Question & AnswerQ&A (CDA MEMORANDUM CIRCULAR NO. 2010-3, S. 2010)
The guidelines apply to cooperatives registered under Republic Act No. 9520.
It refers to the fee prescribed by the Cooperative Development Authority for registration.
It is the equivalent sum of money prescribed by the Authority's schedule of fees, payable in cash, manager's check, or other acceptable forms to the government.
A check that becomes payable and negotiable on a future date specified therein.
It is treated as a waiver of the cooperative's rights over the total amount already paid, making the certificate of registration void from the beginning (void ab initio).
Full payment and payment by installment.
A Board of Directors Resolution requesting approval of payment by installment, including reasons for inability to pay in full, assessed amount, and payment schedule.
For fees 100,000.00 and below - full payment upon registration; above 100,000.01 to 200,000.00 - payable within 3 months; above 200,000.01 to 300,000.00 - within 6 months; above 300,000.01 to 499,999.00 - within 9 months; 500,000.01 and above - within 12 months.
The Executive Director approves applications within the Central Office; Regional Director approves for the Extension Office jurisdiction.
The first payment must be made in cash or check dated on or before issuance of the Certificate of Registration or amendments.
The CDA cashier acts as custodian and monitors the negotiability of the checks and coordinates with the Registration Division for issuance of Order of Payment upon negotiation.
The cooperative is notified within five banking days to arrange payment; failure may result in nullification of registration and issuance of an order nullifying the Certificate of Registration by the Authority.
Yes, filing of appropriate actions under BP 22 and sanctions under Article 140 of RA 9520 may be pursued for acts or omissions of the cooperative and its officers.
They became effective fifteen days after registration with the Office of the National Administrative Register following approval by the Board of Administrators.