Requirements for Share Books
- Newly registered cooperatives must present a blank share book for authentication to the assigned Cooperative Development Specialist II (CDS II) within 90 days from registration.
- When a share book is filled, the cooperative secretary must present another blank share book for authentication and submit the filled book for inspection.
- Cooperatives registered before the Cooperative Code's effectivity or transitioning from fixed deposit to share capital system must present blank share books within 30 days upon notice.
Contents of the Share Book
- Must contain in columnar format:
- Date of entry
- Member's name and complete address
- Number of shares contributed
- Value of shares contributed
- Serial number of the share capital certificate issued
- Remarks column for transactions such as transfers or withdrawals
Duties and Responsibilities of the Cooperative Development Specialist II (CDS II)
- Verify and inspect all share books of cooperatives in their area.
- On the first blank page of each share book, annotate inspection details including the book number, cooperative name, and number of pages.
- Upon complete filling of the share book, annotate final inspection confirming all pages are filled.
- Sign and date all notations made.
Duties and Responsibilities of the Cooperative Secretary
- Maintain share books properly for inspection by members and Authority representatives.
- Accurately fill in all required data whenever members transact using their share capital.
- Declare on the last page that all spaces are filled with no blanks or improper errors, initialing any corrections.
- Issue and execute share capital certificates for fully paid shares.
Share Capital Certificates Specifications
- Document evidencing a member's contribution in money or property to the cooperative.
- Must be issued under the cooperative's seal if any, and legibly printed in any Philippine national language.
- Must contain:
- Serial number
- Issuing cooperative's name and address
- Name and address of the member
- Number of shares fully paid
- Par value of shares (not less than Php 1.00 each)
- Total value of shares contributed
- Date of issuance
- Printed names and signatures of the chairman and secretary
- Cooperative seal if available
Reporting Requirements
- CDS II must submit a monthly report with a list of cooperatives whose share books were verified, including dates of verification.
- Cooperative secretaries must submit lists of issued share certificates and their values as part of the cooperative's annual report.
Rights to Inspect Share Books
- Share books shall be open for inspection by cooperative members and authorized representatives of the Cooperative Development Authority.
Effectivity
- The Guidelines take effect immediately upon approval.
- Adopted on 29 July 1992 by the Board of Administrators, signed by the Chairman.