Singapore legislation
Regulation 10A
Regulation 10A
Contributions to Central Co-operative Fund
Subregulation 1
The Central Co-operative Fund Committee may appoint an agent (called in this rule the appointed agent) to collect any contribution to the Central Co-operative Fund, any instalment of a contribution, or any penalty for the late payment of the whole or any part of any such contribution or instalment.
Subregulation 2
Subject to paragraphs (4), (5) and (6), every society must pay its contribution to the Central Co-operative Fund in a lump sum to the appointed agent.
Subregulation 3
The lump sum must be paid by a society within a period of 30 days after the date of an invoice issued by the appointed agent to that society.
Subregulation 4
If a society wishes to pay its contribution to the Central Co-operative Fund in instalments, the society must, at least 15 days before the end of the period mentioned in paragraph (3), apply to the Central Co-operative Fund Committee for approval to do so.
Subregulation 5
The Central Co-operative Fund Committee may approve an application by a society to pay its contribution in instalments if the following requirements are satisfied:
the amount of the contribution is at least $500,000;
the instalments are payable monthly within a period not exceeding 6 months, starting on the date of payment of the first instalment.
Subregulation 6
Where the Central Co-operative Fund Committee approves an application by a society to pay its contribution in instalments —
the Committee must specify in its approval the amount, and the due date for the payment, of every monthly instalment; and
the society must pay every monthly instalment to the appointed agent in accordance with the approval.
Subregulation 7
If any contribution payable in a lump sum is not paid in full by the last day of the period mentioned in paragraph (3), or if any instalment of a contribution is not paid in full by the due date mentioned in paragraph (6) for the payment of that instalment, the society must pay to the appointed agent a penalty that is equivalent to the interest for the amount in arrears that is calculated at 4.5%-point above the 3-month compounded SORA for the period for which the amount is in arrears.
Subregulation 8
[Deleted by S 220/2023 wef 01/05/2023]
Subregulation 9
The Central Co-operative Fund Committee may waive, refund or remit (whether wholly or in part) any penalty payable under paragraph (7).
Subregulation 10
In this rule —[Deleted by S 220/2023 wef 01/05/2023]
Definition
“3-month compounded SORA”, in relation to a period, means —
if the period or a part of the period falls within the 6-month period beginning on 1 April of a calendar year, then, in relation to the period or the part (as the case may be) — the compounded average of the SORA values for the 3-month period immediately before 1 March of the same calendar year, as determined and published by the Monetary Authority of Singapore on the MAS website or (where the MAS website is unavailable to the public) in one or more other forms that are readily accessible by the public; or
if the period or a part of the period falls within the 6-month period beginning on 1 October of a calendar year, then, in relation to the period or the part (as the case may be) — the compounded average of the SORA values for the 3-month period immediately before 1 September of the same calendar year, as determined and published by the Monetary Authority of Singapore on the MAS website or (where the MAS website is unavailable to the public) in one or more other forms that are readily accessible by the public;
Definition
“MAS website” means the website of the Monetary Authority of Singapore at http://www.mas.gov.sg;
Definition
“Singapore Overnight Rate Average” or “SORA” means the volume-weighted average rate of borrowing transactions in the unsecured overnight interbank Singapore dollar cash market in Singapore between 8 a.m. and 6.15 p.m., as determined and published by the Monetary Authority of Singapore on the MAS website or (where the MAS website is unavailable to the public) in one or more other forms that are readily accessible by the public.