Clause 3

by deleting the definition of “allowance” and substituting the following definition:“ “allowance” means the remuneration paid to a member of the committee of management of a society in consideration of his voluntary services rendered to the society on a regular basis;”;

by inserting, immediately after the definition of “apex organisation”, the following definitions:“ “audit committee”, in relation to a credit society, means the audit committee of the credit society referred to in section 36;“auditor”, in relation to a society, means any person referred to in section 33(1) or 36(4)(b);“body corporate” includes a limited liability partnership;”;

by inserting, immediately after the definition of “committee of management”, the following definition:“ “credit society” means a society which is registered as a credit society;”;

by inserting, immediately after the definition of “delegate”, the following definition:“ “deposit” means money received on current or deposit account and includes subscription capital, but does not include —

a deposit that is paid pursuant to a hire-purchase agreement, or that is referable to the provision of services or to the giving of security; and

such other deposit as may be prescribed;”;

by inserting, immediately after the definition of “dividend”, the following definition:“ “financial service” means receiving deposits, granting loans, or such other service of a financial nature as may be prescribed, other than in relation to the carrying on of insurance business within the meaning of the Insurance Act (Cap. 142);”;

by inserting, immediately after the definition of “institutional member”, the following definitions:“ “key employee” means a chief executive officer, chief operating officer or chief financial officer, or a person holding a position analogous to that of chief executive officer, chief operating officer or chief financial officer, and includes a person purporting to act in any such capacity;“limited liability partnership” has the same meaning as in section 2(1) of the Limited Liability Partnerships Act (Cap. 163A);”;

by deleting the definition of “net surplus” and substituting the following definitions:“ “net surplus” means the remaining portion of the surplus after provisions have been made for the Central Co-operative Fund and the Singapore Labour Foundation in accordance with section 71;“non-credit society” means a society that is not a credit society;”;

by inserting, immediately after the words “internal auditor” in the definition of “officer”, the word “, liquidator”;

by inserting, immediately after the definition of “officer”, the following definition:“ “parent society” means a society with one or more subsidiaries;”;

by inserting, immediately after the definition of “primary society”, the following definition:“ “public accountant” means a person who is registered or deemed to be registered under the Accountants Act (Cap. 2) as a public accountant;”;

by deleting the words “this Act” in the definition of “Rules” and substituting the words “section 95”;

by deleting the words “and trade unions and which has as its object the facilitation of the operations of primary societies” in the definition of “secondary society” and substituting the words “, trade unions, or co-operative societies and trade unions”;

by inserting, immediately after the definition of “subscription capital”, the following definition:“ “subsidiary”, in relation to a society, means any body corporate (including another society) or body unincorporate which is controlled by the society;”;

by deleting the full-stop at the end of the definition of “trade union” and substituting a semi-colon, and by inserting immediately thereafter the following definition:“ “written direction” means a written direction issued under section 93(2).”; and

by renumbering the section as subsection (1) of that section, and by inserting immediately thereafter the following subsection:“(2) For the purposes of this Act, a society shall be deemed to control a body corporate or body unincorporate if, and only if, the society is in a position to determine or govern the financial and operating policies of the body corporate or body unincorporate.”.