Section 52
Restriction on borrowing
of Co-Operative Societies Act 1993
ActIn forceProvision 61 of 119
Section 52
(1)
A co-operative society may accept deposits and borrow funds from its members.
Co-operative Societies 45
(2)
Subject to section 52A and regulations, a co-operative society may borrow funds from persons who are not members of that co-operative society.
(3)
A co-operative society shall notify its members of its borrowings under subsection (1) at its annual general meeting.
(4)
Any co-operative society who fails to comply with this section commits an offence and shall, on conviction, be liable to a fine not exceeding five hundred thousand ringgit.