Page:Variable Capital Companies Act 2018.pdf/11

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PART I

PREMILIMARY

Short title and commencement

1. This Act is the Variable Capital Companies Act 2018 and comes into operation on a date that the Minister appoints by notification in the Gazette.

General interpretation

2.—(1) In this Act, unless the contrary intention appears—

"Accounting Standards", in relation to a VCC, means—

(a) the accounting standards mentioned in section 100(8)(a) or the accounting standards in practices prescribed under section 100(8)(b); or

(b) where those accounting standards or practices (as the case may be) are substituted with other accounting standards under section 100(9) in relation to that VCC, the other accounting standards;

"accounts" means profit and loss accounts and balance sheets and includes notes (other than auditors' reports and directors' reports) attached or intended to be read with any of those profit and loss accounts or balance sheets;

"ACRA" means the Accounting and Corporate Regulatory Authority established under section 3 of the Accounting and Corporate Regulatory Authority Act (Cap. 2A);

"book-entry securities" has the meaning given by section 81SF of the Securities and Futures Acts (Cap. 289);

"borrowing VCC" means a VCC that is or will be under a liability (whether or not such liability is resent or future) to repay any money received or to be received by it in response to an invitation to the public to subscribe for or purchase debentures of the VCC;