Singapore legislation
Regulation 25
Regulation 25
Disposal and custody of funds
Subregulation 1
The committee of every registered trade union shall open a current account with a bank in the name of the union, and all moneys received by the union, except moneys the disposal and custody of which are governed by rules relating to a benevolent fund, shall be paid into that account within 7 days of the receipt thereof, except that the treasurer or the secretary of the union may retain as cash-in-hand such sum as may, by the rules of the union, be prescribed. All cheques or withdrawal orders drawn on that account shall be signed by the following officers of the union:
the chairman (or the analogous officer) or in his absence the vice-chairman (or the analogous officer); and (b)the treasurer or secretary. In the absence of the treasurer and the secretary, the committee shall appoint one of its members to sign in place of the absent officer. The secretary of the union shall report to the Registrar the name of the bank with which such account has been opened and the Registrar shall enter the name of the bank in the register.
Subregulation 1A
The secretary of every registered trade union shall report to the Registrar the particulars of any other account opened or kept by the union with any other financial institution.
Subregulation 2
Where the Minister makes a direction by notice under section 16(2) of the Act, the committee shall suspend such officers who have powers of disposal and custody of any funds of the trade union under its constitution until such time as the investigation by the public authority is completed and shall inform the Registrar forthwith of the suspension.
Subregulation 3
The committee may appoint such other officers to carry out the duties of the officers under suspension by virtue of paragraph (2) subject to the approval of the Registrar.