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AUPE GENERAL SERVICES CO-OPERATIVE LTD |
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10 |
FINANCIAL MATTERS |
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10.1 |
The financial year of the Society shall begin on 1st January and end on 31st December. At the close of each financial year, an amount of 20% of the surplus shall be carried to the Reserve Fund subject to By-Law 9.5. A further amount of 5% of the first $500,000 of the surplus shall be contributed to the Central Co-operative Fund and 20% of any surplus in excess of $500,000 shall be contributed to the Central Co-operative Fund or the Singapore Labour Foundation as the Society may opt under Section 71(2) of the Act. |
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10.2 |
The remainder of the surplus after provisions have been made for the Reserve Fund, the Central Co-operative Fund or the Singapore Labour Foundation shall be distributed in one or more of the following ways at the discretion of the general meeting: |
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(a) |
by payment of a dividend of such rate for such shares or bonus shares held by member as shall be determined by the General Meeting subject to the provisions of the Act and the Rules and in accordance with By-law 10.3; |
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(b) |
by payment of a patronage refund to members in accordance with By-Law 10.4; |
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(c) |
by payment of honoraria to some or all of the members of the Board of Directors in consideration of their services which would not otherwise be remunerated subject to a sum to be fixed from time to time by the Registrar under the Act and By-Law 7.19; |
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(d) |
by issue of bonus certificates or bonus shares; or |
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(e) |
by payment to any other funds approved by the Registrar. |
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10.3 |
A member whose name appears on the books of the Society on the last day of the financial year shall be eligible for dividends on shares and bonus shares when declared subject always to the restrictions imposed on the payment of dividends in these By-Laws. The Society shall pay in respect of every fully paid shares or bonus shares that is registered in the name of a member a dividend in full or on a pro-rata basis, if he has held such shares for a lesser period than one year. Any dividends which are not claimed by members within three years from the date of payment shall be forfeited to the Society. Upon winding up of the Society, the assets, including he reserve fund, may, subject to Section 88 of the Act, be used for payment of a dividend for any period during which no dividend was paid. |
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10.4 |
The Board of Directors shall have the power and discretion to prescribe, limit, omit or otherwise restrict the types of fees, goods and services for the payment of patronage refund to members or to impose such terms and conditions or otherwise to lay down the procedures for payment or claim for patronage refund. Any patronage refund which are not claimed by members within such period as the Board may impose or require shall be forfeited to the Society. |
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10.5 |
The Board of Directors shall open or cause to be opened in the name of the Society an account with any bank registered under the Banking Act to which all monies received shall be deposited. |
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10.6 |
The Society shall have power to borrow money to be used in its business from members and non-members provided that the Society shall determine from time to time at a general meeting the maximum liability which it may incur in loans and deposits from members and non-members and shall notify the Registrar of the maximum so fixed, this limit being subject to the Registrar's approval whose decision shall be final. |
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10.7 |
The Society shall, as soon as practicable but not later than six months after the close of the financial year, prepare and submit to the Registrar an annual report on its activities during the year together with two certified true copies of the audited financial statements of the Society and the audit report for that year. A copy each of such annual report, financial statements and audit report shall be given to the Founder Member and the Institutional Members and their delegates and made available for inspection by delegates at all reasonable hours at the registered office and such places of business as the Board of Directors may deem fit. |
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10.8 |
Notwithstanding anything to the contrary appearing anywhere in these By-laws the Society shall have a first charge on all interests or monies credited to the account of a member or past member with the Society in respect of all claims that the Society may have against the said member including any advances or loans made by the Society to such member or past member. |
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