Certain administrative powers.
Section 48
SEC. 48. Certain administrative powers.—Subject to the regulations, the Administrator shall, so far as is necessary to carry out the purposes of this Act, have the following administrative powers: (1) To direct in writing any co-operative to consider an amendment of its by-laws together with the reasons for the necessity of such an amendment proposed by the Administrator, in its next general assembly, annual or special, held after the receipt of such communication, when he considers said amendment necessary and desirable in the interest of the co-operative. Such directive shall be sent to the co-operative by registered mail. When the general assembly fails to decide on the amendment, either for or against, he may register such amendment and issue by registered post to the co-operative a certified copy which shall be conclusive evidence that the amendment has been duly registered and such amendment shall be binding on all the members of such co-operative; (2) To direct any co-operative which pursues a policy contrary to the principle of open and voluntary membership, to open its membership for all persons qualified to become members under its by-laws, except such persons as may have been disqualified by the board. The names of such disqualified persons together with reasons for their disqualifications shall be brought to the notice of the next general assembly of such co-operative for approval; (3) To order the removal of any officer, director or committee member of a co-operative and also disqualify him from holding any such position in all co-operatives registered under this Act for a period not exceeding three years, if the Administrator is satisfied that such person has acted or has been acting fraudulently or with gross negligence or in contravention of the by-laws of the co-operative or without the sanction of the board or committee when such sanction is necessary, or contrary to the resolution of the board or against the lawful written orders issued under this Act and regulations thereunder or in any way detrimental to the best interest of the co-operative, after affording an opportunity to the person and the board or committee to be heard, and the reason for the order of removal shall be recorded and communicated to the person concerned and the board or committee of the co-operative; (4) To prescribe, from time to time, in agreement with the Central Bank of the Philippines, the manner and standards of fluid resources to be maintained by co-operatives accepting time and demand deposits from individuals and institutions. The Secretary of Commerce and Industry may, however, empower the Administrator, by general or special order, to relax the standard of fluid resources prescribed for a particular co-operative or type of co-operatives for a specified period; (5) To order the suspension of the execution of any decision taken by the board or committee or the general assembly of any co-operative when the Administrator decides that such decision endangers the financial stability of the co-operative or contravenes the provisions of this Act, the regulations or the by-laws; (6) i) Notwithstanding the provisions of this Act or the regulations made thereunder, where a compromise or arrangement is proposed between a co-operative and its creditor or any class of creditors, the Administrator, on his own motion or upon an application made in the prescribed manner by the co-operative or any creditor or by the liquidator of the cooperative appointed under Section ninety-six, may order a meeting of the creditors or the class of creditors, as the case may be, to be called, held, and conducted in such manner as may be prescribed by the regulations; ii) Any compromise or arrangement approved by a majority of the members in number representing three-fourths in value of the creditors or the class of creditors, as the case may be, present, either in person or by proxy, at the meeting shall, if sanctioned by the Administrator and upon publication in the prescribed manner, be binding upon all creditors or the class of creditors, as the case may be, and also upon the co-operative or the liquidator of the co-operative and all persons who have been or may be required by the liquidator under Section ninety-seven to contribute to the assets of the co-operative; iii) When two-thirds in value of the obligation or liability fixed in the compromise or arrangement is paid by the co-operative or the liquidator thereof, the compromise or arrangement may be revised at the instance of the parties concerned or the Administrator; (7) The Administrator, with the previous approval of the Secretary of Commerce and Industry and upon the application of a co-operative and under such conditions as may be prescribed, may deputize any official of the Co-operatives Administration Office or any official of other government agencies subject to the approval of the head of the department concerned.