Section 44B
Disclosure of conflict of interest by members of the Board and chief executive officer
of Co-Operative Societies Act 1993
A member of the Board or chief executive officer, if any, of a co-operative society, who holds an office or possesses a property by which, whether directly or indirectly, a duty or an interest may arise in conflict with his duty or interest as a member of the Board or chief executive officer, shall declare the fact, nature and extent of the conflict which may arise at the first meeting of the Board held—
(a)
after he becomes a member of the Board or chief executive officer, of a co-operative society; or
(b)
if he is already a member of the Board or chief executive officer of a co-operative society, after he commences to hold office or to possess the property by which the conflict may arise.
(2)
Any member of the Board or chief executive officer of a co-operative society who fails to comply with subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding five hundred thousand ringgit or imprisonment for a term not exceeding six months or to both.