Singapore legislation

Clause 23

Creation of charges in favour of societies

(1)

Subject to any other written law as to priority of debts, where a society has —

(a)

supplied to a member or past member industrial implements or machinery or materials for manufacture or building, or seeds, fertilizer, animals, feeding stuffs or agricultural implements; or

(b)

rendered services to a member or past member; or

(c)

lent money to a member or past member to enable him to buy such things or to obtain such services as aforesaid,the society shall have a first charge upon such things or, as the case may be, upon industrial or agricultural produce, animals or articles produced therewith or therefrom or with the aid of such money, except that nothing herein contained shall affect the claim of a bona fide purchaser or transferee without notice.

(2)

Outstanding demands or dues payable to a housing society by a member or past member in respect of rent, shares, loans or purchase money or any other rights or amounts payable to such society shall be a first charge upon his interest in the immovable property of the society.

Read in full context — Co-operative Societies Bill →