Co-operative Societies (Modification) (Consolidation) Order

Co-operative Societies Act

(CHAPTER 62, Section 97)

O 2

REVISED EDITION 1998

(15th June 1998)

Citation and application

1.—(1) This Order may be cited as the Co-operative Societies (Modification) (Consolidation) Order.

(2) This Order shall apply to all co-operative societies.

Modification of section 73 of Act in its application to foreign workers

2.—(1) Section 73(2) and (3) of the Act shall, in its application to members of a co-operative society who are foreign workers, be modified to the extent that those members shall be eligible to receive the value stated on their bonus certificates or bonus shares —

(a)	on the cessation of their employment in Singapore for any reason whatsoever including the completion of their contracts of service; and
(b)	the committee of management of their co-operative society is satisfied that they have left or are about to leave Singapore permanently with no intention to return to Singapore to take up any employment.

(2) For the purposes of this paragraph, “foreign workers” means persons who are not citizens of Singapore and are employed in Singapore.

[S 224/84 – 1.9.84]

Modification of definition of surplus in section 2 of Act

3.—(1) The definition of “surplus” in section 2 of the Act shall, in its application to section 71(2) of the Act, be modified to the extent that it shall not include capital gains of any society.

(2) For the purposes of this paragraph, “capital gains”, in relation to any society, means any gains or profits arising from the disposal of any office premises of the society and any shares by the society.

[S 523/97 – 1.12.97]

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