Co-operative Societies Act 1993 s 95

s 95

Repeal and saving 95. (1) The following Act and Ordinances are repealed: (a) the Co-operative Societies Act 1948 [Act 287]; (b) the Co-operative Societies Ordinance 1958 (Sabah) [Sabah Ord. No 3 of 1958]; and (c) the Co-operative Societies Ordinance (Sarawak) [Sarawak Cap. 66]. (2) The body corporate established under section 3A of the Cooperative Societies Act 1948 under the name “Commission of Cooperative Societies, Malaysia” shall continue to exist as a body corporate under this Act and shall be deemed to be the body corporate established under section 3*. (3) Subject to subsection (4), any register kept or maintained or any fund held and administered pursuant to the repealed laws shall be deemed to be part of a corresponding register or fund under this Act. * Notes— Section 3 has been delected by Act A1297 (4) Notwithstanding subsection (3)— (a) the Audit and Supervision Fund constituted under the Cooperative societies Rules of Sabah and the Co-operative Societies Rules of Sarawak shall continue to be held and administered by the Registrar responsible for co-operative societies in the State of Sabah or Sarawak, as the case may be, and shall be used for the purposes provided for under the repealed Co-operative Societies Ordinance 1958 (Sabah) [Sabah G.N. S. 3 of 1958] or Co-operative Societies Ordinance (Sarawak) [G.N. S. 1 of 1949], except that no new contribution to such Fund shall be levied; and (b) the funds deposited in a bank or with a co-operative society by the Registrar under the provisions of subsection 46(3) of the repealed Co-operative Ordinance 1958 (Sabah) or Cooperative Societies Ordinance (Sarawak), as the case may be, shall, within six months from the date of coming into force of this Act, be transferred to the Co-operative Societies Liquidation Account held by the Commission under subsection 75(7). (5) The Minister may make regulations to provide for the manner in which the Fund referred to in paragraph (4)(a) shall be held and administered and, upon such Fund becoming exhausted, for its dissolution and for other matters connected therewith.