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An article originally published in the journal.

FROM SOCIAL PROTEST TO LEGISLATION: ISRAEL’S NEW CREDIT UNION LAW

On December 22nd 2016 the Israeli Parliament passed The Supervision of Financial Services (Regulated Financial Services) Law, 5776-2016 – allowing the establishment of credit unions in Israel for the first time in half a century. The bill was brought as a governmental initiative – after a five years struggle of social activists who were determined to promote the idea of cooperative financial institution and its implementation. This all started with the social protest of 2011 which evoked the need for a major change in the highly centralized and very expensive banking system. OFEK cooperative society was established in 2012 setting a goal of starting a cooperative bank. During the five years since then, governmental committees have risen and faded and many statements have been made in favor of the idea only to collapse into concrete decisions that would prevent it.

THE EAST AFRICAN COMMUNITY’S COOPERATIVE REGULATION

Since 2014, a new legal framework governing cooperative societies has been in force within the East African Community. The Act was adopted through a concerted procedure involving all interested parties. The Act replaces national provisions of Partner States, except for complementary and non-contrary provisions. The aim of this analysis is to present the main articulations of this regulation.

SPECIAL CAPITALIZATION INSTRUMENTS IN THE URUGUAYAN COOPERATIVE LAW

This article refers to the capitalization instruments (of financing in a broad sense) provided in the General Cooperatives Law of Uruguay of 2008: the so-called Subordinated Participations and Interested Participations. We introduce the capitalization theory of cooperatives in general, and then describe and analyze some points of said Act: (i) emission requirements, (ii) legislation application on the stock market; (iii) possible categorization as securities; (iv) impact that the Income Tax may have on its viability; and (v) legal nature of the assets.

APPLYING PECOL IN THE CURRENT BRAZILIAN REGULATION OF FINANCIAL COOPERATIVES – CHALLENGES OF THE EQUALIZATION BETWEEN EFFICIENCY AND IDENTITY

With the objective of investigating the risks of possible imbalances between the requirements of economic efficiency and preservation of identity, the article analyzes aspects of the normative regulation of financial cooperatives specifically from the perspective of the ―Principles of European Cooperative Law (PECOL)‖ as a strategy against the phenomenon of the “companisation” of financial cooperatives.

THE NEW HYPO-SUFFICIENCY AND THE RELATIONS BETWEEN COOPERATIVES AND THEIR MEMBERS

This study aims to analyze the characteristics of the relationship between cooperatives and their associates. Cooperatives are societies that exist for solidarity and equality among their members. For that reason, ―cooperative action demands those characteristics and excludes any lucrative purpose, in addition to preventing decisions that are not made through deliberation and permitting the use of the services in conformity with the general decisions. Thus, associates enjoy a dual quality, which is acting as users and managers of the business. Also, in light of the autonomy of the members and the non-existence of inequality, the principles of vulnerability and hypo-sufficiency should not be applied. Therefore, it is necessary that the analysis of the new concept of hypo sufficiency, values the will according to the dignity of the human person, allows an individualized treatment and also guarantees the continuity of the society and the income of the members. Otherwise, there will be an excess of protection without observing the particular characteristics of cooperativism.

DOCUMENTARY ANALYSIS ON THE STATUTORY FUNDS OF COOPERATIVES IN THE CORDILLERA ADMINISTRATIVE REGION, PHILIPPINES

The Philippine Cooperative Code of 2008 (Republic Act 9520) was an amended version of the Cooperative Code of the Philippines. Originally referred to as Cooperative Code of the Philippines, it was enacted by the House of Representatives and Senate of the Philippines and was approved on March 10, 1990. It covers all types and categories of cooperatives like primary, secondary, and tertiary. It provides the general framework on the rules and regulations in the registration, operations and management of cooperatives entire the Philippines.

NATIONAL CONSTITUTIONS AND COOPERATIVES: AN OVERVIEW

The national constitutions as the supreme laws of countries are expected to influence the interpretation and application of ordinary laws to varying degrees. Moreover, they tend to be permeated with political considerations, ideas, ideals and ethics more than other legal texts. They have also the potential to enforce supranational norms in the domestic legal order. For these reasons, their study may reveal valuable information about the national legislator‘s stance and perception towards cooperatives. Thus, the present article undertakes a large-scale inquiry on the topic of constitutions and cooperatives. In particular, it examines which and how many countries have introduced in their constitutions cooperative- related provisions, under which content and whether any particular trends can be noted. With regard to the potential impact of such constitutional provisions on ordinary law, the case of Portugal and Italy is examined.

CO-OPERATIVES, THE STATE, AND MORAL HAZARD

This article explores the nature of the relationship between co-operatives and the State, written primarily from a UK perspective. In the United Kingdom (specifically Great Britain) ―co-operative‖ is not defined in law. Therefore, co- operatives are free to use any legal form or none at all. The decision to adopt some kind of legal form – and in particular to become a body corporate – leads to perhaps one of the first interactions a co-operative has with the State. In Great Britain, most co-operatives choose to register under the Co-operative and Community Benefit Societies Act 2014 (2014 Act). The 2014 Act specifically enables a society to register as a ―co-operative society.

SOME REFLECTIONS ON THE BOOK “PRINCIPLES OF EUROPEAN COOPERATIVE LAW: PRINCIPLES, COMMENTARIES AND NATIONAL REPORTS” 

This short article provides some reflections on the book ―Principles of European Cooperative Law: Principles, Commentaries and National Reports.‖ These reflections are based on my personal experiences while conducting research in comparative cooperative law. In the debate among cooperative law scholars, this book definitely provides a useful methodical tool for the study of cooperative law.

PROPOSALS FOR BETTER GOVERNANCE IN WORKER COOPERATIVES

The purpose of this paper is to make a few contributions to designing a more appropriate legal framework for worker cooperatives. Cooperatives and Employment: a Global Report published in 2014 by CICOPA and the Desjardins Group, provides the starting point for this article. I have analyzed from this study the characteristics of cooperative employment, their impact on the economic sustainability of cooperatives and the proposed recommendations. I consider the existence of a specific legal status for cooperative employment unfeasible. It is impossible to find unity in such different activities as salaried work and self- employed work, whether individual or collective. The idea that a worker member has the same status as a salaried worker cannot be accepted. We need to accept that a cooperative is a particular form of business organisation and that there are specific cooperative relationships which cannot be classified as work contracts, based precisely on the undertakings the worker enters into on becoming a member of the cooperative. Cooperatives should be governed by a specific and appropriate legal system that respects the cooperative principles and values and allows cooperatives to develop autonomously, always respecting the fundamental rights of the individual.

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