Singapore legislation

Regulation 7

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

Regulation 7

Appointment of chief investment officer for class of credit societies

Subregulation 1

For the purposes of section 59B(1) of the Act, every credit society that —

(a)

receives deposits from its members; and

(b)

according to its latest audited financial statements, holds restricted investments with an aggregate value exceeding $50 million,must appoint a chief investment officer.

Subregulation 2

In this rule —

Definition

“Central Investment Scheme” means an investment scheme facilitated by the Singapore National Co‑operative Federation that credit societies may participate in;

Definition

“restricted investments” means any type of investment other than the following:

(a)

any bonds issued by any body corporate or unincorporate established by or under any public Act to perform or discharge a public function;

(b)

any Singapore dollar deposits with any financial institution licensed, approved or otherwise regulated by the Monetary Authority of Singapore;

(c)

any securities or equivalent instrument issued under the Government Securities Act (Cap. 121A) or the Local Treasury Bills Act (Cap. 167);

(d)

any capital‑guaranteed investment funds or products managed by any financial institution licensed, approved or otherwise regulated by the Monetary Authority of Singapore, the issuers of which guarantee the return of 100% of the capital invested at a predetermined date;

(e)

any investment in the Central Investment Scheme that does not exceed 10% of the total value of the assets of a credit society (according to the latest audited financial statements of that credit society).

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