Question & AnswerQ&A (CDA)
The guidelines cover all duly registered cooperatives of all types and categories, including newly registered cooperatives.
Cooperatives must keep a register of members, books of minutes of meetings, share books where applicable, books of accounts, and any other books or documents prescribed by law or the cooperative's by-laws.
The register must contain the names, addresses, and membership status (regular or associate) of every member, as well as the names of persons whose membership was terminated and the Board's action taken on such termination.
The proceedings of each meeting of the general assembly, board of directors, and committees must be recorded in a book with all resolutions consecutively numbered.
The Share Capital Book records all transactions concerning share capital, including the date, member's name, number and value of shares contributed, and serial numbers of the share certificates issued. It only includes fully paid-up shares.
Books of accounts must be maintained under the by-laws and in accordance with generally accepted accounting and auditing principles and practices.
Within 90 days after issuance, cooperatives must present the required books to the Cooperative Development Specialist (CDS) for authentication by signature, printed name, and date.
Any duly authorized employee of the Cooperative Development Authority may inspect cooperative books, but this visitorial power can only be exercised up to twice in a calendar year.
The authorized employee must authenticate the books by signing on the first blank page and also at the first available space after the last entry in the books.
Books may be disposed of only with the prior approval of the Authority and in accordance with Article 53(4) of the Cooperative Code.
The guidelines took effect upon their approval by the Board of Administrators on March 17, 1992.