s 60J Application of Act to instrument with a sub‑fund
60J.—(1) A reference in this Act to an instrument or a description of instrument that effects a transaction, includes an instrument (called in this Part an instrument with a sub‑fund) that effects a transaction between an umbrella VCC and any of its sub‑funds that would have been the same transaction had the sub‑fund been a separate legal person.[28/2019] (2) A reference in this Act to an instrument or a description of instrument that is evidence of, or that signifies any matter relating to a transaction, includes an instrument (also called in this Part an instrument with a sub‑fund) that is evidence of, or that signifies the same matter relating to a transaction between an umbrella VCC and any of its sub‑funds, that would have been the same transaction had the sub‑fund been a separate legal person.[28/2019] (3) In the case of an instrument with a sub‑fund, a reference in this Act to —(a) a party (however described) to an instrument; or (b) a party who executes an instrument, is to the umbrella VCC or the umbrella VCC in relation to the relevant sub‑fund, as the case may be. [28/2019] (4) Where an umbrella VCC is a party to an instrument, or executes an instrument, for the purpose of a sub‑fund —(a) any right of that party in subsection (3)(a) or (b) under this Act is a right of the umbrella VCC that is to be exercised for the purpose of the relevant sub‑fund; and (b) any liability or duty of that party under this Act is considered (for the purpose of section 29 of the VCC Act) a liability or duty of the umbrella VCC that is incurred, and to be discharged, for the purpose of the relevant sub‑fund.[28/2019] (5) To avoid doubt, the time and place of the execution of an instrument with a sub‑fund is the time and place at which the umbrella VCC executes the instrument.[28/2019] (6) Where —(a) an umbrella VCC effects a transaction with any of its sub‑funds otherwise than by way of an instrument, or that is not evidenced or signified by an instrument; and (b) had the transaction been effected, evidenced or signified by an instrument, the instrument would have been chargeable with duty under this Act, the umbrella VCC must give notice to the Commissioner of the transaction, in such form as the Commissioner may require, within 14 days of the transaction. [28/2019] (7) The notice mentioned in subsection (6) is treated for the purposes of this Act as an instrument mentioned in subsection (6)(b) and chargeable with duty accordingly.[28/2019] (8) To avoid doubt, a reference to an instrument in subsections (6) and (7) includes an electronic instrument as defined in section 59(1).[28/2019] (9) An umbrella VCC that contravenes subsection (6) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding 4 times the amount of duty that is otherwise chargeable on the notice.[28/2019]