Law Summary
Required Books and Documents
- Cooperatives must keep the following books as per Article 53 of the Cooperative Code:
- Register of members
- Minutes books for general assembly, board of directors, and committee meetings
- Share capital books (if applicable)
- Books of accounts
- Other documents as required by law or cooperative by-laws
Register of Members
- Records names, addresses, and membership status (regular or associate) of every member.
- Includes names of persons whose membership was terminated, with corresponding Board actions.
Books of Minutes
- Records proceedings of all meetings (general assembly, board of directors, committees).
- All resolutions numerically and consecutively numbered.
Share Capital Books
- All transactions related to member share capital recorded.
- Includes date, name, number and value of shares, and serial numbers of share certificates.
- Only fully paid-up shares recorded.
Books of Accounts
- Financial transactions entered into books authorized by by-laws.
- Must comply with generally accepted accounting and auditing principles and practices.
Authentication of Books
- Within 90 days of registration, the cooperative must present the books for authentication.
- Cooperative Development Specialist (CDS) authenticates by signing first blank page, printing name, and dating.
Visitorial Power and Inspection
- Authorized employees of the Authority may inspect cooperative books as per Article 53.
- Inspection limited to twice per calendar year.
- Inspecting employee must authenticate books after last entry.
Disposal of Books
- Disposal of cooperative books allowed only with prior approval of the Authority.
- Must comply with Article 53(4) provisions.
Effectivity
- Guidelines take effect upon approval by the Board of Administrators.
Approval
- Approved on March 17, 1992, by the Board of Administrators, signed by EDNA E. ABERILLA, Chairman.