REPUBLIC OF SINGAPORE
Published by Authority
|NO. 16]||Saturday, April 7||[1990|
The following Act was passed by Parliament on 29th March 1990 and assented to by the President on 31st March 1990:—
Co-operative Societies (Amendment) Act 1990
(No. 13 of 1990)
WEE KIM WEE
31st March 1990.
Date of Commencement: 16th April 1990
An Act to amend the Co-operative Societies Act (Chapter 62 of the 1985 Revised Edition).
Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows:
1. This Act may be cited as the Co-operative Societies (Amendment) Act 1990 and shall come into operation on such date as the Minister may, by notification in the Gazette, appoint.
2. Section 2 of the Co-operative Societies Act (referred to in this Act as the principal Act) is amended —
by deleting the words “and the Central Co-operative Fund” in the definition of “net surplus” and substituting the words “, the Singapore Labour Foundation and the Central Co-operative Fund in accordance with sections 70 and 71”; and
by inserting, immediately after the definition of “share”, the following definition:
“ “Singapore Labour Foundation” means the Singapore Labour Foundation established under the Singapore Labour Foundation Act (Cap. 303);”.
3. Section 71 of the principal Act is repealed and the following section substituted therefor:
—(1) There shall be established a fund to be known as the Central Co-operative Fund which shall be used to further co-operative education, training, research, audit and for the general development of the co-operative movement in Singapore.
(2) Subject to subsection (3), every society shall contribute —
5% of the first $500,000 of the surplus resulting from the operations of the society during the preceding financial year to the Central Co-operative Fund; and
20% of any surplus in excess of $500,000 from the operations of the society during the preceding financial year either to the Central Co-operative Fund or to the Singapore Labour Foundation as the society may opt.
(3) The Minister may at any time reduce the percentage of the surplus that every society is liable to contribute under subsection (2)(a) so long as the difference between the reduced percentage and the amount that the society would have been liable to contribute under subsection (2)(a) shall be carried to the reserve fund.
(4) The requirement to transfer the difference referred to in subsection (3) shall not apply to a society that is required to maintain a reserve fund or any fund by whatever name called having a purpose similar to a reserve fund pursuant to the Banking Act (Cap. 19), the Insurance Act (Cap. 142) or any other written law.
(5) A society shall be deemed to have opted to contribute to the Central Co-operative Fund under subsection (2)(b) if that society does not exercise its option within such time and in such manner as the Registrar may require.
(6) A society may from time to time change its option in respect of its contribution under subsection (2)(b) by notifying the Registrar in such manner as the Registrar may require and the change in option shall apply to the contribution of the society for the financial year in which falls the second anniversary of the date on which the Registrar was notified under this subsection and to all contributions of the society thereafter until the society again changes its option.
(7) The Central Co-operative Fund shall be administered as a trust fund in such manner as the Minister may prescribe in the Rules.”.
4. Section 72 of the principal Act is amended by deleting subsection (1) and substituting the following subsection:
“(1) The net surplus may be divided among the members by way of dividend or patronage refund or by way of honoraria to officers of the society, or allocated to any other funds constituted by the society to such extent and under such conditions as may be prescribed under this Act or in the by-laws.”.
5. In all matters relating to the contribution of any society under section 71 of the Co-operative Societies Act (Cap. 62) for the financial year in which this Act comes into operation, sections 2 and 3 of this Act shall apply to that society as though those sections came into operation on the first day of that financial year.