Singapore legislation
Clause 14
Clause 14
Amendment of Societies Act
Section 25 of the Societies Act (Cap. 311, 1985 Ed.) is amended by deleting subsection (1) and substituting the following subsections:“(1) Upon the making of an order of dissolution against any society under section 24 —
the property of the society shall forthwith vest either in the Official Receiver or, if any other officer is appointed for the purpose of winding up by the Minister in the notification of the order, then in that officer; and
the Official Receiver or that other officer shall proceed to wind up the affairs of the society and, after satisfying and providing for all debts and liabilities of the society and the costs of winding up, shall pay the surplus assets, if any, of the society —
where the Minister so directs, into the Consolidated Fund; and
in the absence of a direction by the Minister, to the members of the society according to the rules of the society.(1A) For the purposes of the winding up of the affairs of the society, the Official Receiver or that other officer shall have all the powers vested in the Official Receiver under the Companies Act (Cap. 50) for the purpose of the discovery of the property of a debtor and the realisation thereof, and the provisions of that Act shall apply, with the necessary modifications, to the winding up of the affairs of the society under this Act.”.