Chapter Two -- Membership and Membership Shares |
| Article 11 |
（business territory）A natural person who can prove to have his (her) census records registered or to be working in the business territory of a credit cooperative, or a non-profit-making legal person which has an office in the business territory, may apply to be admitted to membership in the cooperative.
A medium-or small-sized business, which has a place of business in the business territory of a credit cooperative, may apply to be admitted to the cooperative as an associate member. An associate member shall have same rights and obligations as a regular member, except that it shall have no right to vote in or run for election.
For the purpose of the preceding paragraph, the definition of medium-or small-sized business shall be, mutatis mutandis, governed by the Banking Law.
The Medium-or small-sized business legal persons, who are associate members of a credit cooperative, are not governed by sub-paragraph 1 (10) of Article 8 of the Business Tax Act. |
| Article 12 |
（membership shares）The par value of membership shares of a credit cooperative and the minimum and maximum number of such shares a member may subscribe to shall be determined by the Central Competent Authority. |
| Article 12- 1 |
（Member disaffiliation and return of share capital）A credit cooperative member may withdraw from the credit cooperative at the end of a business year, but he/she shall submit an application three months prior to the withdrawal.
The period in the preceding paragraph may be extended to six months provided by the law; if the credit cooperative member is a legal person, the period may be extended to one year.
The member who withdrew may according to the constitution, request redemption of the membership shares held by the member. The calculation of the share capital shall be based on the net value per share according to the resolutions of the general meeting of credit cooperative representatives at the end of the business year. However, the maximum amount of each membership share should not exceed the face value per share.
Before resolving the net value in the preceding paragraph, and before resolutions of the general meeting of credit cooperative representatives, the credit cooperatives should audit and attest with the Certified Public Accountants for the possible lost and recorded reserves. If not recorded, it should allocate supplementary valuation reserve accordingly.
After the resolutions of the general meeting of credit cooperative representatives, the credit cooperative should redeem the membership shares in the Third paragraph within three months.
The calculation of reduction and redemption of the membership shares shall follow the provision of the preceding five paragraphs. |
| Article 13 |
（Number and term of membership representatives ）A credit cooperative whose membership exceeds 200 may elect membership representatives, and may call general meetings of the representatives to exercise the functions and powers of the general meetings of members.
The number of membership representatives shall be ten percent of the total number of members, provided that it shall not be less than 51 nor exceeding 151.
The membership representatives hold office for a term of three years and are eligible for re-election. |
| Article 14 |
（prescribed level of business for credit cooperatives）A member of a credit cooperative, who has his (her) census records registered or an office located in the business territory of the cooperative, and has transacted business with the cooperative for over a prescribed level, shall have the rights to vote in elections upon the first anniversary of the admission to membership, and shall have the rights to stand for elections upon the second anniversary of the admission, provided however that he (she) who is admitted to membership during the first year of the incorporation shall be exempted from theses requirements.
Where a non-profit-making legal person is elected membership representative, a natural person shall be appointed to perform on its behalf the functions and powers of the representative.
The prescribed level of business referred to in preceding paragraph 1 shall be set by the credit cooperative in its articles of cooperative. |