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mylaw.myby aturio
In forceUpdated to 1 Apr 2015Read it in Bahasa Malaysia
Contents

Part VI · Property and Funds of Co-Operative Societies

54. Investment of funds

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(1)

Subject to its by-laws, a co-operative society may invest its surplus funds in—

(a)

any securities issued by the Government of Malaysia, Bank

Negara Malaysia or any other securities approved by the

Commission; or

(b)

shares of any other co-operative society.

(2)

Unless otherwise provided in the regulations, no co-operative society shall invest its surplus funds in—

(a)

bonds or debentures of any other co-operative society;

(b)

the securities of any company or any body corporate registered in Malaysia, other than those specified in subsection (1);

(c)

its subsidiaries; or

(d)

any other manner as may be specified by the Commission.

(3)

Any co-operative society or officer of the co-operative society who fails to comply with subsection (2) commits an offence and shall, on conviction—

(a)

in the case of a co-operative society, be liable to a fine not exceeding one million ringgit; or

(b)

in the case of an officer of the co-operative society, be liable to a fine not exceeding one million ringgit or to imprisonment for a term not exceeding one year or to both.

Co-operative Societies 47

Report

Read on from s 54A

Part VII

Accounts and Audit

Read on from Part VII

Part VIII

Inspection, Inquiry, Dissolution and Disputes

Read on from Part VIII

Part IX

Miscellaneous

Read on from Part IX

Part X

Repeal, Saving and Transitional

Read on from Part X

Schedules