Section 46
Remuneration to the members of the Board
of Co-Operative Societies Act 1993
(1)
A member of the Board of a co-operative society may receive an allowance from that co-operative society, but the amount of allowance shall not exceed a sum which shall be fixed by the general meeting of that co-operative society before or at the commencement of his term of office.
(2)
No member of the Board of a co-operative society appointed to represent such co-operative society on the board of directors of any of its subsidiaries shall receive or accept any remuneration from such subsidiary without the prior approval of the general meeting of such co-operative society.
42 Laws of Malaysia ACT 502
(3)
In this section, “allowance” means the remuneration paid to a member of the Board of a co-operative society in consideration of his services rendered to the co-operative society on a regular basis.