Co-Operative Societies Act 1993 · Updated to 1 Apr 2015 · Part VIII · Inspection, Inquiry, Dissolution and Disputes
69C. Provisions in relation to assumption of control under paragraph 69(2)(a)
Feedback & supportWhere control of a co-operative society has been assumed pursuant to an order under paragraph 69(2)(a), the co-operative society and its officers shall submit its property, business, activities and affairs to such control, and shall provide the Commission and, if the control is assumed by appointed person under paragraph 69(2)(a), to such appointed person, all such facilities as may be required to carry on the business, activities and affairs of the co-operative society.
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;
Throughout the period of control of a co-operative society pursuant to an order under paragraph 69(2)(a), there shall be vested in the Commission, or in the appointed person, as the case may be, all the powers of the co-operative society and its members and of members of
Commission
“Commission” means the Malaysia Co-operative Societies Commission established under the Malaysia Co-operative Societies Commission Act 2007;
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its Board, under the by-laws of the co-operative society, or exercisable by the co-operative society or its members or members of its Board under any written law, regardless whether such powers are exercisable by resolution, special resolution, or in any other manner, and any difficulty arising in relation thereto may be resolved by the Minister by a direction in writing.
Board
“Board” means the governing body of a co-operative society to whom the management of its affairs is entrusted;
During the period that an order under paragraph 69(2)(a) is in force, no members of the Board of the co-operative society to which the order relates shall, either directly or indirectly, engage in any business, activities and affairs in relation to the co-operative society, unless it is required or authorized by the Commission or the appointed person and no remuneration of whatever nature shall accrue or be payable to any members of the Board of the co-operative society, unless it is approved in writing by the Commission or the appointed person in relation to any business, activities and affairs required or authorized by the Commission or the appointed person.
An order under paragraph 69(2)(a) shall not have the effect of conferring on, or vesting in, the Commission or the appointed person, any title to, or any beneficial interest in, any property of the co-operative society to which the order relates.
property
“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;
Any officer of the co-operative society who fails to comply with subsection (1) or (3) commits an offence and shall, on conviction, be liable to a fine not exceeding one million ringgit or to imprisonment for a term not exceeding one year or to both and shall, in addition, be liable to a daily fine of one 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