Section 14March 10, 1990, Sec./Art. 14

Articles of Cooperation. - (1) All cooperatives applying for registration shall file with the Cooperative Development Authority the articles of cooperation which shall be signed by each of the organizers and acknowledged by them if natural persons, and by the presidents or secretaries, if juridical persons, before a notary public.

(2) The articles of cooperation shall set forth:

(a) The name of the cooperative which shall include the word "cooperative";

(b) The purpose or purposes and scope of business for which the cooperative is to be registered;

(c) The term of existence of the cooperative;

(d) The area of operation and the postal address of its principal office;

(e) The names, nationality, and the postal addresses of the registrants;

(f) The common bond of membership;

(g) The list of names of the directors who shall manage the cooperative; and

(h) The amount of its share capital, the names and residences of its contributors and a statement of whether the cooperative is primary, secondary or tertiary in accordance with Section 23 hereof.

(3) The articles of cooperation may also contain any other provisions not inconsistent with this Code or any related law.

(4) Four (4) copies each of the proposed articles of cooperation, by-laws, and the general statement required under Section 11 of this Code shall be submitted to the Cooperative Development Authority.

(5) No cooperative shall be registered unless the articles of cooperation are accompanied with the bonds of the accountable officers and a sworn statement of the treasurer elected by the subscribers showing that at least twenty-five per cent (25%) of the authorized share capital has been subscribed and at least twenty-five per cent (25%) of the total subscription has been paid: Provided, That in no case shall the paid-up share capital shall be less than two thousand pesos (P2,000.00).