On 26/05/2013,
you requested for the version in force on 26/05/2013
incorporating all amendments published on or before 26/05/2013.
The closest version currently available is that of 16/05/2003.
22.
—(1) The amount deducted by a registered organisation for administration or any other expense shall not exceed such percentage of the total receipts from subscriptions as may be prescribed by the Minister by rules made under this Act.
(2) All subscriptions paid by members or subscribers during the period in which, under the rules of any registered organisation, the members or subscribers are qualifying for the benefits provided by the rules of the organisation less a sum not exceeding the prescribed percentage allowed for administration and any other expense shall be placed on deposit with a bank which is a member of the Association of Banks in Singapore in the name of the organisation or be invested in trustee securities and those funds shall constitute the reserve funds of the organisation.
[37/98 wef 16/11/1998]
(3) Subscriptions received from members of or subscribers to a registered organisation who have qualified for benefits under the rules of the organisation less a sum not exceeding the prescribed percentage allowed for administration and any other expense shall be paid into a separate account in the name of the organisation with a bank which is a member of the Association of Banks in Singapore and the organisation may draw upon these funds for the purpose of paying the benefits provided in the rules of the organisation.
[37/98 wef 16/11/1998]
(4) No payment of any sum payable as a result of the death of a person shall be made by the organisation except upon the production of the original death certificate or a certified copy thereof issued by a registrar of deaths or, in the case of a person dying outside Singapore, a death certificate issued by the appropriate authority in the place where the person died:
Provided that payment may be made to the personal representative of a deceased member or subscriber where no nomination has been made upon the production of letters of administration or probate of the will of the deceased member or subscriber.