Singapore legislation
Clause 15
Clause 15
Amendment of section 73
In the principal Act, in section 73 —
(a)
in subsection (7), delete “, (4)”;
(b)
in subsection (7), replace “stated on” with “of”; and
(c)
after subsection (7), insert —“(7A) Despite subsections (3) and (5), a person who is authorised to administer the property of a member is eligible to receive from the society the value of the member’s bonus certificate or bonus share if the member is —
(a)
dead;
(b)
bankrupt;
(c)
a society for which a winding up order has been made under section 83(1) or (2); or
(d)
a trade union that has been dissolved under section 19 of the Trade Unions Act 1940.”.