Singapore legislation

Clause 26

of Co-operative Societies (Amendment) Bill

Clause 26

New section 42A

The principal Act is amended by inserting, immediately after section 42, the following section:“Statement of account42A.—

(1)

Every credit society must provide to each member of the society, within 6 months after the close of each financial year, a statement of account (in hard copy form or in electronic form, as the society may determine) containing particulars of each financial transaction between that member and the society in that financial year.(2) In addition, a credit society must, within the prescribed period after receiving a member’s request, provide to the member a statement of account (in hard copy form or in electronic form, as the society may determine) containing particulars of each financial transaction between that member and the society in the 6 months preceding the date of receipt of the member’s request.”.