Examples of Variable Capital Companies Act in a sentence
In dealing with any potential conflicts of interest, the Directors are obliged to act in the best interest of the Company and each Sub-Fund, pursuant to their duties imposed by the Variable Capital Companies Act as well as any other duties mandated by common law.
In executing these responsibilities, the Directors are bound by the duties imposed by the Variable Capital Companies Act as well as any other duties mandated by common law.
Notwithstanding section 11 of the Variable Capital Companies Act 2022, the Director-General may recover any income tax due by a sub-fund or special purpose vehicle of a variable capital company from the company or from that sub-fund or special purpose vehicle.
Nonetheless, should the Directors fail to terminate the appointment of the Manager, the Company may still do so in accordance with the Management Agreement by way of the holders of Participating Shares requisitioning a general meeting of the Company and passing a Special Resolution in accordance with the Constitution and the Variable Capital Companies Act.
The Director will not be liable to account to a Sub-Fund for any profit he derives from such a transaction or arrangement provided the nature and extent of any material interest has been disclosed to the other Directors and that the Director acts in the best interest of a Sub-Fund, pursuant to the duties imposed by the Variable Capital Companies Act as well as any other duties mandated by common law.
This Act may be cited as the Variable Capital Companies Act 2022.
The annual report to unitholders or shareholders should contain the audited financial statements and the information required to be disclosed by the Regulations and Guidelines, and where VCCs are concerned, the Variable Capital Companies Act as well.
For VCCs, the recommendations of this RAP should be read in conjunction with the Code and Variable Capital Companies Act.
It is regulated by the Variable Capital Companies Act which is administered by the Accounting and Corporate Regulatory Act (“ACRA”).
The Variable Capital Companies Act provides an option for authorised VCCs to prepare financial statements under RAP7.