Certificate of Compliance – a
certificate issued to all cooperative after
complying with the rules of CDA.
concept of the year, certificate of compliance
your compliance is the one that is issued to
any Cooperative that is complying to the
requirements that we set forth by the law.
Before there is other term for this but this was
clarified in a regulation that was issued by the
CDA
Joint and several liability for damages of
Directors, Officers, and Committee
members of the cooperative shall be
imposed on the following circumstances or
following facts:
a. Those
who
willfully
and
knowingly vote for or assent to
patently unlawful acts. Alam
mo may illegal na ginagawa
yung mga kasamaan mo or
cooperative and you did not do
anything about it, you did not
object to it.
b. Those who are guilty of gross
negligence or bad faith in
directing the affairs of the
cooperative. Alam nilang mali
pero finollow pa rin nila yung
mga
colleagues
nila
na
gumagawa ng bad actions. Or
they were negligent. When we
say negligent in our lawed 1, it
means that there was omission
of action. There is a required
action
that
is
incumbent
(responsibility/duty) upon you
but you did not do something
about it
c. Those who are guilty of bad
faith in directing the affairs of
the cooperative; and
d. Those
who
acquire
any
personal or pecuniary interest
in conflict with their duty.
If you will look or if you will
review the revised corporation
code, there was also this
provision which makes the
BOD, members, officers as
liable joint and severally of the
cooperative.
When we say Joint and several
liability among the directors,
officers
and
committee
members, it means there is
solidary unlike when your
obligation is joint, you can only
be compelled to perform on
your adequate (to divide as a
solution into equal parts)
portion of that obligation.
In solidary obligation,
entire
obligation
can
compelled with you but
have the right to seek
reimbursement from your
directors.
the
be
you
an
co-
NOTE
N.B. When a director, officer, or
committee member attempts to acquire
or acquires, in violation of his duty any
interest or equity adverse to the
cooperative in respect to any matter
which has been reposed in him in
confidence,
as
trustee
for
the
cooperative, be liable for damages and
shall be accountable for double the
profits which otherwise would have
accrued to the cooperative. Ibig sabihin
there was a strict or a trust that was
imposed or granted upon him by the
cooperative and that trust was violated,
the person’s concern this provision are
liable for damages for any profit that the
cooperative could have obtained and we
should know about that.
As I said a while ago, there is a ____?
All the provision that is indicated in the
revised corporation code which imposed
the liability on the part of the
cooperative
officers
directors
and
community members.
Compensation - includes all forms of
remuneration. It refers to any
remuneration
given
for
services
rendered, like salary which is a
compensation paid regularly, as by,
month. It does not imply an immediate
payment, or direct return, nor the
payment of cash or its equivalent. It
refers to any remuneration, by
whatever name or it is designated.
Lahat ng klase ng bayad o benepisyo
for the services that is rendered like
salary that is given. It does not imply
that the payment of a cash or it’s a
equivalent, it means that if he provide,
there is a payment that was made to a
particular person, it is considered as a
compensation whether any term was
used for that purpose in payment.
Because sometimes the terms are
being used to confuse the regulatory
agency in particular in this case the
CDA.
Pero sabi ng batas, any form of
compensation or renumeneration is
considered as a compensation on that
matter.
specializing in a particular field so that
is the meaning of Honorarium
Per diem – refers to allowance given
as a reimbursement for extra expenses
incurred by one in the performance of
his duties.
for example, in the board of director in
going to the place of the meeting
during quarterly meetings of the BOD
of the Cooperative incurrs expenses so
it is being paid for that expense. Kung
magjojollibee yan or magsasamgy, so
he is being paid for that expense that
he incurred.
so applying those principles that I
mentioned
Grant of compensation to directors
As a rule, the compensation for
directors shall be fixed in the by-laws.
If the bylaws do not provide for
compensation of the directors, the
directors are not entitled to any
compensation except for reasonable
per diem. (expenses they incrurred in
discharging their function)
I repeat, if this compensation was not
indicated in the bylaws, the BOD are
not entitled to any compensation other
than the per diem (Per each day) or
reimbursement (repaying a person who
has spent or lost money) for their
expenses.
Honorarium
–
a
gesture
of
appreciation for the service of one with
expertise of professional standing in
recognition of his broad and superior
knowledge in specific fields. It is given
to official/ employee not as a matter of
obligation but in appreciation for
services
which
admits
of
no
compensation in money. A gesture of
appreciation for the service with
expertise on a particular field.
The honorarium is being paid as a
compensation considering that you are
If the members voted by majority vote
at a regular or special general
assembly
meeting,
granting
compensation the directors may
receive the same. If the members of
the BOD of the cooperative vote by
majority vote in a general or special
meeting, it can grant for a resolution
for the compensation of the BOD
members
Can the grant of per diem be
suspended
or
can
it
be
discontinued? If you will look in the
revised corporation code, there was no
mention of this but in ther cooperative
code, it imposes a higher bar or a
higher standard that must be complied
with by the BOD to be entitled to a
continuous per diem.
Suspension of the grant of per
diem
a. When the cooperative incurred net loss
in the preceding year, and on the next
year its BOD members their per diem
can be suspensed. or
b. When the dividend rate of the
cooperative fell below the official
national inflation rate during the
preceding year. Pag mas mababa ang
dividend
na
nakukuha
ng
mga
members, yung kanilang nakukuha na
return of their investment over the
national inflation rate (pagtaas ng
bilihin) then the grant of per diem can
be discontinued.
The grant of per diem on this board
of directors can we granted again or
can resumed if the finances of the
cooperative will be in order? So
Paano kung 2 years nalulugi ang
cooperative and on the 3rd year
kumita, can the BOD members
recover their per diem on the first
and 2nd year was at net loss? NO, if
you will look on the last paragraph, there
was a note that, No recovery of per diem
during the period of suspension shall be
allowed.
Resumption of the grant of per diem to
directors and officers shall not be
compounded. No recovery of per diem
during the period of suspension shall be
allowed.
Dealings of Directors, Officers, or
Committee members General Rule
Contract entered into by a cooperative
with 1 or more of its directors, officers,
and committee members is voidable at
the option of the cooperative. This is
very akin to the provision of the revised
corporation code.
Dealings of Directors, Officers, or
Committee members are valid if the
following are present:
a. The presence of such director in
the board meeting wherein the
contract was approved was not
necessary to constitute a
quorum for such meeting.
b. That the vote of such director
was not necessary for the
approval of the contract.
c. That the contract is fair and
reasonable
under
the
circumstances; and
d. that in case of an officer or
committee
member,
the
contract with the officer or
committee members has been
previously authorized by the
general assembly or by the
BOD.
N.B. Where any of the first two
conditions set forth in the preceding
paragraph is absent, or they are lacking,
ibig sabihin yung boto nya pala is
necessary or yung kanyang presence is
necessary to constitute a quorum then
the case of a contract with a director,
such contract may be ratified by a ¾
vote of all the members with voting
rights which are present and constituting
quorum in a meeting called for the
purpose. ¾ of that must attend and ¾ of
the entire membership must approve or
ratifty contract .
Provided, that full disclosure of the
adverse interest of the directors involved
is made at such meeting, and that the
contract is fair and reasonable under the
circumstances. Also, there must be a full
transparency on the matter in means
that the interest of the directors will be
elucidated or should be disclose saying
that the directors will obtain some
benefits of the contracts that was
ratified. And lastly, it is fair and
reasonable (fair to both parties) under
the circumstances.
The above-mentioned rule is akin to
Section 31 of the RCC.
Disloyalty of Director
A director who, acquires for himself an
opportunity, by virtue of his office, which
should belong to the cooperative shall be
liable for damages and must account for
the double the profits that otherwise
would have accrued to the cooperative
by refunding the same. The said action
may be ratified by all ¾ vote of all
members with voting rights.
So you reimburse the cooperative,
double the profit that the cooperative
would have obtain on that particular
transaction wherein it is he, who entered
instead of the cooperative. This is also
present with the revised corporation
code.
However, the disloyalty, yung example
ko dito sa revised corporation code,
yung BOD nalaman niya na mabenta
pala ang mask dahil may paparating na
pandemic and he obtain this by reading
the reports of the employees of the
cooperariveand ang ginawa niya, siya
ang nagbenta, In this particular
situation, he can be liable for the double
the double the profits that the
cooperative could have obtained but this
can be ratified by the members via ¾
votes of all the members with voting
rights.
Illegal
Use
of
Confidential
Information by a Director, or
Officer, or an Associate of a Director
or Officer it does not only extent to
director or officers of the cooperative,
but is also extent to an associate of a
director and that is very important
phrase that was added an associate of
an director.
Pwedeng kaibigan yan,
bestfirend, kumpare. That scenario,
there was a illegal use of confidential
information that he got from the
cooperative
a. He shall be liable to compensate the
cooperative for the direct losses
suffered by the cooperative as a result
of the illegal use of information; and
b. He shall be accountable to the cooperative
for any direct benefit or advantage received
or yet to be received by him or his associate,
as a result of the transaction.
For example, yung contact information ng
lahat ng cooperative members, nakuha ng
director tapos binenta niya yon sa mga
marketing agency and then magtataka ka
kung saan nakuha number mo. So yun
binenbenta yung mga personal information
and because of this nalaman ng mga
member na binenta isa sa mga BOD ang
mga personal information. Kinasuhan ang
cooperative. Sino ang magbabayad ng
damages? It is not the cooperative who will
be liable but rather the director and he can
sued by the cooperative because of that.
Removal of Elected officer
All complaints for the removal of any elected officer
shall be filed with the BOD. Majority of the BOD
may place the officer concerned under preventive
suspension pending the resolution of the
investigation. If prima facie evidence exists, the
Board shall refer its recommendation for removal
before the General Assembly. The regular
members may remove the elected officer via ¾
votes of those present and constituting quorum in
a general assembly.
So it is the majority of the BOD not the majority
vote who can place the officer in a preventive
suspension.
The concept of preventive suspension, is to prevent
the officer that is being complained to from using
his position to destroy evidence that can be used
against hm. Iniiwasan dito na magamit ng offcer
yung ebidensya para sirain.
If the prima facie evidence ibig sabihin may
malianw na ebidnesya or nagpapatunay, then the
board can recommend their removal of that officer
to the general assembly. And the regular members
may remove that officer via ¾ votes of those
present and constituting quorum in general
assembly.
Chapter V – Administration
a. Name of the Cooperative;
this specifically conversion on how we administer
or how these Cooperative will be conducting itself
b. Address, whether it is:
it shall be posted not merely in the principal office
but it should also be posted in its branch branches
and it in its satellite offices also, although the
cooperatives enjoy tax breaks and tax benefits it
must also indicate its tax identification number
including its registration number issued by the
CDA.
Address and Signage
in the chapter five it particularly requires that
cooperatives should have their address and put up
a signage or the name Cooperative name as
registered before the SEC
it shall be posted not merely in the principal
office but it should also be posted in its branch
office and it in its satellite offices also, although
the cooperatives enjoy tax breaks and tax benefits
it must also indicate its tax identification number
including its registration number issued by the
CDA.
Cooperatives shall put up and maintain a signage
at the entrance of the principal offices and all
branch or satellite offices. The signage shall be
visible, legible and shall contain at least the
following:
i. Principal office;
ii. Branch office;
iii. Satellite office;
c.
Registration Number of the Cooperative
d.
Tax Identification Number;Number.
e.
The words “ Principal, Satellite and/ or
Branch Office”, if applicable; and
f.
The phrase “Registered with Cooperative
Development Authority- ___ Extension Office”.
in letter E and F these are just collateral matters
yung kailangan it must indicate whether the office
to which it is being displayed with is a principal
office or a satellite office or merely a branch kaya
nga nakalagay yan doon sad dulo ng pangalan. it
is merely for the purpose no of informing the public
and also if it was registered in what or where
extension office if the Cooperative was not
registered in the CDA main office which usually
happens in primary cooperatives.
it must also indicate now the letter of authority that
was issued by CDA and certificate of authority if it
is a branch so this only in this letter A and B it only
applies on the branches and on satellite offices.
If we relate the power of the SEC to inspect the
records of the corporation also the CDA can
conduct inspections.
so, what are these inspection? now the CDA
may only inspect if there was a notice of inspection
that was sent.
to whom shall it be sent? To the BOD of the
Cooperative or the general manager or president it
must be no send to the Cooperative as received by
the BOD or by the general manager two weeks
prior to the inspection and it must contain in that
notice the names of the duly authorized inspectors
of the CDA
this is akin to a BIR audit in a BIR audit the LOA
or the letter of authority of the commissioner of
BIR shall indicate the name of those who will
conduct an audit ganito rin in CDA audit inspection
also it must indicate the date of the inspections and
the documents and records needed during the
inspection.
Inspection
CDA can conduct inspection
cooperatives
comply
with
requirements imposed by the
rules and regulations, related
administrative issuances.
to ensure that
the
regulatory
cooperative laws,
laws, and other
Notice of Inspection
It shall be sent to the cooperative concerned
through its BOD or the General Managers at least
2 weeks prior to the conduct of the inspection. The
notice shall contain the following:
a.
The name/s
inspector/s;
b.
of
the
duly
authorized
The date of the inspections; and
c.
Documents and records needed during the
inspection.
Authority of the Inspector/s
Addition Information
Satellites:
for
Branches
a. Certificate of Authority No. for branch; and
b. Letter of Authority No. for satellite.
and
During the conduct of the inspections, the
Inspector/s shall have the following powers and
authorities:
a.
Require the presentation and/ or submission
of reports or documents or records necessary to
ascertain the facts relative to the condition of the
cooperative and other matters which are the
subject of the inspection;
b.
Inquire into financial information of the
cooperative and other cooperative activities to
determine whether they are in accordance with
cooperative laws, rules and regulations, and with
the general policies set by the general assembly
and the Board of Directors.
so what will be the power or powers of the
inspectors that were given an authority in the
notice of inspection that was issued by the
CDA ? they can require the Cooperative concern
to submit reports and documents and other records
that are necessary in the conduct of its inspection
c.
Conduct interview and other inquiries on
matters that need clarifications;
so, the discretion of the inspector here is wide
anything that is related to their inspection maybe
subject of investigation by the inspectors and they
can require the Cooperative concern to submit
pertinent documents.
d.
and
Conduct an Exit/ Clarificatory Conference;
e.
To do other acts that may be deemed
necessary in the conduct of inspection.
During the inspection, the inspection team shall
observe the principle of independence and
confidentiality on the conduct of inspection.
Further, the inspection shall be conducted by only
the authorized personnel of CDA or a team thereof.
The inspection shall be undertaken at least once a
year.
After the inspection, the inspector/s shall conduct
Exit Conference to discuss all the findings and
observations with the Board of Directors and other
officers of the cooperative. It shall include the good
practices of the cooperative.
also, it can require the submission of financial
information of the cooperative and other activities
that are being undertaken
so including Financial records pwedeng tignan yan
at kalkalain ng CDA inspectors
also it may also require the BOD to be interviewed
and the other commities concerned in the
cooperatives may be required to be interviewed by
the inspectors.
usually class if there will be an interview that will
be conducted by the CDO CDA, dito ang medyo
tricky area kasi ayaw ng mga taga cooperative na
masalang sila sa interview. Sino ba naman na may
gusto na masalang na you can be subject to an
interview and your answers might not be
consistent with the records that were submitted by
your organization
also now there will be a exit or clarificatory
conference. dito the top management will be
interviewed by the inspectors and they may ask
some questions that needed to be clarified with.
In case the Chairman, other members of the Board
or the key officers did not attend during the
conference, their absence shall constitute waiver of
participation.
and lastly well the usual provision of any other acts
that may be necessary in the conduct of its
investigation
After the exit conference, the Inspector/s shall
furnish the cooperative a copy of the Inspection
Report. It shall be signed by the inspector and
confirmed by the Chairman and/ or General
Manager or representative of the cooperative, with
written authority to sign and in their behalf.
take note that the invest Inspection Team shall
observe the principle of confidentiality and
Independence bawal sila pakialaman ng CDA
during the conduct of their inspection baka kasi
bigla yung mga BOD members palay a may kakilala
sa CDA and and they will ask the CDA officials to
stop or to cease the inspection. Bawal yon but also
they are the inspection team is limited because
they must observe confidentiality. Hindi nila pwede
sabihin sa mga media or journalist. They must
comply with the confidentiality rules
the inspection will be authorized personnel only of
the CDA. they cannot delegate it to other agencies
this inspection may only be done at least once a
year
now the begging question will be can it be more
than once?? YES because it would appear that the
word will be at least once eh. So pwede bang
two? PWEDE pero hindi pwede bumaba sa isa yung
inspection mo per year.
we said a while ago or we discussed a while ago
the exit or clarificatory conference
now if the officers of the Cooperative did not
attend this exit conference or clarificatory
conference it shall be constituted as a waiver.
so if may mga findings yung CDA that are
prejudicial on the interest of the cooperative, hindi
mo na pwedeng questionin yan because you have
waive your right to present your explanation or
your evidence during the exit or clarificatory
conference.
now during this exit and clarificatory Conference
the CDA inspections team no shall furnish the
Cooperative concern or the ODT with inspection
report that will be signed by the chairman of the
Cooperative or the general manager
what are the prohibited Acts, ano yung mga
pinagbabawal during the inspection faced by
the CDA Inspection Team? the failure to furnish
any information or report or other document that
is required okay providing information or reports
Omission or refusal to keep book or registry that is
required. You do not keep the pertinent books that
are required to be kept as mandated by the CDA
And you are making an entry in the books or
records that you know to be misleading or incorrect
or not factual. Also, if you are prohibiting or you
are trying to stop an inspection you of the
Cooperative you may be committing violation of
the Cooperative code. Also, any failure to comply
with an order or written instruction given by the
CDA.
So in all these uh prohibited acts that were
enumerated, bawal ito gawin during the inspection.
uh stage of the Cooperative that you are a member
or you are an officer
Now, for example in the inspection report that
was submitted or given or issued, may mga
negative findings, may mga pangit na sinabi doon
yung mga Inspection Team. The Cooperative now
if on the condition that they attended the exit
conference or clarificatory conference may file a
reconsideration a request for reconsideration
within 10 days no from receipt of this inspection
report and they will file it before the appropriate
CDA extension offices
Prohibited Acts or Omissions of Officer or
Employee
a.
Omission or refusal to furnish any
information, report or other document required
under RA 9520;
b.
Providing information, reports, or other
documents to the CDA which the persons
responsible know to be false or misleading;
c.
Omission or refusal to keep a book or registry
required under RA 9520 or to make the required
entry therein;
d.
Making an entry required under RA 9520 in a
book or registry which the persons responsible
know to be misleading;
e.
Hindering an authorized inspector from
making an inspection or refusal of the cooperative
to be inspected;
f.
Failure to comply with an order or written
instruction issued or given by the
CDA;
g.
Violation of the provisions regarding the
transactions with a restricted party; and
h.
Abetting, counselling, allowing, authorizing,
or commanding another person to commit an
offense punishable by this Code. Provided, that in
case the violator is a cooperative or juridical
person, the penalty shall be imposed on its
directors and officers.
The cooperative may request for reconsideration
within 10 days, if the inspection yields for negative
findings. The request shall be filed before the
appropriate CDA – Extension Office (EO).
now what are these REQUIRED REPORTS that
will be submitted to the CDA? so if it is a
primary Cooperative or a Cooperative that is
merely composed by natural persons it is required
to submit a Cooperative annual progress report
and it will indicate that the social audit report
performance audit report the audited financial
statements and the list of officers and trainings
undertaken. The trainings undertaken of the
members and officers is very important because
they are required to annually take or attend to
these trainings or seminars these are being
verified by the CDA. Now, with regards to the
performance audit report and social audit report
they are covered by the different chapters.
now for a secondary and tertiary cooperatives or
what we call as Federation and Cooperative
unions they are also required to submit an annual
progress report now audited financial statement,
performance audit report, list of Affiliates and
cooperatives so, yung kanilang mga member
primary Cooperative kailangan din nila isubmit
yung mga names ng mga ito kung sino ba yung
mga members nila.
And if this primary cooperatives that are
members of this secondary or tertiary
cooperatives are remitting
Cooperative
Education and Training funds because this
primary cooperative which are members of the
secondary and tertiary cooperatives must remit a
particular Education and Training funds for the use
of the secondary and tertiary para siya
magconduct ng trainings sa kanyang mga
members kaya kailangan mag submit or magbayad
itong mga primary Cooperative members na
member ng secondary and tertiary
also now it will be required to submit business
consultancy assistance that they are giving
assistance to their members with regards to the
conduct of the business by the member primary
cooperatives.
they must also indicate there the trainings that
were conducted and undertaken and how much
was spent for these activities and trainings baka
kasi yung mga tertiary and seconadary cooperative
merong ginagawa na over spending sa kanilang
mga funds kaya they are needed to be verified by
the CDA
Required Reports
a. For primary cooperatives
Cooperative Annual Progress Report (CAPR) with
the following attachments:
1.
Social Audit Report, including its programs of
activities, pursuant to the socio – civic goals of the
cooperative;
2.
Performance Audit Report, including copies
of the semi-annual Report on mediation and
conciliation as received by the CDA pursuant to EO
97;
3.
Audited Financial Statements; and
4.
List of Officers and Trainings Undertaken/
Completed.
b. For secondary and tertiary cooperatives (
Federations and Unions)
Cooperative Annual Progress Report ( CAPR) with
the following attachments:
1.
Social Audit Report including its programs of
activities pursuant to the sociocivic goals of the
cooperative;
2.
Performance Audit Report, including copies
of the semi-annual Report on mediation and
conciliation as received by CDA pursuant to EO 97;
3.
Audited Financial Statements;
6.
Business consultancy assistance to include
the nature and cost, including the use of CETF; and
7.
Other
training
activities
undertaken
specifying therein the nature, participants, and
cost of each activity.
Effect of
reports
Partial
Compliance
of
required
It shall be considered as non-compliance, the
cooperative shall be in delay until such time that
the filing of the required reports have been fully
complied with. Delay shall commence on the day
following the last day prescribed for the filing
reports.
Delay in the submission of this previously
discussed documents to be submitted before the
CDA shall need to be complied with ibig
sabihin itong mga reports na ito na kailangan
isubmit, should be submitted
4.
List of Officers and Trainings undertaken/
completed;
now any non-submission or partial submission
of these reports may mean fines and penalties or
non-issuance of the certificate of compliance
5.
List of affiliates and cooperatives which have
remitted their respective Cooperative Education
and Training Funds (CETF);
now the CDA also will send you a notice of delay
in the submission of this pertinent reports that are
required to be submitted within 15 days not
from the last of the last day of filing
those officers that are bonded are required to pay
a fine of 100 pesos per day for any delay
a now what are the facts that should be
indicated in this notice of delay? it should
indicate here the what delay or what document is
missing also the fines and penalties and lastly the
demand to pay the fine and penalties
accountable officers knock are these officers that
are the duly authorized to prepare and certify the
reports and they failed to submit the same.
Notice of Delay
The CDA shall notify the cooperatives of their noncompliance within 15 days from the lapse of the
period to file the required reports, stating: a. That
the cooperative has incurred delay;
b.
The commensurate fines and penalties that
will be imposed as a result of its failure to file the
required reports; and
c.
The demand to pay the fines and penalties.
Fines and Penalties
Failure to file the required regular reports on time
shall be subject the Accountable Officers to a fine
of P100 per day of delay. Accountable Officers refer
to the officer/ individuals duly authorized by the
cooperative to prepare, certify/approve the reports
and in whose had the delay/failure has occurred.
now other than the Cooperative being liable for
fines and penalties the accountable officers or
The following officers are accountable for the
following reports:
list of officers it is the internal audit and chairman
of the BOD
if it is a performance audit report it is an internal
auditor or the chairman and the chairman of the
BOD
if it is the social audit report it is internal auditor
again and the chairman of the BOD
so maraming kailangan icomply dito si chairman at
si internal auditor or internal audit committee
Bonding
requirements
of
Accountable
Officers/ Employees of the Cooperative
who are the accountable officers? these are
the accountable officers it depends on what report
should be submitted.
If it is a Cooperative annual report it is the
compliance officer no and general manager
if it is audited financial statement it is the
finance manager or accountant and the chairman
of the BOD
now this accountable officers as I mentioned a
while ago, are required to procure a bond because
they are abundant officers they must need to pay
a premium so that they will have a surety bond and
this surety bond as we have discussed in all our
previous lessons shall the one or will be the one
who will answer for any liability that may arise in
the performance of their duties
In order to meet any contingency that may arise in
the operation of the cooperative, accountable
officers/ employee of cooperatives shall submit a
surety bond for the faithful performance of their
functions. The following persons shall be
bonded: a. Chairperson;
b.
Treasurer and Cashier;
c.
Manager;
d.
Warehouseman; this is the person who is in
charge in the warehouse kung ano yung mga
limalabas goods and cargos outside the warehouse
will be the responsibility of this warehouseman.
e.
Loan/ deposit Collectors; - taga receive ng
pera
f.
Signatories of checks and other financial
instruments; signatories of checks and other
financial instruments- mga signatory ng mga cheke
na iniisue ng cooperatives are also required to
procure a surety band
g.
Such other persons as may be authorized by
the cooperative to act as a custodian of funds,
merchandise, inventories, securities, and other
assets of the cooperative. all other persons and
officers that are custodian of funds merchandise
inventories Securities and other assets of the
cooperatives so ang dami ng mga required na
magprocure ng surety bond.
The Board of Directors shall determine the
adequacy of such bonds.
Certificate of Compliance – refers to the
certificate in lieu of Certificate of Good Standing,
issued to all types of cooperatives after compliance
with the rules of CDA. is submitted issued upon
compliance by The Cooperative
on all the
reportorial requirements to be submitted before
the CDA .
This may only be issued to operative cooperative.
In MC 2011-16, Certificate of Good Standing was
changed into Certificate of Compliance. previously
class this is called as the certificate of good
sttanding but now well pursuant to memorandum
circular number 2011-16 it's now certificate of
compliance.
Operating Cooperative - refers to cooperative
that has been performing cooperative activities
with business operation whether realizing gains or
losses in the conduct of business. Newly registered
cooperatives can be waived operation for not
more than 1 year from date of its registration.
refers to cooperative that has been performing
cooperative activities whether they are earning or
not earning or incurring a loss.
Cooperative Activities – refers to the
membership,
governance,
and
institutional
undertaking of the cooperative. activities refer to
uh activities that are being undertaken by The
Cooperative
Business Operation – refers to the economic
undertaking of providing product and services to
members in accord with the cooperative registered
objectives.
Grounds for non issuance of Certificate of
Good Standing
Notwithstanding with the provisions of this
guidelines, any of the following conditions shall
warrant the non-issuance of the CGS:
a.
Non- submission of statutory reports for 2 or
more consecutive years; so yung mga required
reports and documents to be submitted before the
CDA for two years hindi ka nagsusubmit, your
certificate of compliance may no longer be issued
by the CDA.
b.
Delayed in the submission of the statutory
reports for more than 6 months for at least 2
consecutive years; also if there is a delay in the
submission of this required reports or documents
for more than six months no for two
consecutive weeks lagi kang late magsubmit ng
mga reportorial requirements
c.
Non – compliance with CDA guidelines
(violation of laws, guidelines, circulars and their
by-laws); and also you are violating the rules and
regulations that were issued by the CDA and the
guide guidelines that it issues and the laws that
governs the CDA particularly The Cooperative code
of the Philippines.
d.
The existence of the question on legitimacy
of leadership. significantly class if there is a
controversy in the cooperative it may also be a
ground for the non-issuance of the certificate of
compliance
Period of Filing
Cooperatives shall secure a Certificate of Good
Standing (CGS) to CDA on or before April 30 of the
current year. now this certificate of compliance
should be secured to the CDA on or before April 30
of the current fiscal year.
Validity of Certificate of Good Standing
It shall be valid and effective until April 30 of the
succeeding year. However, Certificate of Good
Standing issued for Special Purpose shall be valid
for six (6) months only from the date of issuance.
Inspection
And it has a validity up to April 30 of the succeeding
fiscal
now if the certificate of compliance was only
issued for special purpose it shall only be valid
for a period of six months from the date of
issuance so take note of this.