Section 54A
Investment in immovable properties
of Co-Operative Societies Act 1993
Unless otherwise provided in the regulations and subsection
(2)
, no co-operative society shall acquire, hold or invest in any immovable property.
(2)
Subsection (1) shall not apply to a co-operative society where—
(a)
holding of an immovable property is for the satisfaction of a debt of a member to the co-operative society;
(b)
its business involves the acquisition, investment in or sale of immovable property;
(c)
the acquiring, holding or investing of an immovable property is necessary for the purpose of conducting its business; or
(d)
it provides housing or other amenities for its employees which are set out in their schemes of service.
(3)
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 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.