Singapore legislation

Clause 74

Amalgamation of societies

(1)

Any two or more societies may, at extraordinary general meetings specially called for the purpose after due notice, resolve to amalgamate into one society.

(2)

The resolution to amalgamate into one society shall be passed at the extraordinary general meetings by not less than three-quarters of the members present and voting.

(3)

Whenever an amalgamation involves the transfer of liabilities by one society to another society, three months’ notice of the amalgamation shall be given to all creditors of the amalgamating societies.

(4)

Creditors of any of the amalgamating societies shall be entitled to a refund of any sum due to them if they make a written demand to this effect at least one month before the date fixed for the amalgamation.

(5)

A member of the amalgamating societies may, notwithstanding any by-law to the contrary, by notice in writing given to his society at least one month before the date specified as the date of amalgamation declare his intention not to become a member of the amalgamated society.

(6)

If the Registrar is satisfied that —

(a)

the proposed amalgamation is not against the interests of the members of the societies proposing the amalgamation;

(b)

the proposed by-laws of the proposed amalgamated society are in accordance with the provisions of this Act; and

(c)

all requirements laid down in subsections (1), (2) and (3) have been complied with,he shall register the amalgamated society and its by-laws and thereupon —

(i)

the registration of all the amalgamating societies shall be cancelled, and the amalgamating societies shall be dissolved;

(ii)

the registration of the amalgamated society shall be a sufficient conveyance to vest the assets and liabilities of the amalgamating societies in the amalgamated society;

(iii)

the remaining members of the amalgamating societies shall become members of the amalgamated society subject to its by-laws; and

(iv)

the creditors of the amalgamating societies or any other persons who have claims against the amalgamating societies, and whose claims were not satisfied before the registration of the amalgamated society may pursue such claims or causes of action against the amalgamated society.

Read in full context — Co-operative Societies Bill →