Section 2

In this Act, unless the context otherwise requires—

of Co-Operative Societies Act 1993

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“appointment” includes any appointment or reappointment;

“associate corporation” means a corporation where not less than twenty per centum and not more than fifty per centum of the shares of that corporation are held by another corporation, the first mentioned corporation thereby being an associate corporation of the other corporation;

“Board” means the governing body of a co-operative society to whom the management of its affairs is entrusted;

“branch” includes the registered office of the co-operative society, an office, an agency, an electronic terminal and includes a place set up and maintained for any period of time to carry on the business of the co-operative society;

“by-laws” means the registered by-laws made by a co-operative society in the exercise of any power conferred by this Act, and includes a registered amendment of the by-laws;

“chief executive officer”, in relation to a co-operative society, means a person by whatever name called who, either individually or jointly with one or more other persons is responsible, subject to the authority of the Board, for the conduct of the business and activities of the co-operative society;

“child” has the same meaning as defined in the Child Act 2001 [Act 611];

“Commission” means the Malaysia Co-operative Societies

Commission established under the Malaysia Co-operative Societies

Commission Act 2007 [Act 665];

“conviction” includes a finding of guilt and the proving of an offence;

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“co-operative society” means an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically controlled enterprise which is registered under this Act;

“co-operative principles” includes—

(a)

voluntary and open membership;

(b)

democratic member control;

(c)

member economic participation;

(d)

autonomy and independence;

(e)

education, training and information;

(f)

co-operation among co-operative society; and

(g)

concern for community;

“corporation” has the same meaning as defined in the Companies Act 1965 [Act 125];

“credit facility” has the same meaning as defined in the Malaysia Co-operative Societies Commission Act 2007;

“delegate” means—

(a)

a representative of individual members elected at a regional meeting of members of a primary co-operative society in which the general meeting of members is replaced by a general meeting of delegates; or

(b)

a representative of a co-operative society which is itself a member of another co-operative society , the meetings of which such representative has been elected or appointed to attend;

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“ deposit” means a sum of money—

(a)

received or paid on terms under which it will be repayable, with or without return or interest or at a premium or discount; or

(b)

received or paid on terms under which it will be repayable, either wholly or in part, with any consideration in money or money’s worth, and such repayment being either on demand or at a time or in circumstances agreed by or on behalf of the person making the payment and the person receiving it, regardless whether the transaction is described as a loan, an advance, an investment, a saving, a sale or a sale and repurchase, but does not include money paid bona fide—

(i)

by way of an advance or a part payment under a contract for the sale, hire or other provision of property or services, and is repayable only in the event that the property or services is not or are not in fact sold, hired or otherwise provided;

(ii)

by way of security for the performance of a contract or by way of security in respect of any loss which may result from the non-performance of a contract;

and

(iii)

without prejudice to subparagraph (ii), by way of security for the delivery up or return of any property, whether in a particular state of repair or otherwise, and shall include the money deposited by any person with a co-operative society in a fixed deposit account or a savings account or other deposit account but does not include a share, subscription or specific savings;

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“dividend” means a share of the profits of a co-operative society divided amongst its members in proportion to the share or subscription capital held by them;

“document” has the same meaning as defined in the Evidence Act 1950 [Act 56];

“Executive Chairman” means the Executive Chairman of the

Commission;

“financial year” means the financial period of business for each co-operative society as provided for in its by-laws;

“honorarium” means a portion of the audited net profit of a co-operative society distributed among some or all of the members of the

Board in consideration of their services which would not otherwise be remunerated;

“inaugural general meeting” means the general meeting at which persons desirous of forming a co-operative society resolve to form the co-operative society, to adopt the by-laws proposed for the co-operative society and to apply for the registration of the co-operative society ;

“Islamic financing” has the same meaning as defined in the Malaysia

Co-operative Societies Commission Act 2007;

“member” includes a person or a co-operative society joining in the application for the registration of a co-operative society and who has signed the minutes of the inaugural general meeting of the co-operative society and a person or co-operative society admitted to membership of the co-operative society in accordance with the regulations and its by-laws after registration;

“Minister” means the Minister charged with the responsibility for co-operative societies development;

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“officer” in relation to a co-operative society, means a chairman, secretary, treasurer or any other member of a Board and includes—

(a)

the chief executive officer;

(b)

any person empowered by the Board, regulations or orders or by-laws to give directions in regard to the business of the co-operative society; or

(c)

any employee;

“patronage rebate” means a share of the profits of a co-operative society divided among its members in proportion to the volume of business done with the co-operative society by them from which such profits were derived;

“prescribed”, where no mode is mentioned, means prescribed from time to time by order published in the Gazette, and a power to prescribe includes the power to prescribe differently for different persons, classes, categories or description of persons;

“prescribed co-operative society” means a co-operative society prescribed by the Commission by order in writing according to its class, category, type, activity and description;

“primary co-operative society” means a co-operative society as provided for under subsection 4(1);

“property” means any movable or immovable property and includes—

(a)

any right, interest, title, claim, chose in action, power or privilege, whether present or future, or whether vested or contingent, in relation to any property, or which is otherwise of value;

(b)

any conveyance executed for conveying, assigning, appointing, surrendering, or otherwise transferring or disposing of property whereof the person executing the conveyance is proprietor or possessed or wherein he is

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entitled to a contingent right, either for the whole interest or for any less interest;

(c)

any security, including any stock, share, debenture and fund;

(d)

any negotiable instrument, including any bank note, bearer note, treasury bill, dividend warrant, bill of exchange, promissory note, cheque and negotiable certificate of deposit;

(e)

any mortgage or charge, whether legal or equitable, guarantee, lien or pledge, whether actual or constructive, letter of hypothecation or trust receipt, indemnity, undertaking or other means of securing payment or discharge of a debt or liability, whether present or future, or whether vested or contingent; and

(f)

any other tangible or intangible property;

“registrable offence” means an offence which is registrable under the

Registration of Criminals and Undesirable Persons Act 1969 [Act 7]

as specified in the First and Second Schedules to that Act;

“regulations” means regulations made under this Act;

“related corporation” means a subsidiary or associate corporation of a co-operative society or an associate corporation of a subsidiary or subsidiaries of a co-operative society;

“return” includes any form of rental, profit, dividend or benefit, including any fee or gift, payable or to be given in relation to any dealing, transaction or instrument;

“secondary co-operative society” means a co-operative society as provided for under subsection 4(2);

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“securities” has the same meaning as defined in the Securities

Commission Act 1993 [Act 498];

“share” means a share in the share capital of a co-operative society contributed by a member in respect of his membership in that co-operative society;

“specific savings” means money deposited by a member with a co-operative society with the express intention of utilizing the money deposited for a specified purpose permitted under the regulations;

“specified”, where no mode is mentioned, means specified from time to time in writing, and a power to specify includes the power to specify differently for different persons, classes, categories or description of persons;

“Statutory Reserve Fund” means a fund maintained by every co-operative society in pursuant to subsection 57(1) out of the audited net profit of each year;

“subscription” means the sum contributed at regular intervals by a member in respect of his membership in a co-operative society and may not be withdrawn except under such conditions as laid down in the by-laws or on a termination of membership;

“subsidiary” of a co-operative society means a company, as defined in the Companies Act 1965 [Act 125], in which such co-operative 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, subject to regulations, the funds in excess of the amounts required for immediate use by a co-operative society as working capital for its business, which may be deposited or invested away from the co-operative society without affecting the operation of such business;

“tertiary co-operative society” means a co-operative society as provided for under subsection 4(3).

Read in full context — Co-Operative Societies Act 1993 →