What does The Article of Cooperation contain?

What does The Article of Cooperation contain?

The Article of Cooperation is a duly notarized document that legally binds all the signatories in the formation of a cooperative.

It should contain:

• The name of the cooperative which shall include the word ” cooperative, ” e.g. Sta. Maria Multi-Purpose Cooperative;
• The purpose of the cooperative and scope of business;
• The term of existence of the cooperative (not more than 50 years);
• The area of operation and the postal address of the registrants;
• The common bond of membership;
• The list of names of the directors who shall manage the cooperative; and
• The amount of its share capital, the names, and residences of its contributors and a statement of whether the cooperative is primary, secondary of tertiary in accordance with Article 23 of R.A 6938.