Required Records Accessible to Members Under Article 52
- Cooperatives must keep and make accessible during reasonable office hours the following:
- Copy of the Cooperative Code (RA 9520) and related laws
- Copy of regulations issued by the Cooperative Development Authority (CDA)
- Cooperative articles of cooperation and bylaws
- Register of members
- Minutes of general assembly, board, and committee meetings
- Share books, if applicable
- Financial statements
- Other documents required by law or bylaws
Limitations on the Right to Examine
- Examination rights are strictly limited to the enumerated documents in Article 52.
- Examination does not extend to subsidiary ledgers.
- Records of other members, natural or juridical, cannot be examined beyond their own personal records.
Legal Effects and Enforcement
- Refusal to allow examination and copying attracts liability for damages.
- Criminal sanctions under Article 140 of the Code impose penalties on non-compliant officers or directors.
- Proper exercise of the right requires good faith and legitimate purpose; abuses may negate member claims.
Additional Provisions
- The clarificatory policy is approved by the CDA Board, providing guidance for interpretation and enforcement of these rights and limitations.
- The policy emphasizes member rights balanced with protection of confidential information of other members.