Professional Documents
Culture Documents
Division of Cooperatives
three-fourths (3/4) votes of all the members with voting rights, present and constituting a
quorum, resolve to divide itself into the two (2) or more cooperatives
three-fourths (3/4) votes of all the members with voting rights, present and constituting a quorum
of each of the constituent cooperatives at separate general assembly meetings
Dissenting members have the right to withraw their membership
Membership Termination
ART. 59. Primary Lien. - Notwithstanding the provision of any law with the contrary, a cooperative
shall have primary lien upon the capital, deposits or interest of a member for any debt due to the
cooperative from such a member.
ART. 72. Capital Sources.- Cooperatives registered under this Code may derive their capital from
any or all of the following sources:
(3) Revolving capital which consists of the deferred payment of patronage refunds, or
interest on share capital; and
(4) Subsidies, donations, legacies, grants, aids and such other assistance from any local or
foreign institution whether public or private: Provided, That capital coming from such
subsides, donations, legacies, grants, aids and other assistance shall not be divided into
individual share capital holdings at any time but shall instead form part of the donated
capital or fund of the cooperative.