Objects.
Section 115
SEC. 115. Objects.— The objects of the co-operative banks are to facilitate the operation of non-agricultural co-operatives by furnishing credit for the Co-operative Movement, and the Philippine National Co-operative Bank may— Carry on banking and credit business for the affiliated co-operatives; Receive financial aid from the Government and the Central Bank of the Philippines for and on behalf of the provincial co-operative banks and primary co-operatives and supervise the lending and collection of such loans; Mobilize the savings from urban areas for the benefit of the Co-operative Movement; Act as a balancing medium for the surplus funds of co-operatives and federations of co-operatives; Discount bills and promissory notes issued and drawn by affiliated co-operatives; Issue drafts on demand to facilitate the activities of affiliated co-operatives; Issue debentures with the approval of and under conditions and guarantees to be prescribed by the Government; Borrow money from other banks within the limit to be prescribed by the Government; Supervise the lending and collection of funds by the provincial co-operative banks; Provide for the training of its employees and the employees of the affiliated co-operatives and other; and Carry on all other objects as may be prescribed in the regulations. The provincial co-operative banks may in addition to objects noted in clauses (a), (c), (d) and (f) of subsection (1) of this section may— Act as agents of the Philippine National Co-operative Bank; Supervise the lending and collection of funds borrowed by primary co-operatives; Receive financial aid from the Government and Central Bank of the Philippines through the Philippine National Co-operative Bank; Provide for the training of its employees and the employees of the affiliated co-operatives and others; and Carry on all other objects as may be prescribed in the regulations.