Director Consolacion V. Odra
SEC Opinion • Securities and Exchange Commission • Opinions • Apr 26, 1982
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April 26, 1982 Director Consolacion V. Odra Department of Rural Banks and Savings and Loan Association Central Bank of the Philippines Apolinario Mabini, Malate Manila, Metro Manila Dear Director Odra: This refers to your letter-query dated April 2, 1982 requesting opinion on whether or not it is legally feasible under existing laws, particularly the Corporation Code of the Philippines (BP Blg. 68), to convert cooperatives including credit unions into cooperative rural banks; and if the answer were in the affirmative, whether or not it may be effected without first dissolving the cooperative. Please be informed that cooperatives including credit unions are special business organizations or entities, the registration of which are exclusively handled by the Bureau of Cooperatives Development under the Ministry of Agriculture (formerly the Department of Local Government and Community Development).As such this Commission has no jurisdiction over the same. We therefore suggest that you address your query to said appropriate government agency. Very truly yours, (SGD.) MANUEL G. ABELLO Chairman
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