Singapore legislation
Clause 2
Clause 2
Amendment of section 2
In the Co‑operative Societies Act 1979 (called in this Act the principal Act), in section 2(1) —
(a)
in the definitions of “dividend” and “honorarium”, after “net surplus”, insert “or the reserves (if approved under section 72A)”; and
(b)
after the definition of “Registrar”, insert —“ “reserves” means the assets of a society that are in excess of its liabilities, paid‑up share capital, subscription capital and other deposits;”.