KG:211:2024:5 Kwalificatie Variable Capital Company (Singapore)

Uit artikel 2 en artikel 5 VCC Act, en de onderlinge verwijzingen tussen de VCC Act en Companies Act, blijkt dan een VCC een ‘body corporate’, oftewel een rechtspersoon, is die de juridische eigendom van vermogensbestanddelen heeft.

VCC Act:

“PART 1

PRELIMINARY

General interpretation

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

(…)

“company” has the meaning given by section 4(1) of the Companies Act 1967.

(…)

“corporation” has the meaning given by section 4(1) of the Companies Act 1967 and (to avoid doubt) includes a VCC.

(…)

“VCC” or “variable capital company” means a body corporate incorporated as such under this Act;

(…)

(4) Subject to section 5, section 4(2), (5), (5A) and (7) of the Companies Act 1967 applies for the purposes of interpreting this Act, including a provision of the Companies Act applied by this Act.

(…)

Purpose of Act and application of Companies Act provisions in this Act

5.—(1) The purpose of this Act is to enable a body corporate known as a variable capital company or VCC, to be formed, and to provide for its operation and regulation.

(2) This Act (except for Part 7) applies the provisions of the Companies Act subject to the modifications set out by this Act.

(…)

Application of Companies Act 1967 to VCC, etc.

6. (…)

Companies Act:

Interpretation

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

(…)

“company” means a company incorporated under this Act or under any corresponding previous written law.

(…)

 “corporation” means any body corporate formed or incorporated or existing in Singapore or outside Singapore and includes any foreign company but does not include –

(a)      any body corporate that is incorporated in Singapore and is by notification of the Minister in the Gazette declared to be a public authority or an instrumentality or agency of the Government or to be a body corporate which is not incorporated for commercial purposes;

(b)     any corporation sole;

(c)      any cooperative society;

(d)     any registered trade union;

(e)      any limited liability partnership.

(…)

VCC” means a VCC or variable capital company as defined in section 2(1) of the VCC Act;

“VCC Act” means the Variable Capital Companies Act 2018;

Uit artikel 15 van de VCC Act blijkt dat het enige doel van een VCC is het opzetten van een of meer collectieve beleggingsvehikel in de vorm van ‘a body corporate’, oftewel één rechtspersoon. Artikel 16(6) van de VCC Act regelt dat de VCC de volledige bevoegdheid heeft om handelingen te verrichten of transacties aan te gaan. In artikel 23 van de Companies Act is een vergelijkbare bepaling opgenomen.

VCC Act:

“PART 3

CONSTITUTION OF VCC

Object of VCC

15.—(1) The sole object of a VCC is to be one or more collective investment schemes in the form of a body corporate.(2) A VCC may not carry on, or enter into any partnership, joint venture or other arrangement with any person to carry on, whether in Singapore or elsewhere, any business that is inconsistent with the object in subsection (1).

(…)

Registration of VCC

16.

(…)

(6) Subject to this Act and any other written law and its constitution, a VCC has —

(a) in furtherance of its sole object under section 15(1), full capacity to do any act or enter into any transaction; and

(b) for the purposes of paragraph (a), full rights, powers and privileges.“

Companies Act:

“Capacity and powers of company

23.—(1) Subject to the provisions of this Act and any other written law and its constitution, a company has —

(a) full capacity to carry on or undertake any business or activity, do any act or enter into any transaction; and

(b) for the purposes of paragraph (a), full rights, powers and privileges.

(1A) A company may have the objects of the company included in its constitution.

(1B) The constitution of a company may contain a provision restricting its capacity, rights, powers or privileges.“

Kortom, uit de bovengenoemde passages volgt dat de VCC, als ‘body corporate’ de juridische eigendom van vermogensbestanddelen kan hebben.

Ten aanzien van de vraag of een subfonds kan worden gezien als een zelfstandig te kwalificeren samenwerkingsverband kan het volgende worden opgemerkt.

Een VCC kan één of meerdere subfondsen hebben, waaraan de paraplu-VCC (‘umbrella VCC’), op grond van artikel 29(3) VCC Act, vermogensbestanddelen kan alloceren. De hoofdregel is dus dat de (paraplu-)VCC zelf de juridische eigendom heeft van de vermogensbestanddelen. De allocatie van die vermogensbestanddelen aan een subfonds, waarbinnen die vermogensbestanddelen worden gebruikt voor de uitoefening van de specifieke activiteiten binnen dat betreffende subfonds, maakt niet dat het subfonds een separate rechtspersoon wordt ten opzichte van de paraplu-VCC. De subfondsen vormen een onderdeel van de ‘body corporate’, de VCC.  De allocatie van vermogensbestanddelen is een administratieve verwerking met het oog op de aansprakelijkheid (zie ook toetsingsvraag B hierna) en geen overdracht van de juridische eigendom van vermogensbestanddelen. Uit artikel 32 en artikel 33 VCC Act volgt dat een subfonds geen separate rechtspersoon (‘separate legal person’) is, en slechts in uitzonderlijke gevallen, zoals een liquidatie, bij wetsfictie wel als zodanig wordt behandeld. Deze wetsfictie doet er niet aan af dat slechts de (paraplu-)VCC vermogensbestanddelen kan verwerven en rechten en verplichtingen aan kan gaan.

VCC Act:

“General interpretation

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

(…)

“company” has the meaning given by section 4(1)

(…)

“sub-fund” means a collective investment scheme that is part of an umbrella VCC;

(…)

“umbrella VCC” means a VCC the constitution of which provides that it consists of, or is to consist of, 2 or more collective investment schemes, or words to that effect;

         (…)

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 for the purpose 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 for the purpose 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.

PART 4

SUB-FUNDS

(…)

Segregated assets and liabilities of sub-funds

29(1)Despite any written law or rule of law to the contrary —
(a)     the assets of a sub-fund of an umbrella VCC must not be used to discharge any liability of the VCC or any other sub‑fund of the VCC, including in the winding up of the VCC or the other sub‑fund; and
(b)     any liability of a sub-fund of an umbrella VCC must be discharged solely out of the assets of that sub‑fund, including in the winding up of the sub‑fund.
(2) Any provision of the constitution of an umbrella VCC, an agreement, a contract or otherwise, is void to the extent that it is inconsistent with subsection (1), and any application of or agreement to apply assets in contravention of subsection (1) is likewise void.
(3) An umbrella VCC may allocate any assets or liabilities —

(a)     that it holds or incurs for the purpose of its sub‑funds or in order to enable the operation of the sub‑funds; and
(b)     that are not attributable to any particular sub‑fund,

between its sub-funds in a manner that it considers fair to shareholders.

(…)

Further matters about sub-funds

32.—(1) A sub-fund of an umbrella VCC is not a legal person separate from the VCC, but the VCC may sue or be sued in respect of a sub‑fund and may exercise rights of set‑off (if any) as between its sub‑funds as if each sub‑fund were a legal person.

(2) The property of a sub-fund is subject to orders of a court as it would have been if the sub‑fund were a separate legal person.

Winding up of sub-fund

33.—(1) Despite not being a legal person, a sub‑fund of an umbrella VCC may be wound up in accordance with subsection (2) as if it were a legal person.

(2) Part 10 and section 389 (as it relates to the provisions of Part 10) of the Companies Act 1967 apply in relation to the winding up of a sub‑fund of an umbrella VCC as they apply in relation to the winding up of a company limited by shares, subject to section 5 and the modifications in the First Schedule.

(3) Section 129 applies (with the necessary modifications) in relation to the appointment of a liquidator of a sub‑fund and a person acting as such liquidator, as it applies in relation to the appointment of a liquidator of a VCC and a person acting as such liquidator, and for this purpose —

(a)     a reference in section 129(1)(b) and (c) to the VCC is to the umbrella VCC of which the sub‑fund is a part; and

(b)     the reference in section 129(2)(b) to creditors is to the creditors of the sub-fund.“

Het antwoord op vraag A is Ja.

Bij deze vraag gaat het om de rechtstreekse, op de wet gebaseerde primaire externe aansprakelijkheid van de participanten jegens derden. Voor het besluit wordt met beperkte aansprakelijkheid van een participant bedoeld dat de aansprakelijkheid zich niet verder uitstrekt dan tot het ingelegde vermogen dan wel de volstortingsverplichting. Bij een onbeperkte aansprakelijkheid is de aansprakelijkheid niet gemaximeerd tot een vast bedrag.

Uit de onderstaande artikelen uit de VCC Act, met name artikel 17(3), volgt dat de participanten aansprakelijk zijn tot de volstortingsverplichting op de aandelen. Uit o.a. artikel 2(1)(b) volgt dat die aansprakelijkheid ook beperkt kan zijn tot de volstortingsverplichting op de aandelen die recht geven op de rendementen uit een subfonds. Bij de onderhavige VCC is dit, conform artikel 19 van de VCC Act, opgenomen in de statuten van de paraplu-VCC.

VCC Act:

“General interpretation

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

(…)

“contributory” —

(a)     in relation to a VCC, means a person liable to contribute to the assets of the VCC in the event of its being wound up, and includes the holder of fully paid shares in the VCC and (before the final determination of the persons who are contributories) any person alleged to be a contributory of the VCC; and

(b)     in relation to a sub-fund, means a person liable to contribute to the assets of the sub‑fund in the event of its being wound up, and includes the holder of fully paid shares in the VCC that are issued in respect of that sub‑fund and (before the final determination of the persons who are contributories) any person alleged to be a contributory of the sub‑fund;

(…)

“register of members” means a register of members kept by a VCC under section 81;

(…)

“share”, in relation to a VCC, means a unit in a collective investment scheme that is part of the VCC, and includes a share taken by a subscriber to the constitution of a VCC, whether or not it is such unit;

(…)

(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 for the purpose 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 for the purpose 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.

(…)

Constitution of VCC

19.—(1) The following provisions are implied in the constitution of every VCC:

(a)     the liability of a member of the VCC is limited to the amount (if any) unpaid on the shares held by the member;

(b)     the sole object of the VCC is to be one or more collective investment schemes in the form of a body corporate;

(c)      the property of the VCC must be measured on a fair value basis;

(d)     the actual value of the paid-up share capital of the VCC is at all times equal to the net asset value of the VCC;

(e)     shares of the VCC are to be issued, redeemed or repurchased at a price equal to the proportion of the net asset value of the VCC represented by each share, although the price may be adjusted by adding or subtracting (as the case may be) fees and charges in accordance with the constitution;

(f)      shares of the VCC that relate to an arrangement mentioned in paragraph (aa) or (b) of the definition of “closed‑end fund” in section 2(1) of the Securities and Futures Act 2001 under which units that are issued are exclusively or primarily non‑redeemable at the election of the holders of the units, and listed for quotation on a securities exchange, are to be issued, redeemed or repurchased in accordance with the applicable listing requirements of the securities exchange;

(g)     the provisions in paragraphs (e) and (f) do not apply in relation to any shares during the initial offer period of the shares.

(2) It is also implied in the constitution of every VCC that is an umbrella VCC that the VCC’s assets and liabilities must be allocated to, and used to discharge the liabilities of, each of its sub‑funds in accordance with section 29(1) and (3).

(3) Any provision in the constitution is void to the extent that it is inconsistent with any provision implied in it under subsection (1) or (2).

Het antwoord op vraag B is Ja.

Uit de bij toetsingsvraag B geciteerde artikelen 2 en 19 van de VCC Act, en de daarin gehanteerde termen ‘shares’ en ‘paid up shares capital’ blijkt dat de VCC een in aandelen verdeeld kapitaal heeft. Artikel 34 van de VCC Act regelt dat de statuten van de VCC kunnen bepalen dat er verschillende aandelenklassen met uiteenlopende winst- en zeggenschapsrechten zijn. Artikel 39 van de VCC Act bepaalt dat er aandelencertificaten worden uitgegeven, waarop – indien van toepassing – ook de aandelenklasse en het subfonds waarop de aandelen betrekking hebben, worden vermeld. Een VCC kan dus een zogenoemd in letteraandelen verdeeld kapitaal hebben. In het onderhavige geval is daar, op basis van de VCC statuten en het subfonds IM, sprake van.

“Shares of VCC

34.—(1) The shares or other interest of any member in a VCC are movable property and transferable in the manner provided by the constitution of the VCC and is not of the nature of immovable property.

(2) A shareholder has no interest in the property of a VCC.

(3) Subject to its constitution, a VCC may issue more than one class of shares.

(4) The rights which attach to each share of any given class are —

(a)     the right, in accordance with the constitution of the VCC, to participate in or receive profits, income or other payments or returns arising from —

(i)      the acquisition, holding, management or disposal of the property or part of the property of the VCC; or

(ii)     the exercise, redemption or expiry of any right, interest, title or benefit in the property or part of the property of the VCC, or to receive sums paid out of such profits, income or other payments or returns;

(b)     the right (if any), in accordance with the constitution of the VCC, to vote at any general meeting of the VCC or at any meeting of shareholders of that class of shares; and

(c)      such other rights as may be provided in the constitution in relation to shares of that class.

(5) A VCC may make provision in its constitution to authorise the conversion of one class of shares into another class of shares.

(6) Section 74 of the Companies Act 1967 (as applied by section 36) applies where a conversion of shares undertaken by a VCC involves a variation or an abrogation of the rights attached to any class of shares

Certificate is evidence of title

39.—(1) A certificate under the common seal or official seal of a VCC specifying any shares held by any member of the VCC is prima facie evidence of the title of the member to the shares.

(2) Every share certificate must be under the common seal of the VCC and must state as at the date of the issue of the certificate —

(a)     the name of the VCC and the authority under which the VCC is constituted;

(b)     the address of the registered office of the VCC in Singapore; and

(c)      the class of the shares (if applicable), the name and registration number of the sub‑fund to which the shares relate (if applicable), whether the shares are fully or partly paid up, and the amount (if any) unpaid on the shares.

(3) Failure to comply with this section does not affect the rights of any holder of the shares.

(4) If this section is contravened, the VCC and every officer of the VCC who is in default shall each be guilty of an offence.“

Het antwoord op vraag C is Ja.

Uit artikel 40 van de VCC Act, en diverse op de VCC van toepassing zijnde artikelen van de Company Act, volgt dat overdracht van aandelen mogelijk is, en door de VCC moet worden geregistreerd in het aandeelhoudersregister. Uit de statuten van de onderhavige paraplu-VCC (en het subfonds IM) blijkt dat voor de vervreemding van de verschillende klassen van aandelen niet de specifieke toestemming nodig is van de andere investeerders. Toetreding of vervanging kan dus plaatsvinden zonder toestemming van alle participanten.

“Transfer of shares or debentures

40.—(1) Subject to section 5 and subsections (2) to (6), sections 130AA, 130AB, 130AC and 130AD of the Companies Act 1967 apply in relation to a VCC and a transfer of any share, debenture or other interest in it, as they apply in relation to a company or public company (as the case may be) and a transfer of any share, debenture or other interest in it.

(2) The following provision applies in place of section 130AD (3) and (4) of the Companies Act 1967 (which provides that a company and its officers are not liable as respects a transfer of its interests if a specified act in relation to the instrument of transfer is not done within the time limit of its certification of the instrument):

“Where any certification by a VCC of an instrument of transfer of shares, debentures or other interests in the VCC is expressed to be limited to 42 days or any longer period from the date of certification, the VCC and its officers are not (in the absence of fraud) liable in respect of the registration of any transfer comprised in the certification after the expiry of the period so limited or any extension of the period given by the VCC, if the instrument has not within that period been lodged with the VCC for registration.”.

(3) Despite anything in its constitution, a VCC must not register a transfer of shares or debentures unless a proper instrument of transfer has been delivered to the VCC.

(4) Subsection (3) does not affect any power of the VCC to register as shareholder or debenture holder any person to whom the right to any shares or debentures of the VCC has been transmitted by operation of law.

(5) A VCC may refuse to register a transfer of shares under section 130AA of the Companies Act 1967 (as applied by subsection (1)) if —

(a) there exists a minimum requirement under the VCC’s constitution or the prospectus in respect of the issue of those shares, as to the number or value of shares that are to be held by any shareholder of the VCC, and the transfer would result in either the transferor or transferee holding less than the required minimum; or

(b) the transfer is inconsistent with any provision of the VCC’s constitution.

(6) Nothing in this Act requires a VCC to register a transfer or give notice to any person of a refusal to register a transfer where registering the transfer or giving the notice would result in a contravention of any law (including any law that is for the time being in force in a country or territory other than Singapore).

Application of other provisions of Division 7 of Part 4 of Companies Act 1967

41.—(1) Subject to section 5, section 122 of the Companies Act 1967 applies in relation to a VCC’s shares as it applies in relation to a company’s shares, except that the reference in section 122(2)(b) to section 123 of that Act is to section 39.

(2) Subject to section 5, sections 124 and 125 (except subsection (3)) of the Companies Act 1967 apply in relation to a VCC and any certificate or other document of title to shares or debentures of a VCC, as they apply in relation to a company and any certificate or other document of title to shares or debentures of a company.“

Het antwoord op vraag D is Ja.