Contributions to Central Co-operative Fund and Singapore Labour Foundation
71.—(1) A fund called the Central Co‑operative Fund is established, which is to be used to further co‑operative education, training, research, audit and for the general development of the co-operative movement in Singapore.
(2) Every society must 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 (excluding any amount specified in subsection (2A) and any grant from the Government excluded under subsection (2B)) to the Central Co-operative Fund; and
[Act 17 of 2024 wef 18/07/2024]
(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 (excluding any amount specified in subsection (2A) and any grant from the Government excluded under subsection (2B)) either to the Central Co-operative Fund or to the Singapore Labour Foundation as the society may opt.
[3/2018]
[Act 17 of 2024 wef 18/07/2024]
(2A) In subsection (2), any gains or profits arising from the disposal of any of the following are excluded from the surplus of a society:
(a)
immovable property owned by the society and used by the society for its own operations;
(b)
shares (whether listed or unlisted) in any entity held by the society.
[Act 17 of 2024 wef 18/07/2024]
(2B) In subsection (2), the Minister may, by order in the Gazette and subject to any conditions specified in the order, exclude any grant from the Government from the surplus of a society.
[Act 17 of 2024 wef 18/07/2024]
(3) A society is 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.
(4) 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 applies 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.
(5) The Central Co-operative Fund must be administered as a trust fund in such manner as the Minister may prescribe in the Rules.
(6) 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.