Malaysia legislation

Section 9

of CO-OPERATIVE SOCIETIES (AMENDMENT) ACT 2021

Section 9

Amendment of section 50

(a)

by renumbering the existing section as subsection (1);

(b)

in subsection (1) as renumbered, by inserting after paragraph (e), the following paragraph:

“(ea) loans from any licensed financial institution, or co-operative society as may be determined by the Commission;”; and

(c)

by inserting after subsection (1) as renumbered, the following subsection:

“(2) For the purposes of paragraph (1)(ea),"licensed financial institution" means—

(a)

a licensed bank under the Financial Services Act 2013 [Act 758];

(b)

a licensed Islamic bank under the Islamic Financial Services Act 2013 [Act 759]; and

(c)

a prescribed institution under the Development Financial Institutions Act 2002 [Act 618]."

Amendment of section 72