Mr. Oscar Llaguno

August 11, 1992 Mr. Oscar Llaguno Kilus Unlad Multi-Purpose Cooperative, Inc. 8 G. Araneta Avenue, Brgy. Sto. Domingo, Quezon City S i r : This refers to your letter of August 6, 1992 inquiring whether Kilus Unlad Multi-Purpose Cooperative, Inc., a cooperative duly registered with the Cooperative Development Authority pursuant to Republic Act 6938, is still required to be registered with the Securities and Exchange Commission. llcd 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 under Republic Act 6938, dated March 10, 1990). It is explicit under R.A. No. 6938, otherwise known as the Cooperative Code of the Philippines that a "cooperative" acquires a juridical personality upon registration with the Cooperative Development Authority. Said Code provides: "ARTICLE 16. Registration . A cooperative formed or organized under this Code acquires juridical personality from the date the Cooperative Development Authority issues a certificate of registration under its official seal". . . . (Emphasis supplied) Accordingly, there is no more need to register the above-mentioned cooperative with the Securities and Exchange Commission. cdlex Very truly yours, (SGD.) ROSARIO N. LOPEZ Chairman