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Co-Operative Societies Act 1993 · Updated to 1 Apr 2015 · Part VI · Property and Funds of Co-Operative Societies

54A. Investment in immovable properties

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(1)

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.

Terms defined in s 2

co-operative society
Defined · s 2
“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;
Open s 2
conviction
Defined · s 2
“conviction” includes a finding of guilt and the proving of an offence; Co-operative Societies 11
Open s 2
member
Defined · s 2
“member” includes a person or a co-operative society joining in the application for the registration of a co-operative society and who has signed the minutes of the inaugural general meeting of the co-operative society and a person or co-operative society admitted to membership of the co-operative society in accordance with the regulations and its by-laws after registration;
Open s 2
property
Defined · s 2
“property” means any movable or immovable property and includes— (a) any right, interest, title, claim, chose in action, power or privilege, whether present or future, or whether vested or contingent, in relation to any property, or which is otherwise of value; (b) any conveyance executed for conveying, assigning, appointing, surrendering, or otherwise transferring or disposing of property whereof the person executing the conveyance is proprietor or possessed or wherein he is Co-operative Societies 15 entitled to a contingent right, either for the whole interest or for any less interest; (c) any security, including any stock, share, debenture and fund; (d) any negotiable instrument, including any bank note, bearer note, treasury bill, dividend warrant, bill of exchange, promissory note, cheque and negotiable certificate of deposit; (e) any mortgage or charge, whether legal or equitable, guarantee, lien or pledge, whether actual or constructive, letter of hypothecation or trust receipt, indemnity, undertaking or other means of securing payment or discharge of a debt or liability, whether present or future, or whether vested or contingent; and (f) any other tangible or intangible property;
Open s 2
regulations
Defined · s 2
“regulations” means regulations made under this Act;
Open s 2

Report

Read on from s 55

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