Mr. Noel M. Siozon

October 19, 1998 Mr. Noel M. Siozon St. Therese Educational Cooperative Villa Abucay, Abucay Tacloban City S i r : 'This refers to your undated letter requesting for clarification regarding the legal personality of ST. THERESE EDUCATIONAL COOPERATIVE under the Certificate of Registration issued to it by the Cooperative Authority Development, that is, whether or not there is still a need to secure another registration with the Securities and Exchange Commission for it have a legal and juridical personality to act as such. cdll 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 No. 6938, otherwise known as the Cooperative Code of the Philippines). It is explicit under R.A. No. 6938 that a "cooperative" acquires a juridical personality upon registration with the Cooperative Development Authority. Said Law 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) Thus, the Commission has previously opined that cooperatives which are registered with the Cooperative Development Authority pursuant to the above-mentioned Law need not be registered again with the SEC in order to acquire a juridical personality. (SEC Opinion dated March 15, 1994 addressed to Mr. Damian L. Tablo). Accordingly, the above-named registered cooperative need not be registered again with the SEC. Very truly yours, (SGD.) SONIA M. BALLO Director Corporate and Legal Department