VARIABLE CAPITAL COMPANIES
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- (b) in a case where the shares or other matter in question relate solely to a sub-fund of a VCC —
- (i) not less than 200 members holding shares that are issued in respect of that sub-fund; or
- (ii) members holding not less than 10% of the shares that are issued in respect of that sub-fund (excluding shares held by a subsidiary of the VCC under section 22(6) or (11), if any).
- (3) On an application made under subsection (2), the Minister must appoint an inspector or inspectors to conduct an investigation, unless the Minister is satisfied that the application is vexatious.
- (4) An inspector appointed pursuant to an application made under subsection (2) may investigate any matter which the application seeks to have investigated, except insofar as the Minister is satisfied that it is unreasonable for that matter to be investigated.
- (5) Subject to section 5, section 243(2) and (4) of the Companies Act applies, with the necessary modifications in relation to an investigation under this section as it applies in relation to an investigation under that section.
- (6) The provisions of this Part applicable to an investigation into the affairs of a declared VCC apply to an investigation under this section, subject to the necessary modifications and the following further modifications:
- (a) a reference in this Part (including a provision of the Companies Act applied by this Part) to an officer or agent of a VCC or other corporation is to a person who is or has been, or whom the inspector has reasonable cause to believe to be or to have been —
- (i) financially interested in the success or failure or the apparent success or failure of the VCC or any other corporation the membership of which is investigated with that of the VCC; or
