Employment and engagement of services of individuals
7A.—(1)  Except with the written approval of the Registrar, no credit society shall employ or engage the services of a person who has been convicted, whether before, on or after 1st February 2011 and whether in Singapore or elsewhere, of any offence involving fraud or dishonesty —
(a)where the person has been sentenced to imprisonment in respect of the offence, for a period beginning on the date of his conviction and ending on the 15th anniversary of the date of his release from prison; or
(b)where the person has not been sentenced to imprisonment in respect of the offence, for a period of 15 years beginning on the date of his conviction.
(2)  Any credit society which contravenes paragraph (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 and, in the case of a continuing offence, to a further fine not exceeding $500 for every day or part thereof during which the offence continues after conviction.
[S 25/2011 wef 01/02/2011]