Section 6March 10, 1990, Sec./Art. 6

Organization of Cooperatives. A Cooperative may be organized and registered by at least fifteen (15) persons for any or all of the following purposes:

(1) To encourage thrift and savings mobilization among the members;

(2) To generate funds and extend credit to the members for productive and provident purposes;

(3) To encourage among members systematic production and marketing;

(4) To provide goods and services and other requirements to the members;

(5) To develop expertise and skills among its members;

(6) To acquire lands and provide housing benefits for the members;

(7) To insure against losses of the members;

(8) To promote and advance the economic, social and educational status of the members;

(9) To establish, own, lease or operate cooperative banks, cooperative wholesale and retail complexes, insurance and agricultural/industrial processing enterprises, and public markets;

(10) To coordinate and facilitate the activities of cooperatives; and

(11) To undertake any and all other activities for the effective and efficient implementation of the provisions of this Code.