Clause 43

by inserting, immediately after subsection (1), the following subsection:“(1A) A society may distribute in the form of a bonus certificate only a part of its net surplus payable under ordinary shares.”;

by deleting the words “after 5 years from” in subsection (2) and substituting the words “5 years after”; and

by deleting subsections (3) and (4) and substituting the following subsections:“(3) Where a society distributes a part of its net surplus payable under ordinary shares in the form of a bonus share —

the bonus share is to take the form of an ordinary share; but(b)a member is entitled to withdraw or transfer a bonus share only 10 years after the date when the bonus share was issued.(4) Where a society distributes a part of its net surplus payable under permanent shares in the form of a bonus share issued to an institutional member —

the bonus share is to take the form of a permanent share; and

the bonus share —

cannot be withdrawn by that institutional member, and cannot be converted to an ordinary share; but(ii)may, with the approval of the committee of management of the society and in accordance with this Act and the by‑laws of the society, be transferred by that institutional member to another institutional member of the society.(5) Despite subsections (2) and (3), a member of a society who is a foreign worker is eligible to receive from the society the value stated on the member’s bonus certificate or bonus share if —

the member ceases employment in Singapore for any reason, including the completion of the member’s contract of service; and

the committee of management of the society is satisfied that the member —

has left or will soon leave Singapore permanently; and

has no intention to resume employment in Singapore.(6) In this section —“foreign worker” means an individual who is employed in Singapore but is neither a citizen nor a permanent resident of Singapore;“member” includes a person who has resigned as a member.”.