Co-Operative Societies Act 1993 · Updated to 1 Apr 2015 · Part VI · Property and Funds of Co-Operative Societies
52A. Restrictions on deposits from non-members
Feedback & supportA co-operative society shall not accept deposits from persons who are not members of that co-operative society except as provided in the regulations.
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;
Any co-operative society who contravenes subsection (1)
commits an offence and shall, on conviction, be liable to a fine not exceeding five hundred thousand ringgit.
conviction
“conviction” includes a finding of guilt and the proving of an offence; Co-operative Societies 11