Clause 49

by inserting, immediately after the word “statement” in subsection (1)(d), the words “, in such form and manner as the Authority may specify in writing,”; (b)by deleting the words “principal officer in Singapore” in subsection (1)(e) and substituting the words “chief executive”;

by inserting, immediately after subsection (1), the following subsection:“(1A) If the statement lodged in accordance with subsection (1)(d) is not in the form or manner specified by the Authority of the Authority, the Authority may, by notice in writing, give such directions to the transferee to procure that the statement contains such particulars as may be necessary for the purposes of subsection (1)(d), but nothing in this subsection shall compel an auditor to amend his opinion in the statement.”;

by deleting the words “societies registered under the Co‑operative Societies Act (Cap. 62)” in subsection (2) and substituting the words “co-operative societies”; and

by inserting, immediately after subsection (2), the following subsection:“(3) Any transferee which fails to comply with any direction of the Authority under subsection (1A) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000.”.