VARIABLE CAPITAL COMPANIES
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- "unit", in relation to a collective investment scheme, has the meaning given by section 2(1) of the Securities and Futures Act;
- "VCC" or "variable capital company" means a body corporate incorporated as such under this Act;
- "wholly owned subsidiary" has the meaning given by section 5B of the Companies Act.
(2) In this Act (including a provision of the Companies Act applied by this Act)—
- (a) a reference to the directors of a VCC is, in the case of a VCC that has only one director, to that director; and
- (b) a reference to the doing of any act by 2 or more directors is, in the case of a VCC that has only one director, to the doing of that act by that director.
(3) In this Act—
- (a) a reference to a debt, obligation or liability of a sub-fund is to a debt, obligation or liability that is incurred by the umbrella VCC concerned on behalf of or that is attributable to that sub-fund;
- (b) a reference to a debenture of a sub-fund is to a debenture issued by the umbrella VCC concerned in respect of a debt, obligation or liability of the sub-fund;
- (c) a reference to any asset, property or undertaking of a sub-fund is to any asset, property or undertaking that is held by the umbrella VCC concerned on behalf of or that is attributable to that sub-fund; and
- (d) a reference to a creditor of a sub-fund is to a creditor of the umbrella VCC concerned in respect of a debt, obligation or liability of the sub-fund.
(4) Subject to section 5, section 4(2), (5), (5A) and (7) of the Companies Act applies for the purposes of interpreting this Act, including a provision of the Companies Act applied by this Act.
