attend, personally or by his representative, general meetings and committee meetings of a society and require by written directions every society to send to him, at the proper time, notice and agenda of every meeting, and all minutes and communications in respect thereof;
(b)
convene extraordinary general meetings in accordance with the provisions of this Act;
(c)
rescind any resolution or action of an officer or a committee of management or of a general meeting of a society which, in his opinion, is outside the objects of the society as defined in the by-laws;
(d)
require, by written directions, a credit society to —
(i)
make provision for bad or doubtful debts or any other matter;
(ii)
secure repayment of any loan;
(iii)
cease to receive any deposit from, or grant any loan to, any person or class of persons or impose such restrictions on the receipt of any deposit or the grant of any loan as the Registrar thinks fit;
(iv)
cease to carry on any partnership, joint venture or other arrangement with any person; or
(v)
otherwise reduce or cease any exposure to any person or class of persons, or impose such restrictions on any exposure to any person or class of persons as the Registrar thinks fit; and
(e)
prohibit or restrict, by written directions, the granting of loans on a mortgage or charge of immovable property by any credit society or class of credit societies.
[23/2008]
(2) The Registrar may from time to time issue written directions, either of a general or specific nature, to any society, any class of societies or all societies to comply with such requirements as he may specify in the written directions.
[23/2008]
(3) Without prejudice to the generality of subsection (2), written directions may be issued —
(a)
with respect to the standards to be maintained by a society in the conduct of its affairs;
(b)
with respect to the provision of any service by a credit society, including the establishment of any branch of the credit society and facilities for the provision of such service;
[Act 3 of 2018 wef 10/04/2018]
(c)
with respect to the investment policies and procedures to be maintained by a society;
[Act 3 of 2018 wef 10/04/2018]
(ca)
with respect to the prudential requirements to be met by a credit society;
[Act 3 of 2018 wef 10/04/2018]
(cb)
to require a society to engage, for the purposes of preparing the books and accounts of the society in one or more financial years, a person who is chosen by the society and is approved by the Registrar in writing; or
[Act 3 of 2018 wef 10/04/2018]
(d)
for any purpose specified in this Act or the rules made thereunder.
[23/2008]
(4) The Registrar may at any time vary, rescind or revoke any written direction issued under subsection (2).
[23/2008]
(5) For the avoidance of doubt, any written direction issued under subsection (2) shall be deemed not to be subsidiary legislation.