Transitory Provisions for Existing Cooperative Branches
- Cooperatives that have established branches before the effectivity date of this amendment are granted a six-month period from the date the circular takes effect to comply with the prescribed requirements under the policy.
- During this six-month period, these cooperatives must submit a Statement of Management Responsibility.
- This statement must be duly signed by both the Chairman and the General Manager of the cooperative.
- The statement should clearly express the cooperative’s intent and commitment to comply with the updated requirements.
Effectivity of the Circular
- The circular shall take effect fifteen (15) days after the following are completed:
- Approval by the Board of Administrators (BOA).
- Filing of a copy of the circular with the Office of the National Administrative Register (ONAR).
- The circular was approved pursuant to BOA Resolution 217, series of 2011, dated June 23, 2011.
- The circular was formally adopted on July 11, 2011, and signed by the Chairman, Emmanuel M. Santiaguel, Ph.D.