Section 58
of Co-Operative Societies Act 1993
Section 58
Every 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.
(2)
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.
Co-operative Societies 53
(3)
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.
(4)
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.
(5)
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 that any information acquired by the auditor during his inspection shall not be disclosed by him except to that member or officer.
(6)
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.