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mylaw.myby aturio
In forceUpdated to 1 Oct 2023Read it in Bahasa Malaysia
Contents

Chapter 3

41. Maintenance of fund and account

(1)

In this Chapter—

“Co-operative Deposit Account” means an account established under section 43;

“Co-operative Societies Liquidation Account” means the trust account determined by the Commission under subsection 75(4) of the Co-operative Societies Act 1993 where the funds of any dissolved co-operative society are held pursuant to subsection 75(7) of the

Co-operative Societies Act 1993 pending their distribution to the beneficiaries in accordance with the scheme approved by the

Commission;

“Central Liquidity Fund” means the fund established under section 42 to provide liquidity support to a co-operative society experiencing unusual or unexpected liquidity shortfalls;

“Co-operative Development Trust Fund” means the fund established, held, administered and used pursuant to the Co-operative

Societies (Co-operative Development Trust Fund) Regulations 2010

[P.U. (A) 127/2010];

“Co-operative Education Trust Fund” means the fund established, held, administered and used pursuant to the Co-operative Societies (Co-operative

Education Trust Fund) Regulations 2010 [P.U. (A) 128/2010];

“Co-operative Central Fund” means the fund established, held, administered and used by the Commission under subsection 75(8) of the Co-operative Societies Act 1993 [Act 502].

(2)

The Commission may, with the approval of the Minister pursuant to this Act, the Co-operative Societies Act 1993 or any other written law, operate, manage and maintain any fund in furtherance of its objects.

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(3)

The Commission shall hold and administer the following:

(a)

the Co-operative Central Fund;

(b)

the Co-operative Deposit Account;

(c)

the Co-operative Development Trust Fund;

(d)

the Co-operative Education Trust Fund;

(e)

the Co-operative Societies Liquidation Account;

(f)

the Central Liquidity Fund; and

(g)

such other funds as the Commission may set up with the approval of the Minister.

(4)

The Minister may, on the recommendation of the Commission, by order published in the Gazette, vary, delete, add to, substitute for or otherwise amend subsection (3) and upon publication of such order, subsection (3), as varied, deleted, added to, substituted for or otherwise amended, shall come into full force and effect and shall be deemed to be an integral part of this Act as from the date of such publication or from such later date as may be specified in the order.

(5)

The Commission shall disclose the working of the funds under subsection (3) in its annual report under paragraph 39(1)(b).

Report

Read on from s 42

Part VI

Investigation, Search and Seizure

Read on from Part VI

Part VII

General

Read on from Part VII