72. Distribution of net surplus

Terms defined in s 2

• by-laws

  by-laws

  Defined · s 2

  “by-laws” means the registered by-laws made by a society in the exercise of any power conferred by this Act, and includes a registered amendment of the by-laws;

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• credit society

  credit society

  Defined · s 2

  “credit society” means a society which is registered as a credit society;

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• dividend

  dividend

  Defined · s 2

  “dividend” means a portion of the net surplus or the reserves (if approved under section 72A) of a society distributed among the members of the society in proportion to either or both of the following:(a)the paid‑up share capital held by the members in the society;(b)the subscription capital held by the members in the society;

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• net surplus

  net surplus

  Defined · s 2

  “net surplus” means the remaining portion of the surplus after provisions have been made for the Central Co-operative Fund and the Singapore Labour Foundation in accordance with section 71;

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• patronage refund

  patronage refund

  Defined · s 2

  “patronage refund” means a portion of the net surplus of a society distributed among its members in proportion to the volume of business done by them with the society from which the surplus of the society was derived;

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• Registrar

  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);

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• Rules

  Rules

  Defined · s 2

  “Rules” means rules made under section 95;

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• share

  share

  Defined · s 2

  “share” means a unit of the share capital or subscription capital of a society;

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• society

  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;

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• subscription capital

  subscription capital

  Defined · s 2

  “subscription capital” means a regular obligatory savings deposit (made by members in accordance with the by‑laws) which is intended to serve as guarantee capital for loans taken or guaranteed by a member and which may not be withdrawn except for such specific purposes and under such conditions as are laid down in the by-laws or except on a termination of membership;

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