Short title and commencement
(1) This Act may be cited as the Malaysia Co-operative Societies Commission Act 2007. (2) This Act comes into operation on a date to be appointed by the Minister by notification in the Gazette and the Minister may appoint different dates for the coming into operation of different provisions of this Act.
Interpretation
In this Act, unless the context otherwise requires— “Bank Negara Malaysia” means the Central Bank of Malaysia established under the Central Bank of Malaysia Act 1958 [Act 519]; “security” includes a mortgage or charge, whether legal or equitable, debenture, bill of exchange, promissory note, guarantee, lien or pledge, whether actual or constructive, letter of hypothecation, indemnity, undertaking or other means of securing payment or discharge of debt or liability, whether present or future, or whether vested or contingent; “specified”, where no mode is mentioned, means specified from time to time in writing; “prescribed”, where no mode is mentioned, means prescribed from time to time by order published in the Gazette; “document” has the same meaning as defined under section 3 of the Evidence Act 1950 [Act 56]; “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; (c) any security, including any stock, share, debenture, bonds, loan stocks, transferable subscription rights or warrants; (d) any negotiable instrument, including any bank note, bearer note, Treasury bill, dividend warrant, bill of exchange, promissory note, cheque and negotiable certificate of deposit; (e) any mortgage or charge, whether legal or equitable, guarantee, lien or pledge, whether actual or constructive, letter of hypothecation or trust receipt, indemnity, undertaking or other means of securing payment or discharge of a debt or liability, whether present or future, or whether vested or contingent; and (f) any other tangible or intangible property; “honorarium” means a portion of the audited net profit of the Commission distributed among some or all of the members of the Board in consideration of their services which would not otherwise be remunerated; “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; “co-operative society” has the same meaning as defined under section 2 of the Co-operative Societies Act 1993 [Act 502]; “Board” means the board of directors of the Commission; “Syariah Advisory Council” means the Syariah Advisory Council established under subsection 16b(1) of the Central Bank of Malaysia Act 1958; “Minister” means the Minister charged with the responsibility for co-operative development; “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; “director“ means a member of the Board; “related corporation” means a subsidiary or associate corporation of a co-operative society or an associate corporation of a subsidiary or subsidiaries of a co-operative society; “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; “securities” has the same meaning as defined under section 2 of the Securities Commission Act 1993 [Act 498]; “subsidiary” has the same meaning as assigned to it under section 5 of the Companies Act 1965 [Act 125]; “Commission” means the Malaysia Co-operative Societies Commission established under section 3; “share” has the same meaning as defined under section 4 of the Companies Act 1965 or section 2 of the Co-operative Societies Act 1993, as the case may be; “appointed date” means the date on which this Act comes into operation.
Provisions on this page are reproduced verbatim from official open data. See the attribution line.
Text as at 1 November 2012 (LOM reprint); amendments made after that date may not be incorporated. Read the official text ↗
Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).