Malaysia legislation

Section 51

of CO-OPERATIVE SOCIETIES ACT 1993

Section 51

(a)

its members;

(b)

its employees;

(c)

its subsidiary or subsidiaries; or

(d)

another registered society, and such loan or other credit facility shall be subject to—

(aa) the regulations and by-laws of such society; and

(bb) in the case of its subsidiary or subsidiaries or another registered society, the approval of the Registrar-General also.

(2)

Subsection (1) shall not apply to a registered society that is permitted to grant any loan or other credit facility in accordance with the provisions of any other written law governing its operations.

(3)

The Minister may, by general or special order, prohibit or restrict the lending of money on a charge or mortgage of immovable. property by any registered society or class of registered societies.

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Section 51 — AKTA KOPERASI 1993 | mylaw.my