Singapore legislation

Clause 3

Amendment of section 49

Section 49 of the Trade Unions Act is amended —

(a)

by deleting paragraph (b) of subsection (1) and substituting the following paragraph:“(b)shall, subject to the rules thereof and the provisions of this Act, be invested only in —

(i)

investments authorised by law for the investment of trust money;

(ii)

interest-earning deposits in banks or finance companies;

(iii)

shares of co-operative societies established by any registered trade union; or

(iv)

such undertaking, enterprise or scheme, the promoter or proprietor of which is the Singapore Labour Foundation or a company formed by or related to the Singapore Labour Foundation, as the Minister may approve for the purposes of this paragraph.”;

(b)

by deleting the words “Subsection (1)(b)” in subsection (2) and substituting the words “Subsection (1)(b)(i) to (iii)”; and

(c)

by inserting, immediately after subsection (2), the following subsection:“(3) In this section —

(a)

“Singapore Labour Foundation” means the Singapore Labour Foundation established under section 3 of the Singapore Labour Foundation Act (Cap. 302); and

(b)

a company shall be deemed related to the Singapore Labour Foundation if it is related thereto within the meaning of section 6 of the Companies Act (Cap. 50).”.

Read in full context — Trade Unions (Amendment) Bill →