2.—(1) The forms to be submitted to the Registrar under the Act shall be those provided at the website of the Registry of Co-operative Societies at https://www.mccy.gov.sg/coop, and any reference in these Rules to a numbered form shall be construed as a reference to the current version of the form bearing the corresponding number which is displayed at that website.
[S 317/2019 wef 22/04/2019]
(2) Every form used for the purposes of the Act shall be completed in the English language and in accordance with such directions as may be specified in the form or by the Registrar.
(3) Any document required to be submitted to the Registrar under any provision of the Act or these Rules shall be submitted in such form and manner as may be specified in the website referred to in paragraph (1).
Application for registration of society
3.—(1) Every application for registration of a society under section 7 of the Act shall be submitted to the Registrar —
(a)
in Form 1, in the case of a society which proposes to provide any financial service; or
(b)
in Form 2, in any other case.
(2) Every application for registration of an amalgamated society under section 74 of the Act shall be submitted to the Registrar —
(a)
in Form 3, in the case of an amalgamated society which proposes to provide any financial service; or
(b)
in Form 4, in any other case.
Application for conversion from non-credit society to credit society
4. Every application by a non-credit society under section 16A(2) of the Act to become a credit society must be in Form 5.
[S 317/2019 wef 22/04/2019]
Application for conversion from credit society to non-credit society
4A. Every application by a credit society under section 16BA(1) of the Act to become a non-credit society must be in Form 6.
[S 317/2019 wef 22/04/2019]
Minimum requirements for registration of credit societies
5.—(1) For the purposes of sections 9(1B)(e) and 16A(5)(e) of the Act and subject to paragraph (2), the minimum prudential requirements that apply to a credit society are as follows:
(a)
a capital adequacy ratio, calculated in such manner as may be determined by the Registrar by written notice, of —
(i)
not less than 8%, if the application under section 7 or 16A of the Act in respect of the credit society is made before 1 July 2020; or
(ii)
not less than 10%, if the application under section 7 or 16A of the Act in respect of the credit society is made on or after 1 July 2020;
(b)
a liquidity ratio calculated in such manner as may be determined by the Registrar by written notice, of not less than 15%.
[S 317/2019 wef 22/04/2019]
(1A) Paragraph (1)(a)(i) and (b) applies to every application under section 7 or 16A of the Act that —
(a)
is pending immediately before 22 April 2019; or
(b)
is made on or after that date.
[S 317/2019 wef 22/04/2019]
(2) The Registrar may, if he considers it appropriate in the circumstances of a particular credit society or class of credit societies and having regard to the risks arising from the activities of the credit society or class of credit societies and such other factors as the Registrar considers relevant, vary the capital adequacy ratio or liquidity ratio applicable to that credit society or class of credit societies (as the case may be).