Malaysia legislation
Section 2
Section 2
In this Act, unless the context otherwise requires Interpretation.
"Board" means the governing body of a registered society to whom the management of its affairs is entrusted;
"business of financing" means the business of receiving deposits and—
(a)
the lending of money or the provision of any other credit facility; or
(b)
the lending of money and the provision of any other credit facility;
"by-laws" means the registered by-laws made by a registered society in the exercise of any power conferred by this Act, and includes a registered amendment of the by-laws;
"conviction" includes a finding of guilt and the proving of an offence;
"co-operative principles" includes—
(a)
voluntary and open membership;
(b)
democratic management;
(c)
limited return on capital contributed by members;
(d)
equitable division of profits;
(e)
promotion of co-operative education; and
(f)
active co-operation among registered societies;
"delegate" means—
(a)
a representative of individual members elected at a regional meeting of members of a primary society in which the general meeting of members is replaced by a general meeting of delegates; or
(b)
a representative of a registered society which is itself a member of another registered society, the meetings of which such representative has been elected or appointed to attend;
Co-operative Societies
"deposit" means the money deposited by any person with a registered society in a fixed deposit account or a savings account or other deposit account but does not include a share or subscription or specific savings;
"dividend" means a share of the profits of a registered society divided amongst its members in proportion to the share or subcription capital held by them;
"inaugural general meeting" means the general meeting at which persons desirous of forming a cooperative society resolve to form the society, to adopt the by-laws proposed for the society and to apply for the registration of the society;
"member" includes a person or registered society joining in the application for the registration of a society, and a person or registered society admitted to membership in accordance with the regulations and bylaws after registration;
"officer" means a chairman, secretary, treasurer or any other member of a Board and includes any other person empowered by the regulations or by-laws to give directions in regard to the business of the registered society;
"patronage rebate" means a share of the profits of a registered society divided among its members in proportion to the volume of business done with the society by them from which such profits were derived;
"primary society" means a society registered under subsection 4(1);
"registered society" means a co-operative society registered under this Act;
"registrable offence" means an offence which is registrable under the Registration of Criminals and Undesirable Persons Act 1969 as specified in the First Act 7. and Second Schedules to that Act;
"Registrar-General" means the Registrar-General of Co-operative Societies appointed under section 3;
"regulations" means regulations made under this Act;
"secondary society" means a society registered under subsection 4(2);
"share" means a share in the share capital of a registered society contributed by a member in respect of his membership in that registered society;
"specific savings" means money deposited by a member with a registered society with the express intention of utilising the money deposited for a specified purpose permitted under the regulations;
"subscription" means the sum contributed at regular intervals by a member in respect of his membership in a registered society and withdrawable on termination of membership;
"subsidiary" of a registered society means a company, as defined in the Companies Act 1965, in which such registered society controls the composition of the Board of Directors or more than half of the voting power, or holds more than half of the issued share capital, and includes a subsidiary, as defined in that Act, of such a company;
"surplus funds" means the funds in excess of the amounts required for immediate use by a registered society as working capital for its business, which may be deposited or invested away from the society without affecting the operation of such business;
"tertiary society" means a society registered under subsection 4(3).