Co-Operative Societies Act 1993 · Updated to 1 Apr 2015 · Part VIII · Inspection, Inquiry, Dissolution and Disputes
80. Power of the Commission to surcharge officers, etc., of a co-operative society
Feedback & supportIf, in the course of a dissolution of a co-operative society or consequent upon an audit under section 60 or an inspection under section 64 or 68 or an inquiry under section 66 or an investigation under Part VI of the Malaysia Co-operative Societies Commission Act 2007, it appears that any person who has taken part in the organization or management of such co-operative society or any past or present officer of the co-operative society, agent or member of the co-operative society has misapplied or retained or become liable or accountable for
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;
78 Laws of Malaysia ACT 502
any money or property of such co-operative society or has been guilty of misfeasance or breach of trust in relation to such co-operative society, the Commission may on its own motion or on the application of the liquidator or contributory, examine into the conduct of such person and make an order requiring him to repay or restore the money or property or any part thereof with return or interest at such rate as the
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;
Commission thinks just or to contribute such sum to the assets of such co-operative society by way of compensation in regard to the misapplication, retainer, dishonesty or breach of trust as the
Commission
“Commission” means the Malaysia Co-operative Societies Commission established under the Malaysia Co-operative Societies Commission Act 2007;
Commission thinks just.
Notwithstanding any other written law, an order under subsection (1) shall be enforced by the Sessions Court having jurisdiction over the place where the registered office of the co-operative society is situated in like manner as a judgment of that Court.
This section shall apply notwithstanding that the act referred to in subsection (1) is one for which the offender may be criminally responsible.