Definition And Functions Of Financial Service Cooperatives

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Register to read the introduction… 17. A new Chapter on Financial Service Cooperatives shall be inserted in this Chapter and shall read, as follows:

CHAPTER XVI
FINANCIAL SERVICE COOPERATIVES

"ART. 119. Definition and Functions of Financial Services Cooperatives. A financial service cooperative is a financial organization owned and operated by its members and authorized to provide the following service, exclusively to its members:

"(a) The functions of credit cooperatives and other cooperatives, including multipurpose cooperatives, that provide savings and credit to their members, and"(b) Other financial services subject to regulation by the BSP.

"The articles of cooperation and bylaws of any financial service cooperative, or any amendment thereto, shall be registered with the Authority only if accompanied by a certificate of authority issued by the BSP, under its official seal.

"The authority granted this provision may be revoked by the BSP if any of the grounds for receivership mentioned under Sec. 53 and 56 of Republic Act No. 8791 is present or if the financial service cooperative has willfully violated this Code of any of the related rules and
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135. Compliance With Other Laws. The Labor Code and all other labor laws, the Social Security Act, the Medical Care Act, and all other social legislations, and all other laws and executive orders shall apply to cooperatives duly registered under this Code.

"ART. 136. Register of Cooperatives. The Authority shall establish a register which shall contain a chronological entry of the name of every cooperative registered or dissolved under this Code together with the basic information required for registration or dissolution and any other information considered useful. The Authority shall publish annually a list of existing cooperatives, cooperatives under dissolution and those whose registration are cancelled during the year together with such information on each of them as may be prescribed in the rules and regulations.

"ART. 137. Settlement of Disputes, Conciliation, and Mediation Proceedings. Disputes among members, officers, directors, and committee members, and intra-cooperative, inter-cooperative, intra-federation or inter-federation disputes shall, as far as practicable, be settled amicably in accordance with the conciliation or mediation mechanisms embodied in the bylaws of cooperatives and in such other applicable

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