Question & AnswerQ&A (CDA MEMORANDUM CIRCULAR NO. 2011-21)
The main purpose of CDA Memorandum Circular No. 2011-21 is to amend Memorandum Circular No. 2011-17 dated May 6, 2011, by including transitory provisions for cooperatives that have already established branches prior to the effectivity of the original Circular.
Section 16, the Transitory Provisions, provides that cooperatives which have already established branches prior to the Circular's effectivity are given six months to comply with the prescribed requirements, and must submit a Statement of Management Responsibility signed by the Chairman and General Manager indicating their intent to comply.
The Statement of Management Responsibility must be duly signed by both the Chairman and the General Manager of the cooperative.
Such cooperatives are given six (6) months from the effectivity of the Circular to comply with the prescribed requirements.
The Circular shall take effect fifteen (15) days following the approval of the Board of Administrators and the filing of a copy with the Office of the National Administrative Register (ONAR).
It was approved pursuant to the Board of Administrators Resolution 217, series of 2011, dated June 23, 2011.
The original document amended was Memorandum Circular No. 2011-17 dated May 6, 2011, on the Policy and Guidelines on the Establishment of Cooperative Branch.
Cooperatives must firmly indicate their intent to comply with the prescribed requirements of the Circular in their Statement of Management Responsibility.
Filing a copy of the Circular is required with the Office of the National Administrative Register (ONAR) for it to take effect.
The Circular was adopted pursuant to a resolution of the Board of Administrators and was signed by Emmanuel M. Santiaguel, Ph.D., Chairman.