Any vacancy shall be filled up in accordance with the provisions of the cooperative By-laws. General Requirements. Audit the performance of the cooperative and its various responsibility centers; c. Review continuously and periodically the books of account and other financial records to ensure that these are in accordance with the cooperative principles and generally accepted accounting procedures; d. Submit reports on the result of the internal audit and recommend necessary changes on policies and other related matters on operation to the Board of Directors and General/Representative Assembly; e. Perform such other functions as may be prescribed in the By-laws or authorized by the General/Representative Assembly. This study looks into the risks and uncertainties confronted by one exemplary electric cooperative in the Philippines as they clear a pathway towards low-carbon transition in their franchise area. Separabilty Clause. Electric Cooperatives registered with the National Electrification Administration (NEA) under Presidential Decree No. 10. 109. "(5) Notwithstanding the provisions of existing laws to the contrary, the responsibilities of the employer as stated in paragraphs (1) and (2) of this articles shall be mandatory: Provided, That in the case of private employer, the actual and reasonable cost deducting and remitting maybe collected. Should such conciliation-mediation proceedings fail, the matter may be settled through voluntary arbitration or in court of competent jurisdiction. Make an inventory of all assets and to be determine all liabilities including Share Capital holdings; 2. Cooperatives are registered associations with a common interest to achieve social, economic, and cultural aspirations. The Management Staff of the Parent Cooperative cannot be at the time the Management Staff of the Subsidiary Cooperative; 4. "ART. Such bonds shall be renewed manually and the Authority shall accordingly be informed of such renewal. Feasibility study ensuring the viability and sustainability of both cooperatives; 8. � With respect to the provisions and governance of the cooperative banks, the provisions of the banking laws, rules and regulations shall prevail, notwithstanding Section 71 of Republic Act No. (12) By-Laws - shall refer to the By-laws registered under the Code which includes any registered amendments thereto. Special Power of Attorney authorizing the signatory to sign and file the application; 5. - The Authority shall exercise lead regularity powers and supervision over the operations of the financial service cooperatives, to wit: (1) Issue rules and regulations for the safe and sound operations of financial service cooperatives. (4) Marketing of vehicle/drivers insurance policies. � A cooperative may have two (2) kinds of members, to wit: (1) regular members and (2) associate members. Its holders shall be entitled to vote and be voted under the principle of one-man, one vote principle, and shall receive interest, the rate which should not exceeded the normal rate on investment. Regulation and Supervision. 84. "ART. Section 6. "ART. All matters relating to land valuation and assessment shall be regulated by the LBP. If the electric service provided fails to provide the services requested within a period of one (1) year, the Agrarian Reform Cooperative may undertake to provide the electric services in the area through its own resources. Preferential Right/Treatment. $�� �" $�烈~��B��DčqW�X� B Such other documents that may be required by the NWRB. List of cooperatives which have remitted their respective Cooperative Education and Training Funds (CETF); 2. Business consultancy assistance to include the nature and cost; and. Coverage. "A member whose membership the board of directors may wish to terminate shall be informed of such intended action in writing and shall be given an opportunity to be heard before the said board makes its decision. For this purpose, the general assembly may opt to create an appeal and grievance committee, the members of which shall serve for a period of one (1) year and shall decide appeals on membership application within thirty (30) days upon receipt thereof. Fifteen (15) or more natural persons who are Filipino citizens, of legal age, having a common bond of interest and actually residing or working in the intended area of operation, may organize a housing cooperative. An inventory of the audited documents, records and books to be disposed of shall be drawn up and certified to by the board secretary and the chairman of the audit committee and presented to the board of directors which may thereupon approve the disposition of said records. First Community Cooperative (FICCO) - a cooperative from Cagayan de Oro City is one of the biggest cooperative in the Philippines with a total resources of 14,474,633,015 pesos and a total membership of 375,648 as of December 31, 2019. Orientation on Labor and Other Related Laws, 2. � Unless otherwise provided in the bylaws, the direction and management of the affairs of a cooperative shall be vested in a board of directors which shall be composed of not less that five (5) nor more than fifteen (15) members elected by the general assembly for a term of two (2) years and shall hold office until their successors are duly elected an qualified, or until duly removed for caused. Members allocate surpluses for any or all of the following purposes: developing the cooperative by setting up reserves, part of which should at least be indivisible; benefitting members in proportion to their partonage of the cooperative's bubsiness; and, supporting other activities approved by the membership. The legal basis for this Rule is Art. Regular membership shall be limited to cooperative organizations which are holders of common shares of the bank. The Agreement to perform or abide by the Decision/Award. The minimum number of regular members to compose each sector, chapter, or district; c. The quorum required in the sector, chapter, or district assembly meeting; d. The number of Representative/s or Delegate/s to be elected to represent the total number of the regular members in the sector, chapter, or district; e. The term of office of the Representative or Delegate; f. The qualification and disqualification of the Representative or Delegate; g. The powers, function and responsibilities of the Representative or Delegate; h. The election of the sector, chapter, or district Representative or Delegate; i. From and after any such conveyance, all interests which the cooperative had in the properties are terminated. Medium Rise Housing - shall refer to the construction of a maximum of four (4) storey residential building in high density urban and rural areas to provide housing to low income earners. Registration fee in accordance with the Schedule of Fees prescribed by the Authority. Other reports required by the NWRB, the DOH and other government agencies shall likewise be submitted to the concerned agency. Responsibility of Water Service Cooperative. "At any time during the said three (3) years, the cooperative is authorized and empowered to convey all of its properties to trustees for the benefit of its members, creditors and other persons in interest. 9136, otherwise known as the Electric Power Industry Reform Act: Provided, That electric cooperatives with existing loans shall not be subject to the control and supervisions of its creditors and shall only be limited to the fulfillment of each civil obligations. 56. Ensure that all cash collections are deposited in accordance with the policies set by the Board of Directors; b. "ART. $$3012l���H.�q�� a� The Articles of Cooperation and By-Laws. 13. 120. These reports shall be filed with the Authority within one hundred twenty (120) days from the end of the calendar year. The officer concerned shall be given an opportunity to be heard at said assembly. "(3) An amount for the community development fund, which shall not be less than three per centum (3%) of the net surplus. In relation to this, the transactions of members with the cooperative shall not be subject to any taxes and fees, including not limited to final taxes on members� deposits and documentary tax. The Plan of Merger or Consolidation shall include the following: 1. Deposit and Borrowing Operations. (59) Sequential Election of Representative/Delegate - shall refer to the election of the representatives during the meetings held, one after the other, in different days and/or at various venues, by several sectors, chapters or districts of a cooperative for the purpose of electing their respective Representatives/Delegates to the representative assembly meeting. Plan elevation and cross-sectional views of pump house, machinery and equipment; 11. "(4) An optional fund, a land and building, and any other necessary fund the total of which shall not exceed seven per centum (7%). A single-purpose cooperative may transform into a multi-purpose or may create subsidiaries only after at least two (2) years of operation.". Compliance. Joint Monitoring and Evaluation Committee. - The capitalization of cooperatives and the accounting procedures shall be governed by the provisions of this Code and the regulations which shall be issued. The reports shall be made accessible to its members, and copies thereof shall be furnished to all its members or record. 0 The method for the issuance of share certificates shall prescribed in its bylaws. 91. "ART. "(d) Donations to charitable, research and educational institutions and reinvestment to socioeconomic projects within the area of operation of the cooperative may be tax deductible. The Cooperative Act of 1922 was replaced by the Cooperative Societies Ordinance of 1948, regulating all types of cooperatives. "Any officer of the cooperative who shall refuse to allow any member of the cooperative to examine and copy excerpts from its records shall be liable to such member for damages and shall be guilty of an offense which shall be punishable under Article 140 of this Code: Provided, That if such refusal is pursuant to a resolution or order of the board of directors, the liability under this article shall be imposed upon the directors who voted for such refusal: Provided, further, That it shall be a defense to any action under this article that the member demanding to examine and copy excerpts from the cooperative records has improperly used any information secured through any prior examination of the records of such cooperative or was not acting in good faith or for a legitimate purpose in making his demand. An electric cooperative shall not be registered with the Authority unless it complies with the financial requirements of minimum paid up capitalization of Five Million Pesos (P5,000,000.00). CATEGORIES OF COOPERATIVES