Clause 14

A non-credit society shall not provide any financial service without the written approval of the Registrar.(2) A non-credit society shall apply to the Registrar for his written approval under subsection (1) in such form and manner as may be prescribed.(3) Every application made by a non-credit society under subsection (2) shall be accompanied by such fee as may be prescribed.(4) The Registrar may require a non-credit society to furnish him with such information or documents as he considers necessary in relation to the application.(5) The Registrar may refuse to grant his written approval under subsection (1) to a non-credit society to provide any financial service if he is not satisfied that —

the provision of the financial service is in the interests of its members;

the primary object of the society is to provide the financial service;

the by-laws of the society are, or are amended under section 15 to be, consistent with the criterion for membership in the society prescribed in section 39(3A);

there is available sufficient capital for the provision of the financial service by the society;

the society is able to meet such minimum financial or prudential requirements or such other requirements as may be prescribed, either generally or specifically; or

there are available officers capable of directing and managing the provision of the financial service by the society and keeping the records and accounts of the society, having regard to the reputation, character, financial integrity and reliability of the officers or proposed officers.(6) The Registrar may grant his written approval under subsection (1) subject to such terms and conditions as he thinks fit.(7) Where the Registrar has granted his written approval to a non-credit society to provide any financial service, he shall amend the register of societies to show that, and issue to the society a notice of registration stating that, the society is registered as a credit society to provide the financial service on and from a date specified in the notice.(8) A non-credit society that is aggrieved by the refusal of the Registrar to grant his written approval for the non-credit society to provide any financial service may, within 2 months from the date of the refusal, appeal to the Minister whose decision shall be final.(9) Any non-credit society which provides any financial service in contravention of subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part thereof during which the offence continues after conviction.Control of credit societies16B.—

No credit society shall, without the written approval of the Registrar, provide, or enter into any partnership, joint venture or other arrangement with any person to provide, any financial service other than the financial service or services which it is registered to provide.(2) Any credit society which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part thereof during which the offence continues after conviction.Change of name of society16C.—

Notwithstanding anything in sections 6 and 15, where the Registrar is satisfied that a society has been registered (whether through inadvertence or otherwise and whether before, on or after the date of commencement of the Co-operative Societies (Amendment) Act 2008) by a name —

which is referred to in section 6(1); or

the use of which has been restrained by an injunction granted under the Trade Marks Act (Cap. 332),the Registrar may, by a written direction, direct the society to change its name to such other name as he may approve in accordance with such terms and conditions as may be specified in the written direction.(2) Every society which has been directed to change its name under subsection (1) shall comply with the written direction within such time as may be specified in the written direction, unless the written direction is annulled by the Minister.(3) Any society that is aggrieved by the written direction of the Registrar to change its name under subsection (1) may, within 2 months of the issue of the written direction, appeal to the Minister whose decision shall be final.(4) A change of name of a society pursuant to this Act shall not affect the identity of the society or any right or obligation of the society or any of its members or past members, and any legal proceedings that might have been continued or commenced by or against it by its former name may be continued or commenced by or against it by its new name.”.