Singapore legislation
Clause 52
Clause 52
Winding up where designated financial holding company is co‑operative society
(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 Division 5 of Part X of the Companies Act (Cap. 50) and may be wound up by the Court under the Companies Act (as modified by this section) and the applicable provisions of this Part.
(3)
In any winding up —
in applying the provisions of the Companies Act, any reference to the Registrar under the Companies Act shall be read as reference to the Registrar under the Co‑operative Societies Act;
notwithstanding subsection (2), section 344 of the Companies Act shall be applicable and in applying this provision, any reference to the register under the Companies Act shall be read as a reference to the register of societies referred to in section 10A(1)(a) of the Co‑operative Societies Act;
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
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.
(4)
In this section, “Court” means the High Court or a Judge thereof.