Regulation 1
Citation and commencement
This Order may be cited as the Co-operative Societies (Exemption under Section 97) (No. 4) Order 2012 and shall come into operation on 31st August 2012.
/akn/sg/act/sub_leg/1979/CSA-S424-2012
Co-operative Societies (Exemption under Section 97) (No. 4) Order 2012
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- Type
- Subsidiary Legislation
- Status
- In force
- Enacted
- 1979
- Sections
- 4
Quick answer
About this subsidiary legislation
Co-operative Societies (Exemption under Section 97) (No. 4) Order 2012 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation CSA-S424-2012 1979, currently marked in force and first recorded in 1979.
Regulation 2
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) —
(a)
the issued share capital in which the society has an interest; and
(b)
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.
Definition
“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;
Definition
“company” has the same meaning as in section 4(1) of the Companies Act (Cap. 50);
Definition
“joint venture company”, in relation to a society, means a company (other than a subsidiary company) —
(a)
the issued share capital in which the society has an interest; and
(b)
which is formed between the society and one or more parties for the purpose of jointly undertaking an economic activity;
Definition
“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;
Definition
“subsidiary company”, in relation to a society, means a company which is controlled by the society.
Regulation 3
Exemption from section 16A of Act
Subregulation 1
Subject to sub-paragraph (2), the NTUC Enterprise Co-operative Limited (“the NEC”) is exempted from section 16A of the Act.
Subregulation 2
The NEC shall not provide any financial service other than the granting of loans to and the provision of security or guarantee in respect of the obligations of —
(a)
any associated company, joint venture company or subsidiary company of any society; or
(b)
any co-operative society in which the NEC holds at least 20% of the total number of shares therein.
Regulation 4
Exemption from section 57(3) of Act
The NEC is exempted from section 57(3) of the Act for a period of 3 years.
Common questions
- What is Co-operative Societies (Exemption under Section 97) (No. 4) Order 2012?
- Co-operative Societies (Exemption under Section 97) (No. 4) Order 2012 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation CSA-S424-2012 1979, currently marked in force and first recorded in 1979.
- Is Co-operative Societies (Exemption under Section 97) (No. 4) Order 2012 still in force?
- Yes — Co-operative Societies (Exemption under Section 97) (No. 4) Order 2012 is currently in force.
- When did Co-operative Societies (Exemption under Section 97) (No. 4) Order 2012 take effect?
- Co-operative Societies (Exemption under Section 97) (No. 4) Order 2012 was first recorded in 1979.
- How many regulations does Co-operative Societies (Exemption under Section 97) (No. 4) Order 2012 have?
- Co-operative Societies (Exemption under Section 97) (No. 4) Order 2012 contains 4 regulations.
- Where can I read the official version of Co-operative Societies (Exemption under Section 97) (No. 4) Order 2012?
- The official text of Co-operative Societies (Exemption under Section 97) (No. 4) Order 2012 is published at sso.agc.gov.sg.