Co-operative Societies Act 1993 s 52

s 52 Restriction on borrowing

(1) A co-operative society may accept deposits and borrow funds from its members. (2) Subject to section 52A and regulations, a co-operative society may borrow funds from persons who are not members of that cooperative society. (3) A co-operative society shall notify its members of its borrowings under subsection (1) at its annual general meeting. (4) Any co-operative society who fails to comply with this section commits an offence and shall, on conviction, be liable to a fine not exceeding five hundred thousand ringgit.

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Find Act 502 on lom.agc.gov.my ↗

Text as at 1 April 2015 (LOM reprint); amendments made after that date may not be incorporated.

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).

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