29. Power to freeze bank accounts

(1)

Where a notice has been given by the Registrar to a mutual benefit organisation under section 28(3), the Minister may, where he is satisfied that it is likely that the funds of the mutual benefit organisation may be misused, by order, direct any bank in Singapore not to pay any money out and not to pay cheques drawn on the account of that organisation for a specified period not exceeding 3 months.

(2)

A bank and any officer thereof which complies with an order of the Minister under subsection (1) shall be relieved of any liability to any other person in respect of the payment prohibited by the order.

(3)

The manager of any bank which fails to comply with an order of the Minister under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $3,000 or to imprisonment for a term not exceeding 3 years or to both.

Terms defined in s 2

mutual benefit organisation
Defined · s 2
“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;
Open s 2
officer
Defined · s 2
“officer” means the president, the secretary and members of a committee of an organisation and includes persons holding positions analogous to those of president, secretary or member of a committee;
Open s 2
organisation
Defined · s 2
“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;
Open s 2
Registrar
Defined · s 2
“Registrar” means the officer appointed as Registrar of Mutual Benefit Organisations and includes an Assistant Registrar of Mutual Benefit Organisations;
Open s 2

Report

Read on from s 30