In forceAmended2020 Revised Edition

Contents

Co-operative Societies Act 1979 · 2020 Revised Edition · Part 5 · Organisation and Management of Societies

65A. Suspension of officers

Amended

Last amended by an amending law of 2018.

(1)

Despite any other written law, if any proceedings are instituted against a member of the committee of management, or a key employee, of a credit society in respect of any offence involving fraud or dishonesty, the committee of management must suspend the member or key employee from being a member of the committee of management or key employee of the credit society, respectively.

(2)

Despite any other written law, if any proceedings are instituted against a member of the committee of management of a non-credit society in respect of any offence involving fraud or dishonesty, the Registrar may issue a written direction to require the society to suspend the member from being a member of the committee of management within such period, and on such terms and conditions, as may be specified in the written direction.

(3)

A non-credit society that is, or a member of the committee of management of a non-credit society who is, aggrieved by the written direction issued by the Registrar under subsection (2) requiring the non-credit society to suspend the member may, within 30 days after the issue of the written direction, appeal to the Minister whose decision is final.

(4)

Every member of the committee of management of a credit society which has contravened subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 and, in the case of a continuing offence, to a further fine not exceeding $500 for every day or part of a day during which the offence continues after conviction.

(5)

No criminal or civil liability shall be incurred by a society or its committee of management, or any person acting on behalf of the society or the committee of management of the society, in respect of anything done or omitted to be done with reasonable care and in good faith in the discharge or purported discharge of the obligations of the society or the committee of management of the society under this section.

Terms defined in s 2

committee of management
Defined · s 2
“committee of management” means the governing body (by whatever name called) of a society which is responsible for the management of the affairs of the society;
Open s 2
credit society
Defined · s 2
“credit society” means a society which is registered as a credit society;
Open s 2
key employee
Defined · s 2
“key employee” means an individual who holds any of the following appointments, or who purports to act in any of the following capacities, whether or not for reward:(a)a chief executive officer (whether called general manager or otherwise);(b)a chief operating officer;(c)a chief financial officer;(d)a chief investment officer;(e)an appointment analogous to any appointment mentioned in paragraph (a), (b), (c) or (d);
Open s 2
member
Defined · s 2
“member” includes an individual person or institution qualifying for membership in a co-operative society, who or which join in the application for the registration of a society, and an individual person or institution admitted to membership after registration in accordance with this Act, the Rules and the by-laws;
Open s 2
non-credit society
Defined · s 2
“non-credit society” means a society that is not a credit society;
Open s 2
Registrar
Defined · s 2
“Registrar” means the Registrar of Co‑operative Societies appointed under section 3(1), and includes a Deputy Registrar, an Assistant Registrar, or a public officer appointed under section 3(1), exercising such function, duty or power of the Registrar as is delegated to the Deputy Registrar, Assistant Registrar or public officer (as the case may be) under section 3(2);
Open s 2
society
Defined · s 2
“society” means a co-operative society registered under this Act and includes a primary society, a secondary society and an apex organisation;
Open s 2
written direction
Defined · s 2
“written direction” means a written direction issued under section 93(2).
Open s 2

Report

Part 6

Property and Funds of Societies

Read on from Part 6

Part 7

Amalgamation and Transfer

Read on from Part 7

Part 8

Duties and Powers of Registrar

Read on from Part 8

Part 9

Miscellaneous

Read on from Part 9