Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Original members
38. The persons who sign an application for the registration of a proposed society or a society, trade union or platform work association on whose behalf the application for the registration of a proposed society is signed is deemed to have agreed to become members of the society and, on registration of the society, must be entered in the register of members.[Act 30 of 2024 wef 01/11/2024]
Qualifications for membership
39.—(1) The qualifications for membership in a primary society are —(a) in the case of an individual, that the individual —(i) has attained 16 years of age or, if the society is a school co‑operative, has attained 12 years of age; (ii) is a citizen of Singapore or is resident in Singapore; and (iii) meets such other requirements with regard to residence, employment, profession and other matters as are prescribed by the by‑laws of the society; and (b) in the case of an institution, that it is a society, a trade union or a platform work association.[3/2018] [Act 30 of 2024 wef 01/11/2024] (2) Membership in a secondary society is restricted to registered co‑operative societies, trade unions and platform work associations.[Act 30 of 2024 wef 01/11/2024] (3) Membership in an apex organisation is restricted to primary and secondary societies registered under this Act. (4) Despite subsections (1), (2) and (3), membership of individuals in a credit society is restricted to individuals who belong to a field of membership consisting of a pre-existing common bond of association or community of interest among the members thereof. (5) In determining whether the criterion for membership in a credit society prescribed in subsection (4) is met, regard must be had to —(a) whether the members have the same or a similar occupation or profession, are employed by a common employer, or are employed within the same business district or commercial area; (b) whether the members have common membership in a religious, social, co-operative, labour, educational or other association or organisation; (c) whether the members reside, work or worship within the same defined community, district or electoral division; and (d) such other considerations as the Registrar may determine to be relevant. (6) Subsection (4) does not apply to any person who, immediately before 20 October 2008, is a member of any society which provides any financial service and which continues to provide such financial service on or after that date as a credit society, whether by virtue of paragraph 1 of the Schedule to the Co-operative Societies (Amendment) Act 2008 or otherwise.[3/2018] (7) A member who may at any time be found to be disqualified for any of the reasons mentioned in this section ceases to be a member of the society.
Members not to exercise rights until due payment made
40. No member of a society may exercise any of the rights of a member unless the member has made such payment to the society in respect of membership, or has acquired such shares or interest in the society, as may be prescribed under this Act or by the by-laws.
Votes of members
42.—(1) Each individual member of a primary society has only one vote in the affairs of the society, irrespective of the number of shares the member holds and that vote must be exercised in person and not by proxy. (2) Each institutional member of a primary society has such number of votes and such voting powers as are provided by the by‑laws. (3) In a secondary society or in an apex organisation, each member has as many votes as may be provided by the by-laws of the secondary society or the apex organisation. (4) Despite subsection (1), where a member lacks capacity to manage the member’s property and affairs —(a) if the member had created a lasting power of attorney conferring on a donee authority to make decisions about the member’s property and affairs (either generally or for the purposes of this Act), that donee may vote on behalf of the member; or (b) if a deputy has been, or is deemed to have been, appointed to make decisions on the member’s behalf in relation to the member’s property and affairs (either generally or for the purposes of this Act), that deputy may vote on behalf of the member.[3/2018] (5) In subsection (4) —(a) “deputy”, “donee” and “lasting power of attorney” have the meanings given by section 2(1) of the Mental Capacity Act 2008; and (b) a member lacks capacity in relation to a matter if the member lacks capacity within the meaning of section 4 of the Mental Capacity Act 2008 in relation to that matter.[3/2018]
Statement of account
42A.—(1) Every credit society must provide to each member of the society, within 6 months after the close of each financial year, a statement of account (in hard copy form or in electronic form, as the society may determine) containing particulars of each financial transaction between that member and the society in that financial year.[3/2018] (2) In addition, a credit society must, within the prescribed period after receiving a member’s request, provide to the member a statement of account (in hard copy form or in electronic form, as the society may determine) containing particulars of each financial transaction between that member and the society in the 6 months preceding the date of receipt of the member’s request.[3/2018]
Restriction on shareholding
43.—(1) Except as provided in subsection (2), a member cannot hold more than 20% of the share capital of a society.[3/2018] (2) A member may hold more than 20% of the share capital of a society, if the Registrar grants written approval for that society to issue more than 20% of its share capital to that member.[3/2018] (3) This section does not apply to a member that is a society, a trade union or a platform work association.[3/2018] [Act 30 of 2024 wef 01/11/2024]
Restriction on transfer of shares or interest
44.—(1) The transfer or charge of the share or interest of a member or past member or deceased member in the capital of a society is subject to such conditions as to maximum holding as are laid down in section 43. (2) No member of a society may transfer any share held by the member or the member’s interest in the capital of the society or any part thereof unless —(a) the member has held that share or interest for at least one year; and (b) the transfer or charge is in favour of the society, a member of the society or a person, another society, a trade union or a platform work association whose application for membership has been accepted by the committee of management of the society.[Act 30 of 2024 wef 01/11/2024]
Nomination
45.—(1) Subject to subsection (3), a member of a society may in writing nominate a person in the presence of at least 2 witnesses, to whom on the death of the member the society may transfer the share or interest.[3/2009] (2) Every society must keep a register of all persons so nominated. (3) Where a society is the insurer of any relevant policy, and a member of the society is the policy owner of that relevant policy, the member is not entitled, on or after 1 September 2009, to nominate under subsection (1) any person to whom on the death of the member the society may transfer the member’s share or interest in any policy moneys under that relevant policy.[3/2009] (4) In this section —“policy owner” and “policy moneys” have the meanings given in the First Schedule to the Insurance Act 1966; “relevant policy” has the meaning given by section 131 of the Insurance Act 1966.[3/2009]
Liability of member limited by shares or by guarantee
46.—(1) Despite the provisions of any by-laws, the liability of a member, present or past, of a society extends to the nominal value of any shares held or subscribed for by the member. (2) Where in the by-laws of a society the amount of the liability of a member is expressed to be greater than the nominal value of any shares held or subscribed for by the member, then the liability of the member extends to that greater amount.
Liability of past member and of estate of deceased member for debts of society
47.—(1) The liability of a past member for the debts of a society, within the limitations of section 46, as they existed on the date on which the member ceased to be a member does not continue for a period of more than 2 years after that date.[3/2018] (2) The estate of a deceased member, who is not a past member to whom subsection (1) applies, is not liable for debts of the society as they existed on the date of the member’s death for a period of more than 2 years after the date of the member’s death.[3/2018]
Right of member to withdraw from society
48. A member may withdraw from a society subject to such conditions and by giving to the society such notice as the by‑laws may prescribe, except that —(a) in the case of a primary society, the notice must not exceed one year; and (b) in the case of a secondary society or an apex organisation, the notice must not exceed 2 years.
Expulsion of member
49.—(1) A member who contravenes any of the provisions of this Act or the Rules or the by‑laws or acts in any way detrimental to the interests of the society may be expelled by a vote of at least two‑thirds of the members present and voting at a general meeting upon a charge of which the member is informed in writing by the committee of management at least one week before the meeting. (2) A society may in its by-laws provide for a different procedure of expulsion of members, but such by-laws must provide for a reasonable opportunity to be given to a member to be expelled to show cause why the member should not be expelled.
Provisions on this page are reproduced verbatim from official open data. See the attribution line.
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. Read the official text ↗
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
The Singapore legislation on this platform is subject to copyright of the Singapore Government and is used/reproduced for the purposes of this platform with the permission of the Attorney-General's Chambers. Users of this platform may check Singapore Statutes Online for the latest version of the Singapore legislation.