Section 53March 10, 1990, Sec./Art. 53

Books to be Kept Open. - (1) Every cooperative shall have the following open to its members and representatives of the Authority for inspection during reasonable office hours at its official address:

(a) A copy of this Code and all other laws pertaining to cooperative;

(b) A copy of the regulations of the Cooperative Development Authority;

(c) A copy of the articles of cooperation and by-laws of the cooperative;

(d) A register of members;

(e) The books of the minutes of the meetings of the general assembly , board of directors and committees;

(f) Share books, where applicable;

(g) Financial statements; and

(h) Such other documents as may be prescribed by laws or the by-laws.

(2) The chairman of the audit committee of a cooperative shall be responsible for books and records of account of the cooperative in accordance with generally accepted accounting practices. He shall also be responsible for the production of the same at the time of audit or inspection.

(3) Each cooperative shall maintain records of accounts such that the true and correct condition and the results of the operation of the cooperative may be ascertained therefrom at anytime. The financial statements, audited according to generally accepted auditing standards, principles and practices, shall be published annually.

(4) Subject to the pertinent provisions of the National Internal Revenue Code and other laws, a cooperative may dispose by way of burning or other method of complete destruction any document, record or book pertaining to its financial and non-financial operations which are already more than five (5) years old except those relating to transactions which are subject of civil, criminal, and administrative proceedings. An inventory of the audited documents, records, and books to be disposed of shall be drawn up and certified to by the cooperative secretary and the chairman of the audit committee of the cooperative and presented to the board of directors which may be thereupon approve the disposition of said records.