Regulation 1
Citation and commencement
This Order may be cited as the Co-operative Societies (Exemption under Section 97) (No. 5) Order 2010 and shall come into operation on 2nd July 2010.
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Co-operative Societies (Exemption under Section 97) (No. 5) Order 2010 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation CSA-S369-2010 1979, currently marked in force and first recorded in 1979.
Citation and commencement
This Order may be cited as the Co-operative Societies (Exemption under Section 97) (No. 5) Order 2010 and shall come into operation on 2nd July 2010.
Definitions
In this Order —“associated company”, in relation to a society, means a company (other than a joint venture company or subsidiary company) over which the society has significant influence;“company” has the same meaning as in section 4(1) of the Companies Act (Cap. 50);“joint venture company”, in relation to a society, means a company (other than a subsidiary company) —
the issued share capital in which the society has an interest; and
which is formed between the society and one or more parties for the purpose of jointly undertaking an economic activity;“significant influence”, in relation to a company, means the power to participate in the financial and operating policy decisions of the company, but does not include control or joint control over such policy decisions;“subsidiary company”, in relation to a society, means a company which is controlled by the society.
“associated company”, in relation to a society, means a company (other than a joint venture company or subsidiary company) over which the society has significant influence;
“company” has the same meaning as in section 4(1) of the Companies Act (Cap. 50);
“joint venture company”, in relation to a society, means a company (other than a subsidiary company) —
the issued share capital in which the society has an interest; and
which is formed between the society and one or more parties for the purpose of jointly undertaking an economic activity;
“significant influence”, in relation to a company, means the power to participate in the financial and operating policy decisions of the company, but does not include control or joint control over such policy decisions;
“subsidiary company”, in relation to a society, means a company which is controlled by the society.
Exemption
Subject to sub-paragraph (2), the following societies are exempted from section 16A of the Act:
NTUC Eldercare Co-operative Limited;
NTUC Fairprice Co-operative Limited;
NTUC First Campus Co-operative Limited;
NTUC Foodfare Co-operative Limited;
NTUC Healthcare Co-operative Limited;
NTUC Investment Co-operative Limited;
NTUC Media Co-operative Limited;
NTUC Choice Homes Co-operative Limited;
NTUC Income Insurance Co-operative Limited.
No society referred to in sub-paragraph (1) shall provide any financial service other than the granting of loans to any associated company, joint venture company or subsidiary company of the society.
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