44. Duties and powers of the Board

Terms defined in s 2

• Board

  Board

  Defined · s 2

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

  Open s 2
• chief executive officer

  chief executive officer

  Defined · s 2

  “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;

  Open s 2
• co-operative society

  co-operative society

  Defined · s 2

  “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;

  Open s 2
• conviction

  conviction

  Defined · s 2

  “conviction” includes a finding of guilt and the proving of an offence; Co-operative Societies 11

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• credit facility

  credit facility

  Defined · s 2

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

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• Islamic financing

  Islamic financing

  Defined · s 2

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

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• member

  member

  Defined · s 2

  “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;

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• property

  property

  Defined · s 2

  “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 Co-operative Societies 15 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;

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• regulations

  regulations

  Defined · s 2

  “regulations” means regulations made under this Act;

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