Section 27

Every such person who opts under subsection (1) to serve as an officer or employee of the Commission shall be employed by the

Commission on terms and conditions of service not less favourable from the terms and conditions of service to which he was entitled immediately before the appointed date.

Officers and employees of the Commission shall hold office for such period, receive such salaries, allowances or benefits, and be subject to such terms and conditions of service as may be determined by the Commission.

30

The Commission may, with the approval of the Minister, out of the funds of the Commission establish and maintain a pension and provident fund for its officers, employees and their dependents.

Where officers or employees of the Commission have been seconded or transferred to the service of the Commission from, or have previously been in the service of the Federal or a State

Government or other public authority approved by the Board, the appointments of those officers or employees shall, subject to any

Federal or State law, be made in accordance with such arrangements as to pensions and allowance for previous service as the Board may determine.

The Commission may, with the approval of the Minister, out of the funds of the Commission, create and maintain a trust account to be called “The Malaysia Co-operative Societies Commission Staff

Welfare Account” for the benefit of its officers, employees, including their dependants.

The Malaysia Co-operative Societies Commission Staff

Welfare Account shall be utilized for such purposes conducive to the welfare of the officers and employees of the Commission, including their dependants, as may from time to time be provided in trust directives to be issued by the Board with the approval of the Minister, and such directives may provide for the manner and the procedure for the making of the grants, loans or other payments from such Account.

Financial assistance to officer, employee and other persons