Regulation 1
Citation and commencement
This Order may be cited as the Co-operative Societies (Exemption under Section 97) (No. 3) Order 2011 and shall come into operation on 6th July 2011.
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Co-operative Societies (Exemption under Section 97) (No. 3) Order 2011 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation CSA-S384-2011 1979, currently marked in force and first recorded in 1979.
Citation and commencement
This Order may be cited as the Co-operative Societies (Exemption under Section 97) (No. 3) Order 2011 and shall come into operation on 6th July 2011.
Definitions
In this Order —“associated company”, in relation to a society, means a company (other than a joint venture company or subsidiary company) over which the society has significant influence;“company” has the same meaning as in section 4(1) of the Companies Act 1967;“joint venture company”, in relation to a society, means a company (other than a subsidiary company) —
the issued share capital in which the society has an interest; and
which is formed between the society and one or more parties for the purpose of jointly undertaking an economic activity;“significant influence”, in relation to a company, means the power to participate in the financial and operating policy decisions of the company, but does not include control or joint control over such policy decisions;“subsidiary company”, in relation to a society, means a company which is controlled by the society.
“associated company”, in relation to a society, means a company (other than a joint venture company or subsidiary company) over which the society has significant influence;
“company” has the same meaning as in section 4(1) of the Companies Act 1967;
“joint venture company”, in relation to a society, means a company (other than a subsidiary company) —
the issued share capital in which the society has an interest; and
which is formed between the society and one or more parties for the purpose of jointly undertaking an economic activity;
“significant influence”, in relation to a company, means the power to participate in the financial and operating policy decisions of the company, but does not include control or joint control over such policy decisions;
“subsidiary company”, in relation to a society, means a company which is controlled by the society.
Exemption from section 16A of Act
Subject to sub-paragraph (2), Mercatus Co-operative Limited is exempted from section 16A of the Act.
Mercatus Co-operative Limited must not provide any financial service other than the granting of loans to and the provision of security or guarantee in respect of the obligations of —
any of its associated companies, joint venture companies or subsidiary companies; or
any co-operative society in which Mercatus Co-operative Limited holds at least 20% of the total number of shares.
Exemption from section 39(2) of Act
Mercatus Co-operative Limited is exempted from the requirement in section 39(2) of the Act that membership in any secondary society is to be restricted to registered co-operative societies, trade unions and platform work associations.
Exemption from section 43 of Act
Mercatus Co-operative Limited is exempted from the requirement in section 43 of the Act that no member, other than a society, trade union or platform work association, is to hold more than 20% of the share capital of any society.
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