12. Subscriptions payable by members
Feedback & supportLast amended by an amending law of 2018.
Every local or foreign company that is a member of the Federation by virtue of this Act must pay to the Federation an annual or periodic subscription of such amount as may be —
foreign company
“foreign company” means a foreign company which is registered under Division 2 of Part 11 of the Companies Act 1967 or under any corresponding previous written law;
determined by the Council after consultation with the Board; and
approved by the Minister.
For the purpose of subsection (1), the Council, after consultation with the Board and subject to the approval of the Minister, may —
Council
“Council” means the Council of the Singapore Business Federation mentioned in its Constitution;
divide the members of the Federation into different classes;
determine that different amounts of subscription are to be payable by different classes of such members and for different periods;
vary from time to time, the subscriptions payable by such members or different classes of such members; and
determine the rate of interest that is payable by any such member in the event that any subscription due from such member remains unpaid for such period as the Federation may determine.
The amount of subscription prescribed as being payable by any member of the Federation under this section must not exceed in the aggregate $1,500 in any calendar year.
Any subscription that is payable to the Federation under this section may be recovered by the Council by an action for a debt in any court of competent jurisdiction.