Malaysia Co-Operative Societies Commission Act 2007 · Updated to 1 Oct 2023 · Part IV · Provisions Relating to Officer and Employee
28. Financial assistance to officer, employee and other persons
Official textFrom Laws of Malaysia Online, unchanged
The Commission may provide—
Commission
“Commission” means the Malaysia Co-operative Societies Commission established under section 3;
subsidy, grant, Islamic financing or credit facility, with or without return or interest, to its officers and employees; or
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;
Islamic financing or credit facility, with or without return or interest, for educational purposes or scholarships to its officers and employees or any other persons, on such terms and conditions as the Commission may determine.
credit facility
“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;
Malaysia Co-operative Societies Commission 31
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;
return
Defined · s 2“return” includes any form of rental, profit, dividend or benefit, including any fee or gift, payable or to be given in relation to any Islamic financing instrument;
Part V
Finance
Chapter 3
Part VI
Investigation, Search and Seizure
Part VII