The better way, IMO, would be store your your VBA in a text file
(.bas), and then dynamically load the Module when it's needed.

Something like:

Dim objXL,objwb,oVBC,M

Set objXL = CreateObject("Excel.Application")
objXL.visible = true
objXL.StatusBar = "Loading Module"
objXL.DisplayAlerts = false
Set objwb = objXL.Workbooks.Add

Set oVBC = objwb.VBProject.VBComponents
Set M = oVBC.Import(GetPath() & "\MyModule.bas") 'Do your own
implementation of GetPath()
objXL.StatusBar = "Running MyMacro"
oCVX.Application.Run "MyModule.MyMacro"