VARIABLE CAPITAL COMPANIES
145
Power to impose restrictions on shares or debentures
- 122.—(1) Subject to section 5 and subsection (2), section 245 of the Companies Act applies in relation to an investigation under section 120 or 121 as it applies in relation to an investigation under section 243 or 244 of that Act.
- (2) Where the investigation relates solely to a sub-fund of an umbrella VCC, then the reference in section 245(1)(d) of the Companies Act to a liquidation is to a liquidation of the sub-fund.
Inspectors appointed in other countries
- 123.—(1) Where—
- (a) under a corresponding law of another country, an inspector has been appointed to investigate the affairs of a VCC; and
- (b) the Minister is of the opinion that, in connection with that investigation, it is expedient that an investigation be made in Singapore,
the Minister may by notice declare that the inspector so appointed has the same powers and duties in Singapore in relation to the investigation as if the VCC were a declared VCC.
- (2) Upon the declaration, the inspector has the powers and duties mentioned in subsection (1).
Miscellaneous provisions
- 124.—(1) Subject to section 5, sections 242 and 389 (as it applies to an investigation under this Part) of the Companies Act apply in relation to this Part as they apply in relation to Part IX of the Companies Act.
- (2) An inspector appointed under this Part must not require a solicitor to disclose any privileged communication made to the solicitor in that capacity, except as respects the name and address of the solicitor's client.
