Singapore legislation

Section 66

of Co-operative Societies Act 1979

Section 66

Capital

Amended by3/2018

(1)

The capital of a society may be raised by all or any of the following means:

(a)

entrance fees which are not refundable except in cases where an application for membership has been rejected;

(b)

ordinary shares subscribed and paid up by members;

(c)

permanent shares subscribed and paid up by institutional members;

(d)

in the case of credit societies —

(i)

subscription capital; and

(ii)

other deposits from members which are withdrawable subject to conditions laid down in the by‑laws;

(e)

deposits or loans from non-members subject to such restrictions as are laid down in this Act and in the by‑laws;

(f)

donations made by third persons except that no donations from any foreign source, whether offered directly or otherwise, may be received by a society without the Registrar’s prior approval.

Amended by3/2018

(2)

The issue of bonds or debentures by a society is subject to the Registrar’s approval.