Among the provisions of the regulations is the affirmation that a Cooperative Bank shall likewise be considered as a cooperative that should be registered with the Cooperative Development Authority. By implication, it must also secure its certificate of registration under R.A. 9520 from CDA not later than 22 March 2010.
Moreover, it is provided that Samahang Nayon and Municipal Katipunan ng mga Samahang Nayon, which are regular members of Cooperative Banks prior to the effectivity of R.A. 9520, shall apply for conversion into full-fledged cooperatives not later than 22 March 2010. The following are the BSP-issued rules and regulations:
Bangko Sentral ng Pilipinas
OFFICE OF THE GOVERNOR
CIRCULAR NO. 682
Series of 2010
Subject: RULES AND REGULATIONS FOR COOPERATIVE BANKS
Pursuant to Monetary Board Resolution No. 192 dated 11 February 2010, following are the revised rules and regulations governing the organization, membership, establishment, administration, activities, supervision and regulation of Cooperative Banks to implement the provisions of Chapter XII of Republic Act No. 9520, otherwise known as the Philippine Cooperative Code of 2008, which amends Republic Act 6938, otherwise known as the Cooperative Code of the Philippines.
SECTION 1. STATEMENT OF POLICY. The Bangko Sentral ng Pilipinas is committed to developing a sound and vibrant cooperative banking sector to support the growth of rural economies and communities. Toward this end, these rules and regulations recognize the unique nature and character of Cooperative Banks while at the same time ensure that they are operating within a level playing field with other types of banks and thereby comply with banking...