Co-operative Societies (Exemption under Section 97) (No. 5) Order 2010

No. S 369

Co-operative Societies Act

(Chapter 62)

Co-operative Societies (Exemption under Section 97) (No. 5) Order 2010

In exercise of the powers conferred by section 97 of the Co-operative Societies Act, the Minister for Community Development, Youth and Sports hereby makes the following Order:

Citation and commencement

1.  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

2.  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.

Exemption

3.—(1)  Subject to sub-paragraph (2), the following societies are exempted from section 16A of the Act:

(a) NTUC Eldercare Co-operative Limited;

(b) NTUC Fairprice Co-operative Limited;

(c) NTUC First Campus Co-operative Limited;

(d) NTUC Foodfare Co-operative Limited;

(e) NTUC Healthcare Co-operative Limited;

(f) NTUC Investment Co-operative Limited;

(g) NTUC Media Co-operative Limited;

(h) NTUC Choice Homes Co-operative Limited;

(i) NTUC Income Insurance Co-operative Limited.

(2)  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.

Made this 1st day of July 2010.

NIAM CHIANG MENG

Permanent Secretary,
Ministry of Community Development,
Youth and Sports,
Singapore.

[MCDS 76-13-03 Vol. 5; AG/LLRD/SL/62/2010/2 Vol. 1]