Republic Acts1 min read
Section 6February 17, 2009, Sec./Art. 6
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Article 64 of Chapter VI on Insolvency of Cooperatives of the same Code is hereby renumbered and amended to read, as follows:
CHAPTER VI
INSOLVENCY OF COOPERATIVES
"ART. 63. Proceeding Upon Insolvency.- In case a cooperative is unable to fulfill its obligations to creditors due to insolvency, such cooperative may apply for such remedies as it may deem fit under the provisions of Act No. 1956, as amended, otherwise known as the Insolvency Law.
"Nothing in this Article, however, precludes creditors from seeking protection from said insolvency law."
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