Co-Operative Societies Act 1993 · Updated to 1 Apr 2015 · Part VIII · Inspection, Inquiry, Dissolution and Disputes
69D. Completion of exercise of power under subsections 69(1) and (2) by the Commission
Feedback & supportThe Commission shall complete any exercise of powers under subsection 69(1) or (2) within a period not exceeding two years unless such period is extended by the Minister.
Commission
“Commission” means the Malaysia Co-operative Societies Commission established under the Malaysia Co-operative Societies Commission Act 2007;
The Minister may extend the period under subsection (1) for three further consecutive periods not exceeding one year each.
Minister
“Minister” means the Minister charged with the responsibility for co-operative societies development;
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Upon the expiry of such period referred to in subsection (1) or
, and if in the opinion of the Commission, the Commission has not completed the exercise of its powers under subsection 69(1) or (2), the
Commission may dissolve 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;
Where the Commission considers that any exercise of the powers referred to in subsection 69(1) or (2) has been completed, the
Commission shall submit any property, business, activities and affairs of the co-operative society to the newly elected Board and cause a notice to that effect specifying the date on which the exercise of such powers was completed to be published in the Gazette.
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;