Singapore legislation

Clause 4

of Mutual Benefit Organisations (Amendment) Bill

Clause 4

New section 22A

The Ordinance is hereby amended by inserting immediately after section 22 thereof the following new section: —“Utilisation of reserve funds22A. The reserve funds of a mutual benefit organisation referred to in subsection (2) of section 22 of this Ordinance, or any part thereof, may be utilized for any purpose approved by the Minister.”.

Clause 4 — Mutual Benefit Organisations (Amendment) Bill