Section 49

purchase or take upon lease for the purposes of the union any land or building and, subject to any written law or other law which may be applicable, lease, or with the consent of its members obtained by way of a resolution at a general meeting or a meeting of delegates sell, exchange or charge any such land or building which may be so purchased;

Trade Union 49

invest its funds in any securities or in any loans to any company in accordance with any law relating to trustees;

deposit its funds in the Bank Simpanan Nasional, any bank incorporated in Malaysia or any finance company which is a subsidiary company of such bank; or

with the prior written approval of the Minister and subject to such conditions as he may impose, invest its funds—

in any registered cooperative society; or

The Minister may, before granting approval under paragraph (1)(d), require such trade union to obtain a report on the feasibility and viability of the project.

For the purpose of satisfying himself that an investment under this section has been properly made, the Director General may order any person to deliver to him any document or accounts relating to the investment which are in the possession or control of that person and may inspect and retain them for such period as he deems necessary for such purpose, and any person who fails or neglects without reasonable excuse to comply with any such order, shall be guilty of an offence and shall, on conviction, be liable to a fine not exceeding one thousand ringgit.

Every person who and every trade union which contravenes any of the provisions of subsection (1) shall be guilty of an offence and shall, on conviction, be liable to *a fine not exceeding ten thousand ringgit.

*NOTE—Previously “imprisonment for a term not exceeding two years, or to a fine not exceeding two thousand ringgit or to both”–see section 20 of the Trade Unions (Amendment) Act 2024 [Act A1700].

50 Laws of Malaysia ACT 262