NTUC Income AR 2019

PROPOSED AMENDMENTS TO THE BY-LAWS OF NTUC INCOME INSURANCE CO-OPERATIVE LIMITED By-Law Present Provision Amendment Reason 8.1 The authorised capital of the Society shall be $1,000,000,000 which shall be divided into Common Shares of nominal value of $10.00 each and Permanent Shares of nominal value of $10.00 each. The authorised capital of the Society shall be $1,000,000,000 which shall be divided into Common Shares of nominal value of $10.00 each and Permanent Shares of nominal value of $10.00 each. Each member shall hold a minimum number of shares as prescribed in By-Laws 5.2.2 and 8.2 of $10.00 each. No member, other than a society or trade union, shall hold more than 20% of the share capital of the Society unless the Registrar grants written approval for the Society to issue more than 20% of its share capital to that member. Amended to align with the latest model by-laws for co-operative societies. There is no requirement for co-operatives to state an amount of “authorised share capital” in the By-Laws. 17.2 The maximum liability which the Society may incur in loans from non-Members shall be subject to the approval of the Registrar, who may at any time reduce the maximum or impose such conditions as he thinks necessary. To delete By-Law 17.2. Deleted as there is no requirement under Section 68 of the Co-operative Societies Act (Cap.62) for a non-credit co-operative to seek the Registrar’s approval for its maximum liability. APPENDIX A 154 HERE FOR SURE