Singapore legislation
Regulation 3
of Co-operative Societies (Exemption under Section 97) (No. 4) Order 2012
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.