Co-Operative Societies Act 1993 · Updated to 1 Apr 2015 · Part VII · Accounts and Audit
58. Maintenance of accounts
Feedback & supportEvery co-operative society shall cause to be maintained such accounting and other records as will sufficiently explain the transactions and financial position of the co-operative society and its subsidiary or subsidiaries, if any, and enable true and fair trading and profit and loss accounts and balance sheets and any documents required to be attached thereto to be prepared from time to time and shall cause those records to be maintained in such manner as to enable them to be conveniently and properly audited.
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;
Every co-operative society shall cause appropriate entries to be made in the accounting and other records as soon as possible but not later than thirty days of the completion of the transactions to which they relate.
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Every co-operative society shall cause to be prepared as soon as possible but not later than two months after the completion of each financial year its trading and profit and loss accounts and balance sheet together with any other document required for the purpose of audit.
financial year
“financial year” means the financial period of business for each co-operative society as provided for in its by-laws;
The records referred to in subsection (1) shall be kept at the registered office of the co-operative society or at such other place as the Board shall think fit and shall at all times be open to inspection by the Commission and by any person authorized by him generally or specially in writing.
Board
“Board” means the governing body of a co-operative society to whom the management of its affairs is entrusted;
The Commission may in any particular case order that the accounting and other records of a co-operative society, including those of its subsidiary or subsidiaries, if any, be open to inspection by an approved auditor acting for any member or officer of such co-operative society, but only upon an undertaking in writing given to the
Commission
“Commission” means the Malaysia Co-operative Societies Commission established under the Malaysia Co-operative Societies Commission Act 2007;
Commission that any information acquired by the auditor during his inspection shall not be disclosed by him except to that member or officer.
member
“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;
Any co-operative society or officer of the co-operative society who fails to comply with subsection (1), (2), (3) or (4) commits an offence and shall, on conviction, be liable to a fine not exceeding two hundred thousand ringgit and shall, in addition, be liable to a daily fine not exceeding five hundred ringgit for each day during which the offence continues after conviction.
conviction
“conviction” includes a finding of guilt and the proving of an offence; Co-operative Societies 11