or
impose an unreasonable burden on the VCC or any officer of the VCC.
Subregulation 4
The Registrar may make an order under paragraph (2) that is limited to a specific period.
Subregulation 5
The Registrar may, on the application of the directors of the VCC, revoke or suspend the operation of any order made under paragraph (2).
Subregulation 6
The Registrar may, without any application by the directors but after giving the directors of the VCC an opportunity to be heard, revoke or suspend the operation of any order made under paragraph (2).