Mr. Edgar D. Atadero

November 11, 1992 Mr. Edgar D. Atadero National Coalition of Fisherfolks for Aquatic Reform #4 Manigo St., U.P. Village Diliman, Quezon City S i r : This refers to your letter dated November 5, 1992 requesting formation on the following queries: LexLib 1. What are the exact implementing guidelines of the SEC regarding the issuance of shares of stock by CDA-registered cooperatives ? Are there special rules on cooperative shares being sold to Philippine based expatriates and foreign nationals abroad aside from the provisions of the Cooperative Code of 1990? What effects does the Executive Order No. 8 of President Fidel Ramos have on issuing shares of stocks to foreigners? 2. A private fishing corporation with partial foreign capitalization is to be dissolved and divested in preparation for its reconstruction as a cooperative . Can it be allowed to resell cooperative shares of stock to foreigners? 3. Are the training activities outlined for the US Government grant of $13.5 Million to the Philippine Assistance Program which appear in the news item in Malaya dated September 30, 1992 open to NGOs or cooperative practitioners? Please be advised that the Commission has no more jurisdiction over "Cooperatives." Under Presidential Decree No. 175, as amended, the registration and regulation of "cooperatives" were transferred to the Bureau of Cooperatives Development (now the Cooperative Development Authority pursuant to Republic Act 6938 which was approved on March 10, 1990 ). Therefore, we suggest that you refer your queries to the Cooperative Development Authority, the government agency which is presently in charge of the registration and regulation of cooperatives. Relative to your third query, it is suggested that you communicate directly with the Office of the President. Very truly yours, (SGD.) ROSARIO N. LOPEZ Chairman