22. Subscriptions and benefits
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The amount deducted by a registered organisation for administration or any other expense shall not exceed such percentage of the total receipts from subscriptions as may be prescribed by the Minister by rules made under this Act.
registered organisation
“registered organisation” means any organisation for the time being registered under this Act;
All subscriptions paid by members or subscribers during the period in which, under the rules of any registered organisation, the members or subscribers are qualifying for the benefits provided by the rules of the organisation less a sum not exceeding the prescribed percentage allowed for administration and any other expense shall be placed on deposit with a bank which is a member of the Association of Banks in Singapore in the name of the organisation or be invested in trustee securities and those funds shall constitute the reserve funds of the organisation.
organisation
“mutual benefit organisation” or “organisation” means any organisation which by its objects and rules either as the principal object or as an ancillary object makes provision by voluntary subscriptions of the members thereof or subscribers thereto with or without the aid of donations for —(a)the relief or maintenance of the members or subscribers, their husbands, wives, children, fathers, mothers, brothers, sisters, nephews, nieces or wards, during sickness or other infirmity, whether bodily or mental, in old age or in widowhood or for the relief or maintenance of the orphan children of members or subscribers during minority;(b)the payment of money on the birth of a member’s or subscriber’s child or on the death of a member or subscriber or of the child, husband, wife, parent or grandparent of a member or subscriber or on the death of any other person or for the funeral expenses of the member or subscriber or of the child, husband or wife of a member or subscriber or of the widow of a deceased member or subscriber; or(c)the relief or maintenance of the members or subscribers when unemployed or when in distressed circumstances;
Subscriptions received from members of or subscribers to a registered organisation who have qualified for benefits under the rules of the organisation less a sum not exceeding the prescribed percentage allowed for administration and any other expense shall be paid into a separate account in the name of the organisation with a bank which is a member of the Association of Banks in Singapore and the organisation may draw upon these funds for the purpose of paying the benefits provided in the rules of the organisation.
No payment of any sum payable as a result of the death of a person shall be made by the organisation except upon the production of the original death certificate or a certified copy thereof issued by a registrar of deaths or, in the case of a person dying outside Singapore, a death certificate issued by the appropriate authority in the place where the person died:Provided that payment may be made to the personal representative of a deceased member or subscriber where no nomination has been made upon the production of letters of administration or probate of the will of the deceased member or subscriber.
Registrar
“Registrar” means the officer appointed as Registrar of Mutual Benefit Organisations and includes an Assistant Registrar of Mutual Benefit Organisations;