Part of the Cooperative v. Corporation series by Manzanares & Partners Law Offices, supported by The Co-operative Register, The Co-operative Knowledgebase, The New Co-operator, and Domain Name Register, Inc. To support or contribute to this series, kindly message us thru our contact page. Thank you.
No cooperative, other than a cooperative union as described under Article 25 hereof, shall be registered unless the articles of cooperation is accompanied with the bonds of the accountable officers and a sworn statements of the treasurer elected by the subscribers showing that at least twenty-five per centum (25%) of the authorized share capital has been subscribed and at least twenty-five per centum (25%) of the total subscription has been paid: Provided, That in no case shall the paid-up share capital be less than fifteen thousand pesos (P15,000.00).
The Authority shall periodically assess the required paid-up share capital and may increase it every five (5) years when necessary upon consultation with the cooperative sector and the National Economic and Development Authority (NEDA). (Cooperative Code, Art. 14. Articles of Cooperation, 5)
At least twenty-five percent (25%) of the authorized capital stock as stated in the articles of incorporation must be subscribed at the time of incorporation, and at least twenty-five (25%) per cent of the total subscription must be paid upon subscription, the balance to be payable on a date or dates fixed in the contract of subscription without need of call, or in the absence of a fixed date or dates, upon call for payment by the board of directors: Provided, however, That in no case shall the paid-up capital be less than five thousand (P5,000.00) pesos.(Corporation Code, Sec. 13. Amount of capital stock to be subscribed and paid for the purposes of incorporation)