QuestionsQuestions (CDA MEMORANDUM CIRCULAR NO. 2010-3, S. 2010)
It is issued pursuant to Republic Act No. 6939 and BOA Res. No. 127 dated July 22, 2010. Its purpose is to adopt and promulgate guidelines on the payment of cooperative registration fees for cooperatives registered under RA 9520 (cooperatives).
They apply to cooperatives registered under RA 9520.
“Registration Fee” refers to the fee as prescribed by the Authority.
“Full Payment” is the equivalent sum of money prescribed in the Authority’s scheduled fees. It may be paid in cash, manager’s check, and other forms of payment acceptable to the National Government.
It refers to a condition where the post-dated check is refused negotiation by the depository bank of the Authority.
A “Post Dated Check” is a check that becomes payable and negotiable on a future date specified therein.
It refers to a portion of the assessed registration fee divided into installments payable at different dates, as provided in Section 5 below (with amounts and dates specified in the request).
It describes a condition where installment payment modes become void from the beginning and have no effect, except for the paid portion which is forfeited in favor of the government.
The two modes are (1) Full Payment and (2) Payment by Installment.
It must submit a Board of Directors Resolution requesting approval of payment by installment, stating: (1) a valid reason for inability to pay the full amount, (2) the assessed amount required to be paid, and (3) the schedule and mode of payment consistent with the guidelines.
For amounts: (a) 100,000.00 and below: full payment upon registration; (b) above 100,000.01 to 200,000.00: payable within three (3) months; (c) above 200,000.01 to 300,000.00: payable within six (6) months; (d) above 300,000.01 to 499,999.00: payable within nine (9) months; (e) 500,000.01 and above: payable within twelve (12) months.
Payment by installment must be covered with post-dated checks equally divided whether monthly or quarterly, as stated in the cooperative’s letter request.
The first payment must be made in cash or a check dated on or before the issuance of the Certificate of Registration of amendments.
The request is approved by the Executive Director for applicants under Central Office jurisdiction, or by the Regional Director for applicants under the Extension Office jurisdiction.
All payments must be made directly to the cashier of the concerned Extension Office/Central Office (CO) unit covered by the corresponding Order of Payment (OP).
The CDA cashier acts as custodian of post-dated checks and monitors their negotiability. Once the checks become negotiable, the cashier coordinates with the Registration Division/Unit for issuance of the corresponding Order of Payment.
It is treated as waiver of the cooperative’s right over the total amount already paid, and the certificate of registration of amendments is deemed void ab initio for failure to complete the registration requirement.
The cooperative must be notified within five (5) banking days after receiving notice of dishonor, and must make arrangements for payment; otherwise, the registration may be nullified and the Authority may issue an order nullifying the certificate motu proprio.
It is without prejudice to filing appropriate action under BP 22 and appropriate sanction under Article 140 of RA 9520 for acts or omissions of the cooperative and its officers.
They become effective upon approval by the Board of Administrators and fifteen (15) days after registration with the Office of the National Administrative Register (ONAR).