95.—(1) The Minister may make rules for the purpose of carrying out and giving effect to the provisions of this Act.
(2) Without limiting subsection (1), such rules may be made for or with respect to —
(a)
any form to be used for any purpose under this Act;
(b)
the books, accounts and other documents to be kept by societies, including the preparation and submission of documents or information in compliance with governance requirements or best practices, and the disclosure of the level of such compliance by societies to the Registrar or an apex organisation;
(c)
the preparation, submission or audit of financial statements of societies, including the procedure for applying for relief from compliance with any requirement of the accounting standards or requirements referred to in section 34(7);
(d)
the conduct of a special audit of a society;
(e)
the administration and use of the Central Co‑operative Fund and the Co‑operative Societies Liquidation Account;
(f)
the making and collection of contributions to the Central Co‑operative Fund and the Singapore Labour Foundation, including the payment of any shortfall in contributions paid, the imposition of a prescribed penalty for late payment of contributions, the waiver, refund or remission (whether wholly or in part) of any penalty, and the appointment of agents to collect contributions and late payment penalties;
(g)
the maximum rate of dividend on share capital or subscription capital which may be paid by a society;
(h)
the governance of societies, and the appointment and removal of officers of societies;
(i)
any officer of a society who may be required to undergo such training, or comply with such other requirements, as the Registrar may specify, and any matter relating to such training or such other requirements;
(j)
other documents and information to be submitted by societies to the Registrar or an apex organisation;
(k)
the fees to be paid in respect of any document required to be submitted to, registered with or issued by the Registrar under this Act, for the inspection of any such document or for any other matter or thing required for the purposes of this Act, and the refund or remission, whether wholly or in part, of such fees;
(l)
the management of credit societies, the restrictions on advertising, and the regulation or control of activities and affairs of credit societies; and
(m)
any other matter or thing required or permitted to be prescribed or necessary to be prescribed to give effect to this Act.
[3/2018]
(3) The rules made under subsection (1) —
(a)
may be of general or specific application;
(b)
may provide that a contravention of any specified provision thereof shall be an offence; and
(c)
may provide for penalties not exceeding a fine of $10,000 for each offence and, in the case of a continuing offence, a further penalty not exceeding a fine of $500 for every day or part of a day during which the offence continues after conviction.