Singapore legislation

Clause 12

of Co-operative Societies (Amendment) Bill

Clause 12

Amendment of section 71

In the principal Act, in section 71 —

(a)

in subsection (2)(a) and (b), after “preceding financial year”, insert “(excluding any amount specified in subsection (2A) and any grant from the Government excluded under subsection (2B))”; and

(b)

after subsection (2), insert —“(2A) In subsection (2), any gains or profits arising from the disposal of any of the following are excluded from the surplus of a society:

(a)

immovable property owned by the society and used by the society for its own operations;

(b)

shares (whether listed or unlisted) in any entity held by the society.(2B) In subsection (2), the Minister may, by order in the Gazette and subject to any conditions specified in the order, exclude any grant from the Government from the surplus of a society.”.

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