Malaysia Co-Operative Societies Commission Act 2007 · Updated to 1 Oct 2023 · Part V · Finance
34. Operating fund
Official textFrom Laws of Malaysia Online, unchanged
An operating fund, to be administered and controlled by the
Commission, is established.
Commission
“Commission” means the Malaysia Co-operative Societies Commission established under section 3;
The operating fund shall consist of all moneys—
received by the Commission by way of grants from the
Government;
received by the Commission as fees and payment of compounds;
received by the Commission for services rendered by the
Commission to the Government or for services rendered by the Commission to any person;
derived as income from investments by the Commission;
derived from the disposal, lease or hire of, or any other dealing with any property vested in or acquired by the
Commission;
borrowed or raised by the Commission under section 35;
and
which may in any manner become payable to or vested in the Commission in respect of any matter incidental to its functions and powers or otherwise lawfully received by the
Commission.
The operating fund shall be utilized for the purpose of—
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paying any expenditure lawfully incurred by the
Commission including—
the remuneration of, or the granting of Islamic financing, credit facility, superannuation allowances or gratuities to the directors, officers, employees or other persons employed or appointed by the
Commission; or
legal fees and costs and other fees and costs;
paying any other expenses, costs or expenditure properly incurred or accepted by the Commission in the performance of its functions or the exercise of its powers or duties under this Act;
providing grants for the development of co-operative societies under this Act, the Co-operative Societies Act 1993 or any other written law enforced by the Commission;
repaying any money borrowed under this Act and the payment of any return or interest payable thereon;
purchasing or hiring equipment, machinery and any other materials, acquiring immovable property and erecting buildings, and carrying out any other works and undertakings in the performance of its functions or the exercise of its powers or duties under this Act;
meeting any financial obligation lawfully incurred by the
Commission;
granting any Islamic financing or credit facility under this
Act; or
generally, paying any expenses for carrying into effect the provisions of this Act.
The Commission shall manage the operating fund with prudence and due care.
Malaysia Co-operative Societies Commission 35
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;
property
Defined · s 2“property” means any movable or immovable property and includes— (a) any right, interest, title, claim, chose in action, power or privilege, whether present or future, or whether vested or contingent, in relation to any property, or which is otherwise of value; (b) any conveyance executed for conveying, assigning, appointing, surrendering, or otherwise transferring or disposing of property where the person executing the conveyance is the proprietor or possessor, or wherein he is entitled to a contingent right, either for the whole or part of the interest; *NOTE─The Central Bank of Malaysia Act 1958 has been repealed by the Central Bank of Malaysia Act 2009 which comes into operation on 25 November 2009–see section 100…
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;
Chapter 3
Part VI
Investigation, Search and Seizure
Part VII