Co-operative societies doing insurance business
44.—(1)  Where a society registered under the Co-operative Societies Act (Cap. 62) is a registered insurer, no proceedings for the dissolution or winding up of the society shall be taken under sections 83 to 89 of that Act except with the consent of the Authority and in accordance with such conditions, if any, as it sees fit to attach to that consent.
[11/86]
(2)  Notwithstanding section 101 of the Co-operative Societies Act, any such society which is a registered insurer shall be deemed to be an unregistered company within the meaning of Division 5 of Part X of the Companies Act (Cap. 50) and may be wound up by the court accordingly under that Act.
(3)  In any such winding up —
(a)the provisions of the Companies Act shall apply with the substitution for references to the Registrar of Companies and the register under that Act of references to the Registrar and register under the Co-operative Societies Act; and
(b)section 89(3), (4) and (5) of the Co-operative Societies Act (which govern the disposal of any surplus), shall apply, subject to any necessary modifications, as they apply where a society is wound up under that Act.
(4)  Where a society has ceased to be a registered insurer, but remains under any liability in respect of Singapore policies or offshore policies, this section shall apply as if the society were an insurer so registered.
[46
[11/86]