SINGAPORE SOCIETY OF ACCOUNTANTS RULES

4.56 p.m.

The Minister for Finance (Dr Goh Keng Swee): Sir, I beg to move the motion standing in my name*.

*The motion reads as follows:-

That the Assembly, pursuant to subsection (2) of section 12 of the Singapore Society of Accountants Ordinance, 1963, approves the Singapore Society of Accountants Rules, 1963, which were made on the 13th day of December, 1963, and published as Notification Sp. No. S 64 in the Gazette of the 14th December, 1963, as contained in Paper S.L. 19 of 1963.

Sir, these Rules were made by the Council of the Singapore Society of Accountants in accordance with the provisions of subsection (1) of section 12 of the Ordinance.

The Rules provide, inter alia, for the admission of members to the Society, the classification of the members and the election and appointment of the President, the Vice-President and the Treasurer of the Society. The qualifications of persons for admission as members are set out in Parts I and II of the Schedule to the Rules and the fees payable by members are prescribed in Part III of the Schedule.

In accordance with Government's policy to provide employment to Polytechnic graduates, the Professional Diploma in Accountancy of the Singapore Polytechnic is accepted as sufficient qualification entitling the holders to registration as members of the Society. Part II of the Schedule sets out the Associations of Accountants whose members are entitled to be registered as full members of the Society. The qualifications obtained by members of these Associations are widely recognised.

Rule 2 provides for the admission of members to be made by the Council or a Council Committee at meetings in which at least three-fourths of the members are present. This, in effect, ensures that the admission will be considered by at least 3 members of the Council. Rule 4 provides for four classes of membership according to the qualifications and experience of the members.

Admission Fees and annual subscriptions are prescribed under Rules 6 and 7. There will be no annual subscription for the year 1963, but any person applying for membership now will have to pay the 1964 annual subscriptions forthwith on making their applications. The fees prescribed are reasonable and comparable to those prescribed by a local accounting body.

Rule 8 sets out the procedure at Council meetings. The quorum for Council meetings is 7 as provided under subsection (2) of section 20 of the Ordinance.

Sir, I beg to move.

Question put, and agreed to.

Resolved,

That the Assembly, pursuant to subsection (2) of section 12 of the Singapore Society of Accountants Ordinance, 1963, approves the Singapore Society of Accountants Rules, 1963, which were made on the 13th day of December, 1963, and published as Notification Sp. No. S 64 in the Gazette of the 14th December, 1963, as contained in Paper S.L. 19 of 1963.

Resolved, "That this Assembly do now adjourn to a date to be fixed by the Leader of the House." -[Dr Goh Keng Swee].

Adjourned accordingly at Three minutes past Five o'clock p.m.