Singapore legislation
Schedule 3
Schedule 3
Matters required to be in the by-laws of a co-operative society
THIRD SCHEDULESection 14(2).Matters required to be in the by-laws of a co-operative societyEvery society registered under subsection (1) of section 4 of the Act shall have by-laws in respect of the following matters: —1. The name of the society.
2. The place and postal address of its registered office.
3. The objects of the society.
4. The geographical area of operation of the society.
5. The purposes to which the society’s funds may be applied.
6. The value of each share, if the society is formed with share capital, or the minimum amount of monthly subscriptions.
7. The qualifications for membership, the terms of admission of members, the entrance or affiliation fees, if any, payable, and the mode of admission.
8. The manner of raising share capital, if any, and other funds and the terms of withdrawal or transfer of shares and/or subscription capital.
9. The rights and obligations of members and the extent of the liability of members for debts of the society.
10. The conditions on which a member may withdraw from membership.
11. The mode of summoning and conducting meetings, and the rights of voting.
12. The powers and duties of general meetings and committee of management or board of directors.
13. The mode of election, appointment, term of office, suspension and removal of the committee of management or board of directors and officers of the society.
14. The authorisation of an officer or officers to sign documents and to use the seal on behalf of the society.
15. The method of constituting, operating and allocating the reserve fund and the amount or method of fixing the amount to be contributed thereto.
16. The disposal of the annual net surplus.
17. The honoraria or allowances, if any, to be paid to officers of the society.
18. In the case of a society, the objects of which include the creation of funds to be lent to the members, additional by-laws in respect of the following matters: —
the conditions on which loans may be made to members, including —
the maximum rate of interest;
the maximum period allowed for the repayment of a loan;
the extension of the term and renewal of a loan;
the purposes for which a loan may be granted; and
the security required for repayment;
the consequences of default in payment of any sum due on account of shares, subscriptions, deposits or loans and the consequences of failure to use a loan for the purpose for which it was granted;
the occupation or residence of persons who may become members; and
the conditions on which loans and deposits may be received from members and non-members and the extent to which the society may borrow from members and non-members.
19. In the case of a secondary society or apex organisation, the method of representation of members at general meetings, the removal of delegates and the manner of voting of delegates.
20. In the case of a primary society where the general meeting of members is replaced by a meeting of delegates, the method of electing delegates and their deputies, the number of individual members to be represented by each delegate, and the conditions for the eligibility of the delegates and their terms of office.
21. The duties of the chairman, secretary, treasurer or manager of a society.
22. By-laws in respect of any other matters incidental to the management of the society’s business.