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laws.sgby aturio
In forceAmendedUpdated to 9 Mar 2025
Contents

Part VIII · Powers of Control Over Designated Financial Holding Companies

52. Winding up where designated financial holding company is co‑operative society

Amended

Last amended by an amending law of 2019. 2 amendments in all.

(1)

Where a designated financial holding company is a co‑operative society, no proceedings for the transfer of assets and liabilities, dissolution or winding up of the co-operative society shall be taken under sections 74, 75 and 83 to 89 of the Co‑operative Societies Act (Cap. 62).

(2)

Notwithstanding section 101 of the Co‑operative Societies Act, any designated financial holding company that is a co‑operative society shall be deemed to be an unregistered company within the meaning of Part 10 of the Insolvency, Restructuring and Dissolution Act 2018 and may be wound up by the Court under the Insolvency, Restructuring and Dissolution Act 2018 (as modified by this section) and the applicable provisions of this Part.

(3)

In any winding up —

(a)

in applying the provisions of the Insolvency, Restructuring and Dissolution Act 2018, any reference to the Registrar of Companies is to be read as a reference to the Registrar under the Co‑operative Societies Act;

(b)

[Deleted by Act 40 of 2018 wef 30/06/2022]

(c)

upon winding up of the society, the assets shall be applied first to the cost of liquidation, then to the discharge of the liabilities of the society, then to the payment of the share capital or subscription capital, and then, provided that the by-laws of the society permit, to the payment of a dividend or patronage refund at a rate not exceeding that laid down in the rules made under the Co‑operative Societies Act or in the by‑laws for any period during which no dividend or patronage refund was in fact paid; and

(d)

any moneys remaining after the application of the funds to the purposes specified in paragraph (c), shall be carried to the Co‑operative Societies Liquidation Account kept by the Registrar and section 89(4) and (5) of the Co‑operative Societies Act shall apply to deal with the moneys in the Co‑operative Societies Liquidation Account.

(3A)

Despite subsection (2) and section 101 of the Co‑operative Societies Act, in any winding up of a designated financial holding company that is a co‑operative society, section 344 of the Companies Act is applicable and in applying this provision —

(a)

any reference to the register under the Companies Act is to be read as a reference to the register of societies mentioned in section 10A(1)(a) of the Co‑operative Societies Act; and

(b)

any reference to the Registrar under the Companies Act is to be read as a reference to the Registrar under the Co-operative Societies Act.

(4)

In this section, “Court” means the General Division of the High Court.

Report

Part IX

Assistance to Foreign Regulatory Authorities

Read on from Part IX

Part X

Miscellaneous

Read on from Part X

Schedules