Singapore legislation
Clause 31
Clause 31
Co-operative societies doing insurance business
(1)
Where a society registered under the Co-operative Societies Ordinance (Cap. 175) is an insurer registered under this Act, no proceedings for the dissolution or winding up of the society shall be taken under Part VII of that Ordinance except with the consent of the Commissioner and in accordance with such conditions, if any, as he sees fit to attach to that consent.
(2)
Notwithstanding section 57 of the Co-operative Societies Ordinance or paragraph (3) of section 294 of the Companies Ordinance any such society which is an insurer registered under this Act shall be deemed to be an unregistered company within the meaning of Part IX of the Companies Ordinance and may be wound up by the Court accordingly under that Ordinance:Provided that in any such winding up —
the provisions of the Companies Ordinance (Cap. 174) shall apply with the substitution for references to the Registrar of Companies and the register under that Ordinance of references to the Registrar and register under the Co-operative Societies Ordinance; and (b)subsections (3) to (5) of section 46 of the Co-operative Societies Ordinance (which govern the disposal of any surplus), shall apply, subject to any necessary modifications, as they apply where a society is wound up under that Ordinance.
(3)
Where a society has ceased to be an insurer registered under this Act, but remains under any liability in respect of Singapore policies, this section shall apply as if the society were an insurer so registered.