Singapore legislation

Regulation 3

of Co-operative Societies (Requirements for Members of Committee and Officers of Credit Society) Rules 2019

Regulation 3

Classification of credit society

Subregulation 1

A credit society is a small credit society if —

(a)

the total value of the assets of the credit society is not more than $5 million; and

(b)

the credit society has not more than 2,000 members.

Subregulation 2

A credit society is a medium credit society if —

(a)

either of the following applies:

(i)

the total value of the assets of the credit society is more than $5 million;

(ii)

the credit society has more than 2,000 members;

(b)

the total value of the assets of the credit society is not more than $50 million; and

(c)

the credit society has not more than 10,000 members.

Subregulation 3

A credit society is a large credit society if either of the following applies:

(a)

the total value of the assets of the credit society is more than $50 million;

(b)

the credit society has more than 10,000 members.

Subregulation 4

In this rule —

(a)

a reference to the total value of the assets of a credit society is a reference to the total value of those assets according to the latest audited financial statements of the credit society; and

(b)

a reference to the number of members of a credit society is a reference to that number at the end of the last financial year of that credit society.

Read in full context — Co-operative Societies (Requirements for Members of Committee and Officers of Credit Society) Rules 2019 →