Address. Every cooperative shall have an official postal address to which all notices and communications shall be sent. Such address and every change thereof shall be registered with the Cooperative Development Authority.
Section 53. Books to be Kept Open. (1) Every cooperative shall have the following open to its members and representatives of the Authority for inspection during reasonable office hours at its official address:
(a) A copy of this Code and all other laws pertaining to cooperative;
(b) A copy of the regulations of the Cooperative Development Authority;
(c) A copy of the articles of cooperation and by-laws of the cooperative;
(d) A register of members;
(e) The books of the minutes of the meetings of the general assembly , board of directors and committees;
(f) Share books, where applicable;
(g) Financial statements; and
(h) Such other documents as may be prescribed by laws or the by-laws.
(2) The chairman of the audit committee of a cooperative shall be responsible for books and records of account of the cooperative in accordance with generally accepted accounting practices. He shall also be responsible for the production of the same at the time of audit or inspection. (3) Each cooperative shall maintain records of accounts such that the true and correct condition and the results of the operation of the cooperative may be ascertained there from at anytime. The financial statements, audited according to generally accepted auditing standards, principles and practices, shall be published annually. (4) Subject to the pertinent provisions of the National Internal Revenue Code and other laws, a cooperative may dispose by way of burning or other method of complete destruction any document, record or book pertaining to its financial and nonfinancial operations which are already more than five (5) years old except those relating to transactions which are subject of civil, criminal, and administrative proceedings. An inventory of the audited documents, records, and books to be disposed of shall be drawn up and certified to by the cooperative secretary and the chairman of the audit committee of the cooperative and presented to the board of directors which may be thereupon approve the disposition of said records.
Section 54. Annual Reports. (1) Every cooperative shall draw up an annual report of its affairs as of the end of every fiscal year, and publish the same furnishing copies to all its members of record. A copy thereof shall be filed with the Cooperative Development Authority within sixty (60) days from the end of every fiscal year. The form and contents shall be a ground for revocation of authority of the cooperative to operate as such. The fiscal year of every cooperative shall be the calendar year except as may be otherwise provided in by the by-laws. (2) If any cooperative fails to make, publish and file the report required herein, or fails to include therein any matter required by this Code, the Cooperative Development Authority shall, within fifteen (15) days from the date of expiration of the prescribed period, send such cooperative a registered notice, directed to its official and postal address stating the delinquency and its consequences. If the cooperative fails to make, publish or file a copy of the report within thirty (30) days from receipt of such notice, any member of the cooperative or the Government may petition the court for mandamus to compel the cooperative and its officers to make, publish and file such report, as the case may be, and require the cooperative or the officers At Fault to pay all the expenses of the proceeding, including counsel fees when the filing is made by a member.
Section 55. Register of Members as Prima Facie Evidence. Any register or list of members or shares kept by any registered cooperative shall be prima facie evidence of the following particulars entered therein: (1) The date on which the name of any person was entered in such register or list as member; and (2) The date on which any such person ceased to be a member
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