Regulation 1
Citation and commencement
This Order may be cited as the Co-operative Societies (Exemption under Section 97) (No. 3) Order 2012 and shall come into operation on 13th July 2012.
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Co-operative Societies (Exemption under Section 97) (No. 3) Order 2012 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation CSA-S329-2012 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 2012 and shall come into operation on 13th July 2012.
Exemption
NTUC Enterprise Co-operative Limited (formerly known as NTUC Social Capital Co-operative Limited) (called in this Order the NEC) 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; and
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.
The exemption in sub-paragraph (1) shall apply for the purpose of enabling the Singapore Labour Foundation established under the Singapore Labour Foundation Act 1977 to join the NEC as a member and to hold more than 20% of the share capital of the NEC, notwithstanding that the Singapore Labour Foundation is not a registered co-operative society, trade union or platform work association.
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