Latest news with #CooperativeAct1993
The Sun
5 days ago
- Business
- The Sun
New cooperative act expected to be tabled in Parliament this December - sec-gen
BANGI: A new cooperative law to replace the current Cooperative Act 1993 (Act 502) is expected to be tabled in Parliament this December, said Ministry of Entrepreneur Development and Cooperatives secretary-general Datuk Seri Khairul Dzaimee Daud. He said the ministry is introducing a new law to enable the cooperative movement to operate more effectively as a business entity and become a stronger driver of the national economy. 'Therefore, we are repealing the existing act and replacing it with a new one, which will be tabled in Parliament for the first reading in December,' he said. 'The 2026 Parliament session, scheduled for around March or April, is expected to see the second reading, with the aim of enforcing the new act by July next year,' he said during the opening of the ANGKASA-MINDA-UKM Cooperative Empowerment Forum here today. Previously, Entrepreneur Development and Cooperatives Minister Datuk Ewon Benedick said that his ministry was drafting the new cooperative act to replace Act 502. The Cabinet paper on the matter was presented and approved in principle on Jan 8. Khairul Dzaimee added that the ministry is actively engaging with state governments and stakeholders to ensure the new law is properly implemented in the best interests of cooperatives. He also said that the new cooperative law aims to create more responsive and dynamic cooperatives, facilitate cooperative businesses, enhance the well-being of the community, and improve cooperative governance. 'The main essence of this new act is to liberalise the cooperative movement by reducing excessive monitoring, previously focused heavily on legislation, and giving cooperatives more space to operate as business entities,' he said. Meanwhile, Angkatan Koperasi Kebangsaan Malaysia Berhad (ANGKASA) president Datuk Seri Abdul Fattah Abdullah expressed support for the government's efforts to enhance the cooperative ecosystem in the country. 'We want to make cooperatives a culture among Malaysians by 2050. ANGKASA (also) strongly supports the government's efforts to liberalise the laws and regulations that are being made and improve the (cooperative) ecosystem,' he said. Also present were Universiti Kebangsaan Malaysia (UKM) deputy vice-chancellor (Academic and International Affairs) Prof Dr Abdul Halim Abdul Gafor and the Malaysian Inclusive, Development and Advancement Institute (MINDA-UKM) director Prof Tan Sri Dr Noor Azlan Ghazali.
The Sun
5 days ago
- Business
- The Sun
New Cooperative Law Set for Parliament in December
BANGI: A new cooperative law to replace the current Cooperative Act 1993 (Act 502) is expected to be tabled in Parliament this December, said Ministry of Entrepreneur Development and Cooperatives secretary-general Datuk Seri Khairul Dzaimee Daud. He said the ministry is introducing a new law to enable the cooperative movement to operate more effectively as a business entity and become a stronger driver of the national economy. 'Therefore, we are repealing the existing act and replacing it with a new one, which will be tabled in Parliament for the first reading in December,' he said. 'The 2026 Parliament session, scheduled for around March or April, is expected to see the second reading, with the aim of enforcing the new act by July next year,' he said during the opening of the ANGKASA-MINDA-UKM Cooperative Empowerment Forum here today. Previously, Entrepreneur Development and Cooperatives Minister Datuk Ewon Benedick said that his ministry was drafting the new cooperative act to replace Act 502. The Cabinet paper on the matter was presented and approved in principle on Jan 8. Khairul Dzaimee added that the ministry is actively engaging with state governments and stakeholders to ensure the new law is properly implemented in the best interests of cooperatives. He also said that the new cooperative law aims to create more responsive and dynamic cooperatives, facilitate cooperative businesses, enhance the well-being of the community, and improve cooperative governance. 'The main essence of this new act is to liberalise the cooperative movement by reducing excessive monitoring, previously focused heavily on legislation, and giving cooperatives more space to operate as business entities,' he said. Meanwhile, Angkatan Koperasi Kebangsaan Malaysia Berhad (ANGKASA) president Datuk Seri Abdul Fattah Abdullah expressed support for the government's efforts to enhance the cooperative ecosystem in the country. 'We want to make cooperatives a culture among Malaysians by 2050. ANGKASA (also) strongly supports the government's efforts to liberalise the laws and regulations that are being made and improve the (cooperative) ecosystem,' he said. Also present were Universiti Kebangsaan Malaysia (UKM) deputy vice-chancellor (Academic and International Affairs) Prof Dr Abdul Halim Abdul Gafor and the Malaysian Inclusive, Development and Advancement Institute (MINDA-UKM) director Prof Tan Sri Dr Noor Azlan Ghazali.
Barnama
5 days ago
- Business
- Barnama
New Cooperative Act Expected To Be Tabled In Parliament This December - Sec-Gen
BANGI, June 5 (Bernama) -- A new cooperative law to replace the current Cooperative Act 1993 (Act 502) is expected to be tabled in Parliament this December, said Ministry of Entrepreneur Development and Cooperatives secretary-general Datuk Seri Khairul Dzaimee Daud. He said the ministry is introducing a new law to enable the cooperative movement to operate more effectively as a business entity and become a stronger driver of the national economy. 'Therefore, we are repealing the existing act and replacing it with a new one, which will be tabled in Parliament for the first reading in December,' he said. 'The 2026 Parliament session, scheduled for around March or April, is expected to see the second reading, with the aim of enforcing the new act by July next year,' he said during the opening of the ANGKASA-MINDA-UKM Cooperative Empowerment Forum here today. Previously, Entrepreneur Development and Cooperatives Minister Datuk Ewon Benedick said that his ministry was drafting the new cooperative act to replace Act 502. The Cabinet paper on the matter was presented and approved in principle on Jan 8. Khairul Dzaimee added that the ministry is actively engaging with state governments and stakeholders to ensure the new law is properly implemented in the best interests of cooperatives. He also said that the new cooperative law aims to create more responsive and dynamic cooperatives, facilitate cooperative businesses, enhance the well-being of the community, and improve cooperative governance. 'The main essence of this new act is to liberalise the cooperative movement by reducing excessive monitoring, previously focused heavily on legislation, and giving cooperatives more space to operate as business entities,' he said. Meanwhile, Angkatan Koperasi Kebangsaan Malaysia Berhad (ANGKASA) president Datuk Seri Abdul Fattah Abdullah expressed support for the government's efforts to enhance the cooperative ecosystem in the country.
The Star
5 days ago
- Business
- The Star
New Cooperative Act expected to be tabled in Parliament this December
BANGI: A new cooperative law to replace the current Cooperative Act 1993 (Act 502) is expected to be tabled in Parliament this December, says Entrepreneur Development and Cooperatives Ministry secretary-general Datuk Seri Khairul Dzaimee Daud. He said the ministry is introducing a new law to enable the cooperative movement to operate more effectively as a business entity and become a stronger driver of the national economy. "Therefore, we are repealing the existing act and replacing it with a new one, which will be tabled in Parliament for the first reading in December. "The 2026 Parliament session, scheduled for around March or April, is expected to see the second reading, with the aim of enforcing the new act by July next year,' he said at the opening of the Angkasa-Minda-UKM Cooperative Empowerment Forum here on Thursday, Bernama reported. Previously, Entrepreneur Development and Cooperatives Minister Datuk Ewon Benedick said that his ministry was drafting the new Cooperative Act to replace Act 502. The Cabinet paper on the matter was presented and approved in principle on Jan 8. Khairul Dzaimee added that the ministry is actively engaging with state governments and stakeholders to ensure the new law is properly implemented in the best interests of cooperatives. He also said that the new cooperative law aims to create more responsive and dynamic cooperatives, facilitate cooperative businesses, enhance the well-being of the community and improve cooperative governance. "The main essence of this new act is to liberalise the cooperative movement by reducing excessive monitoring, previously focused heavily on legislation, and giving cooperatives more space to operate as business entities,' he said. Meanwhile, Angkatan Koperasi Kebangsaan Malaysia Berhad (Angkasa) president Datuk Seri Abdul Fattah Abdullah expressed support for the government's efforts to enhance the cooperative ecosystem in the country. "We want to make cooperatives a culture among Malaysians by 2050. Angkasa (also) strongly supports the government's efforts to liberalise the laws and regulations that are being made and improve the (cooperative) ecosystem,' he said. Also present were Universiti Kebangsaan Malaysia (UKM) deputy vice-chancellor (Academic and International Affairs) Prof Dr Abdul Halim Abdul Gafor and the Malaysian Inclusive, Development and Advancement Institute (MINDA-UKM) director Prof Tan Sri Dr Noor Azlan Ghazali.
Borneo Post
02-05-2025
- Business
- Borneo Post
Ministry engages Sabah Govt on new Cooperative Bill
Ewon (seated, centre) with the participants during the engagement session. KOTA KINABALU (May 2): The Entrepreneur Development and Cooperatives Ministry (KUSKOP) held an engagement session with the Sabah Government on Friday to discuss the drafting of a new Cooperative Bill, which will replace the Cooperative Act 1993 (Act 502). Its minister, Datuk Ewon Benedick, said the session aimed to gather input and constructive views from members of the state administration to improve the draft Bill. 'This session also addressed issues related to the Sabah Land Ordinance and legal aspects that affect financing applications under the Malaysian Cooperative Commission's Revolving Capital Fund (TMP-SKM), particularly regarding the use of native land as collateral,' he said in his speech at the briefing and engagement session on the new Cooperative Bill with the Sabah State Government, held at Hilton Hotel here today. Ewon said the ministry values the participation and suggestions from various agencies, including the Sabah Lands and Surveys Department and the State Attorney-General's Chambers. He added that all proposals put forward would be thoroughly reviewed and considered in the drafting of the Bill. He further stated that the purpose of the new Bill is to strengthen the cooperative movement through the liberalisation of legal provisions and to reinforce the role of SKM as the primary regulatory body. 'Several studies conducted in 2023 found that certain legal constraints hinder cooperatives from directly conducting business activities across various sectors. 'For example, the Tourism Industry Act 1992 and the Private Healthcare Facilities and Services Act 1998 only permit companies registered under the Companies Act 2016 to operate in those sectors,' he explained. He expressed hope that the drafting of this Bill would enhance the cooperative ecosystem, ease business processes, and improve governance towards a more inclusive and sustainable national economy. To date, KUSKOP and SKM have held 10 engagement sessions involving 295 cooperatives and 47 government agencies. Sabah is the latest location for this session, while the next one is scheduled to be held in Penang, following a request from the state's Cooperative Executive Councillor.
