Co-operative Societies Act 1979 · 2020 Revised Edition · Part 6 · Property and Funds of Societies
71. Contributions to Central Co-operative Fund and Singapore Labour Foundation
Feedback & supportLast amended by an amending law of 2024. 2 amendments in all.
A fund called the Central Co‑operative Fund is established, which is to be used to further co‑operative education, training, research, audit and for the general development of the co-operative movement in Singapore.
Central Co-operative Fund
“Central Co-operative Fund” means the fund established under section 71;
Every society must contribute —
society
“society” means a co-operative society registered under this Act and includes a primary society, a secondary society and an apex organisation;
5% (or such other rate as may be prescribed in substitution) of the first $500,000 of the surplus resulting from the operations of the society during the preceding financial year (excluding any amount specified in subsection (2A) and any grant from the Government excluded under subsection (2B)) to the Central Co-operative Fund; and
20% (or such other rate as may be prescribed in substitution) of any surplus in excess of $500,000 from the operations of the society during the preceding financial year (excluding any amount specified in subsection (2A) and any grant from the Government excluded under subsection (2B)) either to the Central Co-operative Fund or to the Singapore Labour Foundation as the society may opt.
In subsection (2), any gains or profits arising from the disposal of any of the following are excluded from the surplus of a society:
surplus
“surplus” means the economic results of a society as shown in the audited financial statements of that society after provisions have been made for depreciation and bad debts but does not include, in the case of an insurance co‑operative, that portion of the surplus used for declaration of bonus to policy‑holders or retained in the insurance fund;
immovable property owned by the society and used by the society for its own operations;
shares (whether listed or unlisted) in any entity held by the society.
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.
A society is deemed to have opted to contribute to the Central Co‑operative Fund under subsection (2)(b) if that society does not exercise its option within such time and in such manner as the Registrar may require.
Registrar
“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);
A society may from time to time change its option in respect of its contribution under subsection (2)(b) by notifying the Registrar in such manner as the Registrar may require and the change in option applies to the contribution of the society for the financial year in which falls the second anniversary of the date on which the Registrar was notified under this subsection and to all contributions of the society thereafter until the society again changes its option.
The Central Co-operative Fund must be administered as a trust fund in such manner as the Minister may prescribe in the Rules.
The Minister may, by order in the Gazette and subject to such conditions as the Minister may specify in the order, remit or refund, wholly or in part, any contribution mentioned in subsection (2)(a) or (b) paid or payable by a particular society or a particular class of societies.