Singapore legislation
Regulation 20
of Charities (Institutions of A Public Character) Regulations
Regulation 20
Additional requirements for large institutions of a public character
Subregulation 1
A large institution of a public character shall ensure that for the financial year commencing on or after 1st July 2006, and for every subsequent financial year, its financial statements comply with the applicable accounting standards made or formulated, or deemed to be made or formulated, by the Accounting Standards Committee under Part 3 of the Accounting Standards Act 2007.
Subregulation 2
A large institution of a public character shall have not fewer than 10 governing board members.
Subregulation 3
Where a large institution of a public character has fewer than 10 governing board members, it shall —
immediately notify the Sector Administrator of the occurrence of that fact; and
no later than 6 months from the occurrence of that fact, or such later time as may be approved by the Sector Administrator, take such measures as are necessary to increase the number of its governing board members to not fewer than 10.
Subregulation 4
The Commissioner may, if he thinks fit, exempt a large institution of a public character from the requirements of paragraphs (2) and (3).
Subregulation 5
[Deleted by S 122/2019 wef 01/03/2019]
Subregulation 6
In this regulation, a “large institution of a public character” means an institution of a public character with gross annual receipts in each financial year of not less than $10 million in the 2 financial years immediately preceding the current financial year of the institution of a public character.
Subregulation 7
For the purpose of paragraph (6), “gross annual receipts” shall include all income, grants, donations, sponsorships and all other receipts of any kind.