Singapore legislation
Section 66B
Section 66B
Permanent shares
(1)
A society may issue permanent shares only to an institutional member.
(2)
An institutional member of a society must obtain the Registrar’s written approval to be entitled to subscribe, in accordance with the by‑laws of the society, for permanent shares issued by the society, if the institutional member is a credit society.
(3)
A permanent share issued by a society to an institutional member of the society —
cannot be withdrawn by that institutional member, and cannot be converted to an ordinary share; but(b)may, with the approval of the committee of management of the society and in accordance with this Act and the by‑laws of the society, be transferred by that institutional member to another institutional member of the society.
(4)
A society —
may, with the Registrar’s written approval, buy back a permanent share issued by the society under this section; but(b)cannot be required to buy back that share.
(5)
A society that buys back a permanent share issued by the society under this section may —
hold that share;
with the approval of the committee of management of the society and in accordance with this Act and the by‑laws of the society, transfer that share to an institutional member of the society; or
cancel that share.