Amendment to MC No. 2011-05, S-2011 (Par 4) and MC No. 2011-18, S. 2011, Section 3 (Par 2)

February 7, 2013 CDA MEMORANDUM CIRCULAR NO. 010-13 TO : All Concerned SUBJECT : Amendment to MC No. 2011-05, S-2011 (Par 4) and MC No. 2011-18, S. 2011, Section 3 (Par 2) The Authority issued last February 22, 2011, MC No. 2011-05, S-2011 (Limitation on Share Capital Holdings) and last June 7, 2011, MC No. 2011-18, S-2011 (Revised Guidelines in the Registration of Cooperative Federation and Union. cSaATC The fourth paragraph of MC No. 2011-05, S-2011 is hereby amended to read as follows: "No member in the primary cooperative shall own more than ten percent (10%) of the total subscribed share capital of the aforesaid cooperative. In the case of Secondary and Tertiary Cooperatives, no member should own more than Ten Percent (10%) of the Total Subscribed Share Capital of the Cooperative Federation/Union." In addition, Paragraph 2, Section 3 of MC No. 2011-18, S-2011 is likewise hereby amended to read as follows: "2. Paid-up capital The minimum paid-up share capital for any proposed federation/union shall be, as follows: Category Federation Union 2.1. Secondary Php500,000.00 None 2.2. Tertiary Php5,000,000.00 or feasibility None study requirement whichever is higher However, for purposes of registration of a federation, the capital requirement stated in the feasibility study may also be followed but in no case shall the paid-up share capital of a federation be less than the amounts stated above. Provided, that no member of Secondary and Tertiary cooperatives should own more than Ten Percent (10%) of the Total Subscribed Share Capital of the Cooperative." The minimum number of members in a Secondary or Tertiary Cooperative as mentioned in Section 3 paragraph 1 of MC No. 2011-18, S-2011 shall conform always with the Ten Percent (10%) limitation on capital share holdings. For information and guidance. APPROVED per CDA Board Resolution No. 045, s-2013 dated February 7, 2013 , Quezon City, Philippines. EICScD For the Board of Administrators By: (SGD.) EMMANUEL M. SANTIAGUEL, Ph.D. Chairman ATTACHMENT EXCERPTS FROM THE MINUTES OF SPECIAL MEETING OF THE CDA BOARD OF ADMINISTRATORS HELD ON FEBRUARY 7, 2013 Makati Palace Hotel, Makati City PRESENT: Hon. Emmanuel M. Santiaguel, Ph.D. - Chairman/Presiding Officer Hon. Nelon B. Alindogan - Administrator Hon. Mercedes D. Castillo - Administrator Hon. Eulogio T. Castillo, Ph.D. - Administrator ALSO PRESENT: Atty. Niel A. Santillan - Executive Director RESOLUTION NO. 045, s-2013 Upon motion of Adm. Nelon B. Alindogan duly seconded by Adm. Mercedes D. Castillo, be it RESOLVED as it is hereby RESOLVED to approve the Memo Circular on the Amendment to MC 2011-05, s-2011 (Par 4) and MC 2011-18, s-2011 (Par 2) . APPROVED. xxx xxx xxx This is to certify that the foregoing is true and correct from the minutes of the CDA Board of Administrators' Special Meeting. (SGD.) MARY GRACE I. CINCO Acting Board Secretary IV ATTESTED: (SGD.) EMMANUEL M. SANTIAGUEL, Ph.D. Chairman