Comparison View

Formal Consolidation |  2009 RevEd
Contributions to Central Co-operative Fund and Singapore Labour Foundation
71.—(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.
[13/90]
(2)  Every society shall contribute —
(a)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
(b)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.
[13/90; 23/2008]
(3)  [Deleted by Act 23 of 2008]
(4)  [Deleted by Act 23 of 2008]
(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.
[13/90]
(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.
[13/90]
(7)  The Central Co-operative Fund shall be administered as a trust fund in such manner as the Minister may prescribe in the Rules.
[13/90]
Informal Consolidation | Amended Act 3 of 2018
Contributions to Central Co-operative Fund and Singapore Labour Foundation
71.—(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.
[13/90]
(2)  Every society shall contribute —
(a)5% (or such other rate as may be prescribed in substitution) 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
[Act 3 of 2018 wef 10/04/2018]
(b)20% (or such other rate as may be prescribed in substitution) 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.
[13/90; 23/2008]
[Act 3 of 2018 wef 10/04/2018]
(3)  [Deleted by Act 23 of 2008]
(4)  [Deleted by Act 23 of 2008]
(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.
[13/90]
(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.
[13/90]
(7)  The Central Co-operative Fund shall be administered as a trust fund in such manner as the Minister may prescribe in the Rules.
[13/90]
(8)  The Minister may, by order in the Gazette and subject to such conditions as the Minister may specify in the order, remit or refund, wholly or in part, any contribution mentioned in subsection (2)(a) or (b) paid or payable by a particular society or a particular class of societies.
[Act 3 of 2018 wef 10/04/2018]