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No. S 607

Co-operative Societies Act

(CHAPTER 62)

Co-operative Societies
(Requirements for
Members of Committee and
Officers of Credit Society) Rules 2019

In exercise of the powers conferred by section 95 of the Co‑operative Societies Act, the Minister for Culture, Community and Youth makes the following Rules:

PART 1

PRELIMINARY

Citation and commencement

1. These Rules are the Co‑operative Societies (Requirements for Members of Committee and Officers of Credit Society) Rules 2019 and come into operation on 1 November 2019.

Definitions

2.—(1) In these Rules, unless the context otherwise requires —

“higher tertiary qualification” means a Bachelor’s degree or an equivalent qualification awarded upon graduation after completion of an undergraduate programme provided by a university, a college or an equivalent institution of higher learning;

“mandatory induction course” means any mandatory induction course that is applicable to a member of a committee, or an officer, of a credit society, and is specified on the RCS website;

“professional certification” means a professional certification —

(a)	that is awarded after the completion of a professional certification course provided by a university, a college or an equivalent institution of higher learning, or by a professional certification body; and
(b)	that is commonly accepted within the profession concerned as equivalent to a higher tertiary qualification;

“RCS website” means the website of the Registry of Co‑operative Societies at https://www.mccy.gov.sg/coop;

“tertiary qualification” means a diploma or an equivalent qualification awarded upon graduation after completion of a course of study provided by a polytechnic or an equivalent institution of higher learning.

(2) In these Rules, a reference to the number of years of work experience that an individual has in relation to any matter, is a reference to the number of years of work experience that the individual has in relation to that matter, immediately before the date that the proposed appointment of the individual is to take effect.

Classification of credit society

3.—(1) A credit society is a small credit society if —

(a)	the total value of the assets of the credit society is not more than $5 million; and
(b)	the credit society has not more than 2,000 members.

(2) A credit society is a medium credit society if —

(a)

either of the following applies:

(i)	the total value of the assets of the credit society is more than $5 million;
(ii)	the credit society has more than 2,000 members;

(b)

the total value of the assets of the credit society is not more than $50 million; and

(c)

the credit society has not more than 10,000 members.

(3) A credit society is a large credit society if either of the following applies:

(a)	the total value of the assets of the credit society is more than $50 million;
(b)	the credit society has more than 10,000 members.

(4) In this rule —

(a)	a reference to the total value of the assets of a credit society is a reference to the total value of those assets according to the latest audited financial statements of the credit society; and
(b)	a reference to the number of members of a credit society is a reference to that number at the end of the last financial year of that credit society.

Made on 29 August 2019.

TAN GEE KEOW

Permanent Secretary,
Ministry of Culture,
Community and Youth,
Singapore.

[RCS-001-003-001; AG/LEGIS/SL/62/2015/6 Vol. 1]