AUPE Multi-Purpose Co-operative Society Ltd
                                 
 

AUPE MULTI-PURPOSE CO-OPERATIVE
SOCIETY LTD

  
     
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  9 FINANCIAL MATTERS      
   
  9.1
The financial year of the Society shall begin on 1st January and end of 31st December. A Balance Sheet shall be made out and duly by the External Auditor each year as soon as possible after 31st December and presented to members at the Annual General Meeting. For the purpose of closing the account, stock in hand shall be valued at cost price or market price, whichever is less.
   Financial Year  
     
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  9.2
The surplus of the Society during the financial year shall be distributed as follows:
   Distribution of
Surplus		  
     
    (a)
20% to the Reserve fund subject to By-Law 7.5.1
      
     
    (b)
5% of the first $500,000 to the Central Co- operative Fund and
      
     
    (c)
20% of any surplus in excess of $500,000 either to the Central Co-operative Fund or to the Singapore labour Foundation as the Society may opt.
      
     
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  9.3
The remainder or net surplus shall be distributed in one or more of the following ways at the discretion of the general meeting
   Distribution of
Net Surplus		  
     
    (a)
by payment of a dividend not exceeding 10 percent pro-rata on the amount of shares, bonus shares and subscriptions held by members as at the end of the financial year for which the net surplus is distributed;
      
     
    (b)
by payment of a patronage refund to members in proportion to the volume of business done by them with the Society from which the surplus of the Society was derived;
      
     
    (c)
by payment of honoraria to some or all of the members of the Board 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-laws 6.13.1 and 6.13.2;
      
     
    (d)
by a contribution not exceeding twenty-five percent of the net surplus to the Common Good Fund;
      
     
    (e)
by contribution to a Dividend Equalisation Fund;
      
     
    (f)
by contribution not exceeding ten per cent of the net surplus to a charitable purpose;
      
     
    (g)
by payment of bonus shares;
      
     
    (h)
by further contribution to the Reserve Fund or the Central Co-operative Fund;
      
     
    (i)
by payment to any other funds approved by the Registrar.
      
     
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  9.4
A member whose name appeared in the books of the Society on the last day of the financial year shall be eligible to draw dividend on shares, bonus shares and subscriptions when declared subject always to any restriction imposed in these By-laws. Dividend when declared shall be credited to a subscription account of the member unless the member makes a claim to the Society.
   Dividend on
Shares and
Bonus Shares		  
     
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  9.5
A member holding Bonus shares shall only be entitled to claim payment out of the funds of the Society after ten years from the date when the bonus shares were issued. A member or a past member shall be eligible to draw dividend on bonus shares when declared.
   Bonus Shares  
     
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  9.6
Shares held by members shall not be withdrawable except on cessation of membership in accordance with By-law 4.13.1. Shares shall normally be withdrawn after expiry of one year from the date of cessation of membership. The Board may at its discretion allow withdrawal of shares to be made earlier.
   Withdrawal of
Shares		  
     
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  9.7
The Board of Directors shall open or cause to be opened in the name of the Society such account with any bank registered under the Banking Act to which all moneys received shall be deposited.
   Bank Account  
     
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  9.8
All cheques drawn on such account shall be signed by the Chairman, Secretary and Treasurer. In their absence, the Vice-Chairman and anyone of the two Directors nominated for this purpose by the Board shall sign in their respective place. In the case of any Imprest Account, which shall not exceed $25,000, cheques shall be signed by the Chairman, Secretary and Treasurer of the respective Committees established by the Board for this purpose. The Board shall nominate such other officer to sign cheques in their absence.
   Issue of Cheque  
     
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  9.9
Receipts shall be issued for all moneys paid to the Society. Receipts shall be signed by the Secretary and the Treasurer or by the Secretary or the Treasurer and any other officer so authorised by the Board provided that the Secretary or the Treasurer may sign receipt for a sum up to $200.
   Issue of
Receipts		  
     
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  9.10
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.
   Restriction on
Borrowing		  
     
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  9.11
The Society shall as soon as practicable but not later than six months submit to the Registrar two certified true copies of the audited financial statements of the Society and the audit report for that year.
   Submission of
Audited
Financial
Statements		  
     
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  9.12
The Board shall from time to time authorise the maximum amount of cash which may be retained by any officer at any one time subject to any limit which the Registrar may impose.
   Cash in Hand  
     
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