Clause 32

by deleting the words “or remain a member of the committee” and substituting the words “, to be a key employee of a credit society, or to remain a member of the committee of management of a society or a key employee of a credit society,”;

by deleting paragraph (b) and substituting the following paragraph:“(b)he is not —

a citizen of Singapore; or

subject to subsection (2), resident in Singapore,except with the approval of the Registrar;”;

by deleting paragraph (d);

by renumbering the section as subsection (1) of that section, and by inserting immediately thereafter the following subsections:“(2) For the purposes of subsection (1)(b)(ii), the Registrar may, by written directions, stipulate the number or proportion of persons resident in Singapore who shall be eligible for membership of the committee of management of any society or class of societies, as the case may be.(3) Where a person has been convicted, whether in Singapore or elsewhere, of any offence (not being an offence under this Act) involving fraud or dishonesty, he shall not be eligible to be, or remain, a member of the committee of management of a non-credit society for the following periods except with the written approval of the Registrar:

where he has been sentenced to imprisonment for 3 months or more in respect of the offence, for a period commencing from the date of his conviction until 5 years after his release from prison; or

where he has not been sentenced to imprisonment in respect of the offence, for a period of 5 years commencing from the date of his conviction or such shorter period with the leave of the High Court.(4) No person shall be eligible to be, or remain, a key employee of a credit society or a member of the committee of management of a credit society, except with the written approval of the Registrar, where he has been convicted, whether in Singapore or elsewhere, of any offence (not being an offence under this Act) involving fraud or dishonesty.”; and

by deleting the marginal note and inserting the following section heading:“Eligibility for membership of committee of management, or to be key employee of credit society”.