Co-Operative Societies Act 1993 · Updated to 1 Apr 2015 · Part VI · Property and Funds of Co-Operative Societies
50. Funds of a co-operative society
Feedback & supportThe funds of a co-operative society may be raised by any or all of the following:
co-operative society
“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;
entrance fees, which shall not be refundable except in cases where an application for membership has been rejected;
shares subscribed and paid by members, of which a minimum number prescribed in the by-laws of such co-operative society shall not be withdrawable except after termination of membership, while shares subscribed in excess of this minimum contribution may be withdrawable or transferable or both, subject to the provisions of this Act and the regulations and to any limitations laid down in the by-laws of such co-operative society;
prescribed
“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;
in the case of co-operative societies which have as their object the promoting of thrift among their members and the creating of a source of credit for their members, subscription;
subscription
“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sum contributed at regular intervals by a member in respect of his membership in a co-operative society and may not be withdrawn except under such conditions as laid down in the by-laws or on a termination of membership;
specific savings of members, which shall be withdrawable subject to conditions laid down in the by-laws;
specific savings
“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;
subject to subsection 52(1) or regulations, deposits or loans from members and with the approval from the
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Commission, from persons who are not members of the co-operative society;
Commission
“Commission” means the Malaysia Co-operative Societies Commission established under the Malaysia Co-operative Societies Commission Act 2007;
surplus carried to the Reserve Account;
donations and grants made by third persons, except that no donations from any foreign source, whether offered directly or otherwise, shall be received by a co-operative society without the prior written approval of the Commission.