Singapore legislation
Regulation 11
Regulation 11
Administration of Central Co-operative Fund
Subregulation 2
Every withdrawal from the Central Co-operative Fund shall be —
made by —
a cheque that is signed by the specified members; or
a fund transfer using an electronic banking facility with a bank, that is authorised by the specified members; and
supported by a payment voucher certified by a person who is authorised by the Central Co-operative Fund Committee to do so.
Subregulation 3
The moneys in the Central Co-operative Fund may be deposited in any bank licensed under the Banking Act (Cap. 19) or invested in such manner as the Minister thinks fit.
Subregulation 4
All investments and properties purchased out of the Central Co-operative Fund shall be vested in the name or names of —
such society as the Minister may appoint;
such trustees or trust corporation as the Minister may appoint; or
such fund manager as the Central Co-operative Fund Committee or the trustees appointed under sub-paragraph (b) may appoint or the nominee of such fund manager.
Subregulation 5
The investments and properties vested in the name or names of a society, trustees or a trust corporation referred to in paragraph (4)(a) or (b) shall not be mortgaged or charged by way of security for the repayment of money borrowed, sold, transferred, assigned, leased or otherwise disposed of without the authority of the Minister.
Subregulation 6
Subject to paragraph (7), the moneys of the Central Co-operative Fund and the income derived from any investment or property purchased out of the Central Co-operative Fund may be used by the Central Co-operative Fund Committee for the purposes specified in section 71(1) of the Act and for any expenditure incurred in the administration of the Central Co-operative Fund.
Subregulation 7
The Central Co-operative Fund Committee must in every financial year prepare a budget for the next financial year, and obtain the approval of the Permanent Secretary of the Ministry of Culture, Community and Youth for that budget.
Subregulation 8
As soon as practicable after the close of each financial year, the Central Co-operative Fund Committee shall submit to the Minister through the Registrar an annual report on the application of the Central Co-operative Fund.
Subregulation 9
The Central Co-operative Fund Committee shall, whenever required by the Registrar to do so, furnish the Registrar with such information relating to the administration and application of the Central Co-operative Fund as the Registrar may require.
Subregulation 10
In this rule —
Definition
“bank” means a bank licensed under the Banking Act 1970;
Definition
“specified members” means any 2 members of the Central Co-operative Fund Committee whom the Committee may from time to time authorise for the purposes mentioned in paragraph (2)(a), except where a withdrawal mentioned in paragraph (2) is in excess of $50,000, one of the members must be the chairman of the Central Co-operative Fund Committee.