Singapore legislation

Clause 25

Consequences upon the order of the Minister under section 24

(1)

Upon the making of an order of dissolution against any society under section 24 of this Act —

(a)

the property of the society shall forthwith vest either in the Official Assignee or, if any other officer is appointed for the purpose of winding up by the Minister in the notification of the order, then in such officer;

(b)

the Official Assignee or such other officer shall proceed to wind up the affairs of the society and, after satisfying and providing for all debts and liabilities of the society and the costs of winding up, shall pay the surplus assets, if any, of the society —

(i)

where the Minister so directs into the Consolidated Fund; and

(ii)

in the absence of a direction by the Minister, to members of the society according to the rules of the society;

(c)

for the purposes of the winding up of the affairs of the society, the Official Assignee or such other officer shall have all the powers vested in the Official Assignee by any written law relating to bankruptcy for the purpose of the discovery of the property of a debtor and the realization thereof, and the provisions of such law shall apply mutatis mutandis to the winding up of the affairs of the society under this Act.

(2)

The Minister may, for the purpose of enabling a society to wind up its own affairs, suspend the operation of this section for such period as to him seems expedient.

Read in full context — Societies Bill →