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NO. 44 OF 2018
to the winding up of a VCC apply with the necessary modifications, as if an application for such winding up had been made by the VCC to the Court.
- (2) An application to the Court for the winding up of the sub-fund of an umbrella VCC that is a declared VCC may be made by the Minister at any time after a report has been made by an inspector in respect of the sub-fund, whereupon the provisions of this Act as to the winding up of a sub-fun of a VCC apply with the necessary modifications, as if an application for such winding up had been made by the VCC to the Court.
Appointment and powers of inspectors to investigate ownership of VCC
- 120.—(1) Where it appears to the Minister that there is good reason to do so, the Minister may appoint one or more inspectors to investigate and report on the membership of any VCC (whether or not it is declared VCC), and otherwise for the purpose of determining the true persons who are or have been—
- (a) financially interested in the success or failure (real or apparent) of the VCC; or
- (b) able to control or materially influence the policy of the VCC.
- (2) An application may be made to the Minister for an investigation with respect to the particular shares in or debentures of any VCC (whether or not it is declared VCC), for the purpose mentioned in subsection (1), by—
- (a) in a case other than one mentioned in the paragraph (b)—
- (i) not less than 200 members (excluding the VCC itself or a subsidiary of the VCC if the VCC or the subsidiary, as the case may be, is registered as a member); or
- (ii) members holding not less than 10% of the shares issued (excluding shares held by a subsidiary of the VCC under section 22(6) or (11), if any); or
