Amendments to update, strengthen Co-ops Act
Published on: Monday, December 08, 2014
.jpg "Amendments to update, strengthen Co-ops Act")
KOTA KINABALU: Domestic Trade, Cooperatives and Consumerism Minister Datuk Sri Hasan Bin Malek said the Co-operatives Act 1993 (Amended 2007) will be amended to update it."I have instructed the Co-operatives Commission of Malaysia (SKM) and the Malaysian National Co-operative Movement (Angkasa) to restudy the issue of enforcement of co-operative regulations where we find some of the old regulations are no longer relevant in these modern times. "As such SKM has taken the initiative to make amendments and if it needs to be taken to Parliament then we should do so."
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"A part of the SKM laws and regulations is currently out of date and as such we have made amendments to hasten and strengthen co-operative agencies and to make it easier to do loans and so on. And also regarding the status of board of director members in a cooperative there will also be amendments."He said this after the signing of a memorandum of understanding between SKM with the Credit Counselling and Debt Management Agency (AKPK) under Bank Negara on Saturday.SKM Executive Chairman Datuk Nik Ali Bin Mat Yunus signed on behalf of SKM while AKPK Chief Executive Officer Azaddin Ngah Tasir signed for AKPK witnessed by Hasan and AKPK Chairman Datuk Mohd Hanif Sher Mohamed. Hasan added several such agreements have also been previously signed with Ministry of International Trade and Industry (Miti) where joint programmes will be held with Small Medium Enterprises (SMEs).
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