Section 86
Power to make regulations
of Co-Operative Societies Act 1993
The Commission may, with the approval of the Minister, make such regulations under this section as may be necessary for the purpose of carrying out or giving effect to the principles and provisions of this Act.
(2)
In particular, without prejudice to the generality of the power conferred by subsection (1), such regulations may—
(a)
prescribe the forms to be used and the conditions to be complied with in applying for the registration of a co-operative society and the procedure in the matter for such application;
(b)
prescribe the matters in respect of which a co-operative society shall or may make by-laws and for the procedure to be followed in making, amending and rescinding its by-laws including the by-laws which are inconsistent with the provision of this Act, and the conditions to be satisfied prior to such making, amendment or rescission;
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(c)
prescribe all matters relating to the election, appointment, terms of office and disqualifications of members of the
Board of a co-operative society and its auditors;
(d)
prescribe the manner in which a particular business, activities or affairs may be carried out by a co-operative society;
(e)
prescribe the purposes for which specific savings of a co-operative society may be utilized;
(f)
prescribe all matters relating to the amalgamation and division of any co-operative society and the transfer of assets and liabilities of such co-operative society including—
(i)
the vesting of assets and liabilities of—
(A)
the amalgamating co-operative society in the amalgamated co-operative society;
(B)
a co-operative society in the new co-operative society created pursuant to a division; or
(C)
a co-operative society in another co-operative society pursuant to a transfer; and
(ii)
the registration of the amalgamated co-operative society, the new co-operative society, and the revocation of the registration of, in the case of an amalgamation, the amalgamating co-operative society, in the case of a division, the existing co-operative society, and in the case of a transfer, the transferor co-operative society;
(g)
prescribe the purposes for which the funds in the Reserve
Account, other than those arising from capital gains, may be utilized;
(h)
prescribe the manner in which the Co-operative Central
Fund and the Co-operative Liquidation Account shall be held, administered and used;
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(i)
subject to the express provisions of this Act, determine in what cases an appeal shall lie from the orders of the
Commission and prescribe the procedure to be followed in presenting and disposing of such appeals;
(j)
prescribe the mode of appointing an arbitrator and the procedure to be followed in proceedings before the
Commission or such arbitrator;
(k)
prescribe the procedure to be followed by the liquidator appointed under section 74 and the cases in which appeals shall lie from the orders of such liquidator;
(l)
prescribe the forms to be used, the fees to be paid, the procedure to be complied with and all other matters connected with or incidental to the presentation, hearing and disposal of appeals under this Act or the regulations;
(m)
provide for the establishment of a National Co-operative
Consultative Council;
(n)
prescribe the manner in which the Co-operative Education
Trust Fund, Co-operative Development Trust Fund and any other funds shall be held, administered and used;
(o)
provide for the investment of the funds of a co-operative society in the bonds and debentures of any co-operative society, securities of any company or any body corporate registered in Malaysia or in its subsidiary;
(p)
provide for investments by a co-operative society in immovable properties;
(q)
provide for the acceptance of deposit by a co-operative society from persons who are not members of the co-operative society;
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(r)
prescribe the procedure regarding payment for shares or subscription withdrawn by members from the Statutory
Reserve Fund;
(s)
provide for the establishment of subsidiaries of co-operative society and all matters relating to it;
(t)
prescribe the procedure regarding the withdrawal of share, return or interest of deceased member by legal representative, nominee, heir or person, as the case may be;
(u)
prescribe the contracts made between a co-operative society and member who is a child;
(v)
prescribe offences which may be compounded and the procedure for compounding such offences;
(w)
prescribe the matters relating to inaugural general meeting and annual general meeting;
(x)
prescribe the procedure regarding the withdrawal and transfer of share, return or interest of a member upon termination of membership; and
(y)
provide for any other matter which the Commission deems expedient or necessary for the purposes of this Act.
(3)
Without prejudice to the provisions of subsections (1) and (2), the Commission may, with the concurrence of the Minister and the
Minister of Finance, make such regulations as may be necessary for the purpose of controlling or regulating the business, activities or affairs, and to provide for the better management, of co-operative society carrying on the deposit taking business or the business of insurance.
(4)
Any regulations made under this section may relate to all, or any class, category or description of co-operative society, and different provisions may be made for different co-operative society, classes, categories or description of co-operative society.
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(5)
Any regulations made under this section shall be published in the Gazette.