Version RCS150410 (final)
Registry of Co-operative Societies
Community Relations and Engagement Division
Ministry of Community Development, Youth and Sports
510 Thomson Road, SLF Building, #14-03, Singapore 298135
Tel : 63548543 Fax : 62535028
Website : http://www.mcys.gov.sg/regcoop
This form may take you 30 minutes to complete.
You will need the following information to complete the form:
 Registered address of the credit society
 Credit society’s services, membership, operating policies and procedures, details of key
personnel, committee of management and audit committee, as well as proposed maximum
liabilities.
 Latest available financial figures of credit society
FORM 5
APPLICATION FOR REGISTRATION AS CREDIT CO-OPERATIVE
SOCIETY
[Note: This form is applicable to a co-operative society which provides any
financial services immediately before 20th October 2008]
1.
The name of the credit society is:
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2.
The registered office of the credit society is at :
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------and its postal address (if different from the above) is:
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------3.
Membership
(a)
Total number of members:
----------------------------------------------------------------------------------------------------------------(b)
State the nature of the pre-existing common bond of association or
community of interest:
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4.
Existing and Proposed Financial Services
(a)
Please specify the financial services1 currently provided and those that the
co-op intends or continues to provide after registration:
Currently providing
Intend/Continue to provide
Receiving deposits
Granting loans
Others
(b)
Specify the other financial services to be provided.
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5.
Financial Information
Provide the latest available financial figures as follows:
($)
For FY ended __
Income Statement
a)
Surplus/(Deficit) before statutory contributions
($)
As at __/__/__
Balance Sheet
b)
Subscription capital
c)
Members’ deposits
d)
Loans2 to members
e)
Restricted investments
f)
i) Equities
ii) Bonds (excluding Singapore Government Securities
and bonds issued by Singapore Statutory Boards)
iii) Unit Trusts and Managed Funds
iv) Equity in subsidiaries, joint-venture and associate
entities that are not co-operatives3
Institutional capital (comprises accumulated surplus and
general reserve fund)
‘financial services’ means receiving deposits, granting loans, or such other service of a
financial nature as may be prescribed, other than in relation to the carrying on of insurance
business within the meaning of the Insurance Act (Cap. 142).
2 This refers to the outstanding loans (excluding any interest payable).
3
Exclude shares currently held in co-operatives that are registered in Singapore.
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($)
As at __/__/__
g)
Total assets
h)
Total liquid assets
(comprises cash on hand, cash at bank and Singapore
Government Securities)
Ratios
i)
Capital Adequacy Ratio (CAR)
= (f) / (g) %
(NB: If CAR is less than 6%, please complete Q.6)
j)
Minimum Liquid Assets Ratio
= (h) / [(b) + (c)] %
k)
6.
Restricted Investments Ratio
= (e) / (g) %
(NB: If more than 10%, please complete Q.7)
Business Plan
For credit co-ops that have negative CAR – Provide a business plan of not more than
3 pages on how the credit society intends to improve the financial health of the credit
society (including but not limited to any undertaking by major institutional members,
proposed timeframe and annual targets for net surpluses) in a separate attachment.
7.
Investments Plan
For credit co-ops that have Restricted Investments Ratio of 10% or more – Provide a
plan of not more than 3 pages on how the credit society intends to reduce the level of
restricted investments and focus on the core thrift and loan business (including but
not limited to a proposed timeframe of not more than 5 years and annual targets for
reducing the Restricted Investments Ratio) in a separate attachment.
8.
Audit Committee
Indicate the date in which the Audit Committee was formed or expected date that it
will be formed.
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Proposed Maximum Liabilities
State the proposed maximum liabilities which the credit society expects to incur in the
next 3 years and provide the basis for the amounts:
(a)
loans from non-members
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(b)
loans and deposits from members and their immediate family members4
----------------------------------------------------------------------------------------------------------------10.
Credit Society’s By-laws – Please enclose one copy of the latest by-laws.
11.
Any other information – Please provide any other information you may
deem to be necessary to support your application.
12.
Contact Person – The Registry of Co-operative Societies can contact the
following person for any clarification:
Name
:
_______________________________________________
Contact No.
:
_______________________________________________
Email address :
_______________________________________________
Postal Address:
_______________________________________________
_________________________________________________________________
13.
Submitted by Chairman and Secretary of Credit Society --
Name of Chairman
:
_________________________________________
Signature
:
_________________________________________
Name of Secretary
:
_________________________________________
Signature
:
_________________________________________
Dated the _______________ day of _____________ 2010
‘Immediate family member’ means spouse, child, adopted child, step-child, parent, stepparent brother, step-brother, sister or step-sister of the member of the credit society.
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