Singapore legislation
Clause 75
Clause 75
Transfer of societies
(1)
A society may at any extraordinary general meeting specially called for the purpose after due notice, resolve to transfer its assets and liabilities to another society which is prepared to accept them (hereinafter referred to as “the receiving society”).
(2)
The resolution to transfer the assets and liabilities to a receiving society has to be passed at the extraordinary general meeting of the transferring society by not less than three-quarters of the members present and voting.
(3)
Wherever the transfer of assets and liabilities involves the transfer of liabilities by the transferring society to the receiving society, three months’ notice of the transfer shall be given to all creditors of the transferring society.
(4)
Creditors of the transferring society shall be entitled to a refund of any sum due to them if they make a written demand to this effect at least one month before the date fixed for the transfer.
(5)
A member of the transferring society may, notwithstanding any by-law to the contrary, by notice in writing given to his society at least one month before the date specified as the date of transfer declare his intention not to become a member of the receiving society.
(6)
Where the Registrar is satisfied that —
the proposed transfer is not against the interests of members of the transferring society; and
that all requirements laid down in subsections (1), (2) and (3) are complied with,he may approve the transfer and thereupon —
the registration of the transferring society shall be cancelled and the transferring society shall be dissolved;
the approved resolution in accordance with subsection (2) shall be a sufficient conveyance to vest the assets and liabilities of the transferring society in the receiving society;
the remaining members of the transferring society shall become members of the receiving society, subject to its by-laws; and
the creditors of the transferring society or any other person, who have claims against the transferring society and whose claims were not satisfied before the approval of transfer by the Registrar, may pursue such claims or course of action against the receiving society.