The Philippine Cooperative Code of 2008

8/12/2019 The Philippine Cooperative Code of 2008

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02-17-2009 Republic Act No. 9520

Philippine Cooperative Code of 2008

ebruar! 17" 2009

R#P$%&'C AC( N). 9520

AN AC( A*#N+'N, (# C))P#RA('# C)+# ) (# P'&'PP'N#/ () %# N)N A/

(# P'&'PP'N# C))P#RA('# C)+# ) 2008

/#C(')N 1. Article3 1" 2" 4" and 5 of Chapter ' on ,eneral Concept3 and Principle3 of

Republic Act No. 6948" otheri3e non a3 the Cooperative Code of the Philippine3 are

hereb! aended to read a3 follo3: #/Cc(

CAP(#R '

,eneral Concept3 and Principle3

AR(. 1. (itle. ; (hi3 Act 3hall be non a3 the Philippine Cooperative Code of 2008.

/(A'+

AR(. 2. +eclaration of Polic!. ; 't i3 the declared polic! of the /tate to fo3ter the creation

and in< their product3 and 3ervice3 and acceptin< a fair

3hare of the ri33 and benefit3 of the undertain< in accordance ith univer3all! accepted

cooperative principle3.

AR(. . Cooperative Principle3. ; #ver! cooperative 3hall conduct it3 affair3 in

accordance ith ilipino culture"


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2B +eocratic *eber Control ; Cooperative3 are deocratic oration3 that are

controlled b! their eber3 ho activel! participate in 3ettin< their policie3 and aination b! the Authorit!.

B 'n area3 here there are no available notarie3 public" the =ud


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docuent dran in connection ith an! action brou


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8B Cooperative3 en


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/#C(')N 7. Article3 65" 66" 67" 68" 69" 70 and 71 of Chapter '' on +i33olution of

Cooperative3 of the 3ae Code are hereb! renubered and aended to read" a3 follo3:

CAP(#R ''

+i33olution of Cooperative3

AR(. 6. oluntar! +i33olution here no Creditor3 are Affected. ; 'f the di33olution of a

cooperative doe3 not pre=udice the ri


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AR(. 67. +i33olution b! )rder of the Authorit!. ; (he Authorit! a! 3u3pend or revoe"

after due notice and hearin


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1B *eber3D 3hare capital

2B &oan3 and borroin


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dB 'n real e3tate priaril! for the u3e of the cooperative or it3 eber3 or c#/A+

eB 'n an! other anner authori>ed in the b!la3.

AR(. 79. Revolvin< Capital. ; (he e

the board of director3 to rai3e a revolvin< capital to 3tren


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further" (hat it 3hall be a defen3e to an! action under thi3 article that the eber deandin< to

e@aine and cop! e@cerpt3 fro the cooperative record3 ha3 iproperl! u3ed an! inforation

3ecured throu


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2B An aount for the education and trainin< fund" 3hall not be ore than ten per centu

10FB of the net 3urplu3. (he b!la3 a! provide that certain fee3 or a portion thereof be

credited to 3uch fund. (he fund 3hall provide for the trainin


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copl! ith the provi3ion3 of the b!la3 for adi33ion to eber3hip" the aount 3o

accuulated or credited to their account toother 3ocial and econoic benefit3 that proote the


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A


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financin< of the a


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infor their eber /aahan< Na!on and */N to finall! convert or to


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AR(. 110. Re


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CAP(#R H

Credit Cooperative3

AR(. 11. Covera


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4B Pre3cribe ratio3" ceilin


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AR(. 124. inancial /ervice Cooperative ederation3. ; inancial 3ervice cooperative3

a! ore the3elve3 into financial 3ervice cooperative federation3" and reed

b! the Authorit! a3 the 3upervi3or of their eber3" and the! 3hall have the folloin< function3:

+#ac'(

aB +evelop 3tandard3 and provide 3ervice3 for the benefit of it3 affiliate3 and their eber3

in accordance ith the rule3 and re


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AR(. 126. Covera

votin< procedure" the re?uired nuber of vote3 for reed 3hare capital" the 3ub3cribed 3hare capital of eber3" and the aount of

paid-up 3hare capital of eber3 and the aount of paid-up 3hare capital received b! the

trea3urer and

fB %ond3 of accountable officer3.

AR(. 140. Re

electric cooperative3 that are dul! re


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2B (he electric cooperative3 re

electric cooperative3 re


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aicabl! in accordance ith the conciliation or ediation echani33 ebodied in the b!la3

of cooperative3 and in 3uch other applicable la3.

(he conciliation and ediation coittee of the cooperative 3hall facilitate the aicable

3ettleent of intra-cooperative di3pute3 and di3pute3 aon< eber3" officer3" director3" and

coittee eber3. '(#cA+

/hould 3uch conciliation or ediation proceedin


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(he Authorit! a! otu proprio" initiate coplaint3 for violation3 of thi3 provi3ion.

2B An! per3on ho illfull! attept3 in an! anner to evade or defeat ta@ in violation of the

provi3ion3 of Article3 60 and 61 of thi3 Code 3hall" in addition to other penaltie3 provided b! la"

upon conviction thereof" be puni3hed b! a fine of not le33 than (hirt! thou3and pe3o3

P40"000.00B but not ore than )ne hundred thou3and pe3o3 P100"000.00B and 3uffer

ipri3onent of not le33 than to 2B !ear3 but not ore than four B !ear3: Provided" (hat the

conviction or ac?uittal obtained under thi3 article 3hall not be a bar to the filin< of a civil 3uit for

the collection of ta@e3

4B +irect or indirect violation or circuvention of the provi3ion3 of Article3 60 and 61 of thi3

Code coitted b! an! public official or eplo!ee of an! bureau" office or a


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fB ailure to copl! ith an order or ritten in3truction3 i33ued or


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the date of i33ue: Provided" further" (hat all unpaid a33e33ent3 of previou3l! re

The Philippine Cooperative Code of 2008

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