Question & AnswerQ&A (PROCLAMATION NO. 442)
The guidelines are titled "Guidelines on Share Books and Share Capital Certificates."
Within ninety (90) days from the issuance of the cooperative's certificate of registration.
The Cooperative Development Specialist II (CDS II) assigned to the cooperative's area of operations.
The cooperative secretary shall present another blank share book for authentication and present the filled-up share book to the CDS II for inspection and verification.
The share book must contain the following information in columnar format: date the information was entered; name and complete address of the member; number of share capital contributed; value of shares contributed; serial number of the share capital certificate issued; and remarks concerning transactions on the shares.
The CDS II must make a notation stating that they have inspected and verified the share book, including the share book number, full name of the cooperative, and number of pages, and sign it with their printed name and date.
The secretary must keep and maintain the share books in proper order, fill in all required data for member transactions, state on the last page that all spaces are filled without blanks and errors are crossed out with initials, and issue the requisite share capital certificates for fully paid shares.
A share capital certificate is a document issued by the cooperative under its seal evidencing that a member has contributed a sum of money or value of property corresponding to his share in the contribution.
It must contain the serial number of the certificate; name and address of the cooperative; name and address of the member; number of fully paid shares; par value (not less than P1.00) per share; total value of shares; date of issuance; printed names and signatures of the chairman and secretary; and the cooperative's seal, if any.
Members of the cooperative and representatives of the Authority have the right to inspect and examine the share book.