Singapore legislation

Clause 69

of Co-operative Societies Bill

Clause 69

Investment of funds

(1)

A society may invest or deposit its funds —

(a)

in the Post Office Savings Bank;

(b)

in such investments and securities as are for the time being authorised for the investment of trust funds;

(c)

with any bank registered under the Banking Act;

(d)

in the shares of any other society approved for this purpose by the Registrar;

(e)

in the purchase or leasing of land or in the construction of buildings necessary for the conduct of its business, with the previous sanction of the Registrar; or

(f)

in such other manner as may be approved in writing by the Registrar, either generally or in any particular case.

(2)

This section shall not apply to a society that is required to invest or deposit its funds in accordance with the Banking Act, the Insurance Act (Cap. 183) or any other written law that controls the investment or deposit activities of such society.