Section 1
(2)
This Act comes into operation on a date to be appointed by the Minister by notification in the Gazette.
Amendment ActIn force
Co-Operative Societies (Amendment) Act 2021
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- Enacted
- 2021
- Sections
- 11
- Languages
- MS · EN
Co-Operative Societies (Amendment) Act 2021 is Malaysia Amendment Act, cited as Amendment Act A1634 2021, currently marked in force and first recorded in 2021.
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CO-OPERATIVE SOCIETIES (AMENDMENT) ACT 2021
Date of Royal Assent ... ... 26 January 2021
Date of publication in the ... ... 2 February 2021
Gazette
Act A1634
CO-OPERATIVE SOCIETIES (AMENDMENT) ACT 2021
Opening note
Preamble
- An Act to amend the Co-operative Societies Act 1993. ENACTED by the Parliament of Malaysia as follows: Short title and commencement
Section 2
Amendment of section 5
The Co-operative Societies Act 1993 [Act 502], which is referred to as the "principal Act" in this Act, is amended in paragraph 5(1)(a) by substituting for the word "fifty" the word "twenty".
Amendment of section 6
Section 3
Section 6 of the principal Act is amended—
Section 4
Amendment of section 8
Subsection 8(1) of the principal Act is amended by substituting for the word "twenty" the word "five".
Section 5
Amendment of section 12
Paragraph 12(b) of the principal Act is amended by deleting the words "with the prior written approval of the Commission,".
Section 6
Amendment of section 24
(2)
Any nomination of a nominee by a Muslim member of a co-operative society made before the date of coming into operation of this Act shall continue to remain valid.
Section 7
Amendment of section 42
Section 42 of the principal Act is amended by substituting for the word "six" the word "three".
Section 8
Amendment of section 42A
Subsection 42A(1) of the principal Act is amended by substituting for the word "three" the word "two".
Amendment of section 50
Section 9
Section 50 of the principal Act is amended—
(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—
(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]."
Section 10
Amendment of section 72
Subsection 72(1) of the principal Act is amended by substituting for the word "fifteen" the word "five".
Section 11
Transitional
All regulations, directives, guidelines, circulars and notices made, issued or given under the principal Act before the date of coming into operation of this Act, which are inconsistent with the provisions of the principal Act as amended by this Act, shall, on the date of coming into operation of this Act, cease to have effect.
Common questions
- What is Akta Koperasi (Pindaan) 2021?
- Co-Operative Societies (Amendment) Act 2021 is Malaysia Amendment Act, cited as Amendment Act A1634 2021, currently marked in force and first recorded in 2021.
- Is Akta Koperasi (Pindaan) 2021 still in force?
- Yes — Akta Koperasi (Pindaan) 2021 is currently in force.
- When did Akta Koperasi (Pindaan) 2021 take effect?
- Akta Koperasi (Pindaan) 2021 was first recorded in 2021.
- How many sections does Akta Koperasi (Pindaan) 2021 have?
- Akta Koperasi (Pindaan) 2021 contains 11 sections.
- Where can I read the official version of Akta Koperasi (Pindaan) 2021?
- The official text of Akta Koperasi (Pindaan) 2021 is published at lom.agc.gov.my.
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