KUALA LUMPUR, Jan 11 — Cooperatives nationwide that did not hold annual general meetings of members or delegates last year starting from March 18 — the date of the movement control order's implementation -- have been exempted from having to hold the meetings.
In a statement today, the Cooperative Commission of Malaysia (SKM) said the Entrepreneur Development and Cooperatives Minister had given the exemption based on subsection 87(1) of the Cooperatives Act 1993.
The subsection gives the minister the power to exempt any registered society or a particular class of registered societies from any provision of the Act if he is satisfied that it is desirable to do so in the interest of the development of registered societies generally or of a particular registered society or a particular class of registered societies.
Under section 39 of the Act, every registered society is required to hold an AGM of members or delegates not later than six months after the close of the financial year.
"The Cooperatives Societies (Exemption) Order 2020 number PU(A) 394 was published by the Attorney-General's Chambers through the official e-Warta federal portal effective December 31, 2020,” SKM said.
— Bernama
