Malaysia Co-Operative Societies Commission Act 2007 · Updated to 1 Oct 2023 · Part III · Powers of the Commission
23. Powers and functions of the Commission
Official textFrom Laws of Malaysia Online, unchanged
The Commission shall have all powers, functions and duties imposed on it under this Act, the Co-operative Societies Act 1993 or any other written law, and without prejudice to the generality of the foregoing, the Commission shall also have the following functions:
Commission
“Commission” means the Malaysia Co-operative Societies Commission established under section 3;
to promote and maintain stability of the co-operative sector;
to be responsible for the surveillance, supervision and regulation of co-operative societies and the co-operative sector;
to encourage and promote sound and orderly development of co-operative societies and the co-operative sector;
to foster co-operative values and principles;
to create a conducive environment for co-operative societies to carry out their activities;
Malaysia Co-operative Societies Commission 27
to register and revoke the registration of co-operative societies;
to act as trustee and to manage any scheme of Islamic financing or credit facility set up by the Government of
Islamic financing
“Islamic financing” means the giving of any credit facility in accordance with the Syariah as may be approved by the Syariah Advisory Council and includes any other like dealing or transaction as may be prescribed under section 63;
Malaysia for co-operative societies;
to advise the Minister on all matters relating to co-operative societies and the co-operative sector; and
Minister
“Minister” means the Minister charged with the responsibility for co-operative development;
to carry out any function under any written law as may be prescribed by the Minister by notification published in the
prescribed
“prescribed”, where no mode is mentioned, means prescribed from time to time by order published in the Gazette;
Gazette.
Terms defined in s 2
Commission
Defined · s 2“Commission” means the Malaysia Co-operative Societies Commission established under section 3;
credit facility
Defined · s 2“credit facility” means— (a) the giving of any advance, loan, trade credit or other facility in whatever form or by whatever name called whereby the person to whom the advance, loan, trade credit or other facility is given has access, directly or indirectly, to the funds or property of the person giving the same; (b) hire-purchase, leasing, factoring and such similar dealings or transactions; (c) the giving of a guarantee or the provision of any security in relation to the obligations of any person; or (d) any other like dealing or transaction as may be prescribed by the Commission;
Islamic financing
Defined · s 2“Islamic financing” means the giving of any credit facility in accordance with the Syariah as may be approved by the Syariah Advisory Council and includes any other like dealing or transaction as may be prescribed under section 63;
Minister
Defined · s 2“Minister” means the Minister charged with the responsibility for co-operative development;
prescribed
Defined · s 2“prescribed”, where no mode is mentioned, means prescribed from time to time by order published in the Gazette;
Part IV
Provisions Relating to Officer and Employee
Part V
Finance
Chapter 3
Part VI
Investigation, Search and Seizure
Part VII