Co-Operative Societies Act 1993 · Updated to 1 Apr 2015 · Part VI · Property and Funds of Co-Operative Societies
53. Restriction on other transactions with non-members
Feedback & supportSubject 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.
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 or officer of the co-operative society who fails to comply with subsection (1), commits an offence and shall, on conviction—
conviction
“conviction” includes a finding of guilt and the proving of an offence; Co-operative Societies 11
in the case of a co-operative society, be liable to a fine not exceeding two hundred thousand ringgit; or
in the case of an officer of a co-operative society, be liable to a fine not exceeding two hundred thousand ringgit or to
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imprisonment for a term not exceeding six months or to both.