Section 53
Restriction on other transactions with non-members
of Co-Operative Societies Act 1993
Subject to sections 51 and 52, the transactions of a co-operative society with persons other than its members shall be subject to such prohibitions and restrictions as may be set out by its by-laws.
(2)
Any co-operative society or officer of the co-operative society who fails to comply with subsection (1), commits an offence and shall, on conviction—
(a)
in the case of a co-operative society, be liable to a fine not exceeding two hundred thousand ringgit; or
(b)
in the case of an officer of a co-operative society, be liable to a fine not exceeding two hundred thousand ringgit or to
46 Laws of Malaysia ACT 502
imprisonment for a term not exceeding six months or to both.