Singapore legislation

Clause 23

of Co-operative Societies (Amendment) Bill

Clause 23

Amendment of section 36

Section 36 of the principal Act is amended —

(a)

by deleting subsection (2) and substituting the following subsection:“(2) The committee of management of a credit society must appoint an audit committee —

(a)

which consists of at least 3 individuals (who may but need not be members of the committee of management), each of whom must be independent of the credit society in the manner prescribed; and

(b)

with at least one member possessing such qualifications, training or experience as may be prescribed.”;

(b)

by deleting the words “within 3 months of” in subsection (3) and substituting the words “within 3 months after”; and

(c)

by deleting the words “balance‑sheet and income and expenditure statement” wherever they appear in subsection (4)(a)(v) and substituting in each case the words “financial statements”.

Read in full context — Co-operative Societies (Amendment) Bill →