Registration.
Section 116
SEC. 116. Registration.—No co-operative bank shall be registered by the Administrator unless the articles of incorporation and the by-laws of such bank have been approved by the Secretary of Commerce and Industry and the Central Bank of the Philippines and the co-operative bank satisfies all the provisions for registration of federations of co-operatives. There may be registered one co-operative bank at the national level to serve as the chief bank for non-agricultural and other types of cooperatives together with their federations, and one Provincial Co-operative Bank in each province.