Clause 50

by deleting the words “after 2 months from” in subsection (1) and substituting the words “either 2 months after”;

by deleting the words “from the date” in subsection (1) and substituting the words “starting on the date”;

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

by inserting, immediately after subsection (3), the following subsection:“(3A) Despite subsection (3) —

where the members of a society have approved at a general meeting prior to the winding up of the society that all or any part of the remaining moneys of the society and unclaimed sums (if any) mentioned in that subsection (collectively called the relevant surplus) be applied to one or more charitable purposes or donated to one or more charities; and

the Registrar has approved that the whole or part of the relevant surplus be applied to all or any of those charitable purposes or donated to all or any of those charities (as the case may be),the whole or part of the relevant surplus approved by the Registrar is not to be transferred to the Co‑operative Societies Liquidation Account, but must be applied or donated in accordance with the Registrar’s approval.”;

by deleting subsection (4) and substituting the following subsection:“(4) Any moneys or sums transferred to the Co‑operative Societies Liquidation Account may be utilised for all or any of the following purposes as the Minister may from time to time direct:

for transfer to the Central Co‑operative Fund;

for the costs of engaging a statutory manager or statutory adviser appointed under section 94(1) or 94A(1), including (but not limited to) the remuneration or fee of the statutory manager or statutory adviser, and any disbursements reasonably incurred in the performance of the duties of the statutory manager or statutory adviser;

for the resolution of financial instability in, or an imminent serious threat to the financial stability of, a credit society or a class of credit societies;

for the costs of and in relation to the liquidation of a society in a particular case;

generally for the furtherance of co‑operative principles in such manner as the Minister may determine.”; and

by inserting, immediately after subsection (5), the following subsection:“(6) In this section —“charitable purpose” means a purpose which is exclusively charitable according to the law of Singapore;“charity” means a charity as defined in section 2(1) of the Charities Act (Cap. 37), whether or not registered under that Act.”.