CO-OPERATIVE SOCIETIES (AMENDMENT) BILL

Order for Second Reading read.

11.48 a.m.

The Minister for Commerce and Industry (Mr J. M. Jumabhoy): Mr Speaker, Sir, I beg to move, "That the Bill be now read a Second time."

The Bill proposes to amend section 58 of the principal Ordinance for the purpose of providing adequate penalties for offences committed by co-operative insurance societies. There is now a co-operative insurance society called the Malayan Co-operative Insurance Society functioning in Singapore.

The penalties provided for by section 58 of the principal Ordinance, which are a fine not exceeding $50 for any offence against the Ordinance, are obviously inadequate for offences relating to insurance business. It is therefore proposed by this amending Bill to increase the penalties to bring them into line with those provided for in the Life Assurance Companies Ordinance. Sir, I beg to move.

Question put, and agreed to.

Bill accordingly read a Second time and committed to a Committee of the whole Assembly.

Assembly immediately resolved itself into a Committee on the Bill. [Mr J. M. Jumabhoy.]

11.50 a.m.

[Mr SPEAKER in the Chair]

Clause 1 ordered to stand part of the Bill.

Clause 2-

Mr J. M. Jumabhoy: Sir, I beg leave to ask for dispensation under Standing Order 23 in order to move some minor amendments to this clause. The amendments are, in page 1, lines 16 and 18, to leave out "of" and insert "not exceeding".

The Chairman: As hon. Members know, two days' notice of amendments is required unless notice shall be dispensed with under Standing Order 23. Have I the assent of hon. Members that dispensation should be given?

Hon. Members: Aye.

The Chairman: Mr Minister, you can proceed.

Mr J. M. Jumabhoy: Sir, I move,

In page 1, line 16, to leave out "of" and insert "not exceeding".

Amendment agreed to.

Further Amendment made: In page 1, line 18, to leave out "of" and insert "not exceeding".-[Mr J. M. Jumabhoy].

Clause 2, as amended, ordered to stand part of the Bill.

Bill reported with amendments; read the Third time and passed.