These guidelines provide the process for accrediting cooperatives as collecting agents of the Philippines Social Security System (SSS). To qualify, a cooperative must be a primary cooperative registered with the Cooperative Development Authority for at least 3 years. It must also be a member of SSS. The guidelines outline the application process which involves submitting documents proving the cooperative's qualifications and financial viability. If approved, the cooperative can collect SSS contributions and payments from its members who are self-employed or voluntary SSS members.
Objectives & Agenda :
One of the charitable forms of organisation is Trust. It is generally formed for the benefit of public at large (public charitable trusts) or for a specified group of persons (private trusts). Formation of trusts is governed by different legislations and involves various registrations under several Acts. The webinar dwells upon the aspects of formation of trust under relevant legislations, various types of trusts, registration of trusts, taxation of trusts and other relevant aspects of management of trust.
Key Takeaways:
Appointment of auditors under Singapore Companies Act
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Powers and duties of auditors
Remuneration of auditors
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Fund raising efforts of enterprises are supported both by equity and debt market. Issuance of debentures is considered as an additional avenue by corporate to meet the funding requirements. Public issue of debentures are debt instruments issued by companies to public as a means of raising funds by borrowing money from public. In this webinar, we shall understand the aspects of public issue of debentures, types of debentures, statutory provisions under Companies Act, 2013, compliance aspects and judicial precedents.
Objectives & Agenda :
One of the charitable forms of organisation is Trust. It is generally formed for the benefit of public at large (public charitable trusts) or for a specified group of persons (private trusts). Formation of trusts is governed by different legislations and involves various registrations under several Acts. The webinar dwells upon the aspects of formation of trust under relevant legislations, various types of trusts, registration of trusts, taxation of trusts and other relevant aspects of management of trust.
Key Takeaways:
Appointment of auditors under Singapore Companies Act
Exemption from auditors' appointment
Powers and duties of auditors
Remuneration of auditors
Resignation and removal of auditors
Objectives & Agenda :
Fund raising efforts of enterprises are supported both by equity and debt market. Issuance of debentures is considered as an additional avenue by corporate to meet the funding requirements. Public issue of debentures are debt instruments issued by companies to public as a means of raising funds by borrowing money from public. In this webinar, we shall understand the aspects of public issue of debentures, types of debentures, statutory provisions under Companies Act, 2013, compliance aspects and judicial precedents.
Offshore Funds are funds, such as mutual funds, that exist and operate abroad in tax and regulatory friendly jurisdictions which pool and manage foreign investments into India.
In order to attract the activity of management of such fund to India the Government introduced provisions under Sec 9A of the Income Tax Act. Under these provisions, on satisfying a set of eligibility conditions, an offshore fund would not be considered a resident for tax purposes solely based on its fund manager being located in India.
The CBDT, on 5th December 2019, made a draft notification to amend the Rules for prescribing the minimum amount of remuneration to be paid to the Indian Fund Manager. It is open for Public consultation until 19th December 2019.
In this webinar, we shall under the Provisions of the special tax regime for Offshore Fund Management and the proposed rules for Remuneration. We shall also look at the state of Financial Services in India and the scope for development through Offshore Fund Management
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Winding up is the final stage in the business cycle of a Company. It is the process of closing down the legal existence of a company. It can be done either by the Company on its own (voluntary winding up) or by an order passed by the Tribunal (compulsory winding up). The webinar covers the aspects of various provisions involved in winding up as enshrined in Companies Act, 2013 along with judicial precedents.
Key Takeaways:
South Africa in Numbers
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Time and Cost involved in Registrations
Regulations and Reforms
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SEBI (LODR) Regulations, 2015- Obligations on listing of NCDs / NCRPs - Part IIDVSResearchFoundatio
Key Takeaways:
- Intimations to debenture trustees / holders of NCDs and NCRPs
- Structure / terms of NCDs and NCRPs
- Record date
- Functional Website
Incorporation of Limited Liability Partnership (LLP) and conversion into CompanyDVSResearchFoundatio
Objectives & Agenda :
One of the convenient forms of running an organisation is the Limited Liability Partnership (LLP). It has similar features as that of a Company and has various advantages. With the advent of ease of doing business initiative, incorporation of LLP has become simple. The webinar covers the procedure for incorporation of an LLP under the LLP Act, 2008 read with LLP Rules, 2009 and its conversion into Company as per the provisions of the Companies Act, 2013.
Objectives & Agenda :
To understand the assessment of partnership firms. To know the conditions to be satisfied to be assessed as a firm. To understand how partnership firms are assessed in various situations. To gain knowledge with regards to the deductions allowed to partnership firms during assessment.To know how to calculate book profit.
MCA
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IBBI has issued the guidelines which shall be known as Insolvency Professionals to act as Interim Resolution Professionals or Liquidators (Recommendation) Guidelines, 2017
Rajya Sabha passes Companies (Amendment) Bill, 2017 – amends the companies law to strengthen corporate governance standards, initiate strict action against defaulting companies and help improve ease of doing business in the country, simplification of the private placement process
MCA introduces Condonation of Delay Scheme, 2018 in order to give an opportunity for non-compliant, defaulting companies to rectify the default
SEBI
SEBI mandate disclosure of PAN with holding of specified securities
Limit for investment by FPIs in Government Securities for Jan-March 2018
TAXATION
CBEC eases the norms for furnishing security / surety alongwith Bank Guarantee / bond by importers seeking to avail concessional duty benefit in terms of Customs (Import of Goods at Concessional Rate of Duty) Rules 2017
OTHERS
Sale (re-issue) of the Government of India Floating Rate Bonds and Stocks
An Online Facility offered for Covering of Indians Working Abroad Under EPFO
Amendment in Maternity Benefit Act for working women already on maternity leave entitled to enhance maternity leave on fulfilment of certain conditions
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Companies in Singapore are governed by the laws of Companies Act (the Act), originally enacted in 1967 and which has undergone significant amendments in 2014 and 2017. The Accounting and Corporate Regulatory Authority (ACRA) is the national regulator of business entities and corporate service providers in Singapore. A foreign company may carry on business in Singapore by transferring that Company’s registration from foreign country to Singapore or by registering the branch of the foreign Company in Singapore. In this webinar, transfer of registration of foreign corporate entity to Singapore is covered. The provisions of Transfer of Registration are governed by Part XA of the Act read with Companies (Transfer of Registration) Regulations 2017.
Key Takeaways:
Important MCA updates announced in 2020
Special measures taken by MCA in view of COVID-19 outbreak
Introduction of CARO 2020
Relaxation of norms for conducting meetings
Sebi (lodr) regulations obligations on listing of id rs & securitised de...DVSResearchFoundatio
Key Takeaways:
Equitable treatment to IDR holders
Terms / Structure of IDRs
Information to stock exchange / investors
Terms of Securitised Debt Instruments
Objectives & Agenda :
One of the primary and popular forms of raising money by a public company is by way of offer of securities to public. Private Companies are prohibited to invite the public to subscribe for any securities of the company. Such issue enables a company to raise funds from large number of investors. The webinar covers the aspects of overview on public issue, issue of prospectus, various types of prospectus, statutory provisions in the Companies Act, 2013, compliance aspects and judicial precedents.
Offshore Funds are funds, such as mutual funds, that exist and operate abroad in tax and regulatory friendly jurisdictions which pool and manage foreign investments into India.
In order to attract the activity of management of such fund to India the Government introduced provisions under Sec 9A of the Income Tax Act. Under these provisions, on satisfying a set of eligibility conditions, an offshore fund would not be considered a resident for tax purposes solely based on its fund manager being located in India.
The CBDT, on 5th December 2019, made a draft notification to amend the Rules for prescribing the minimum amount of remuneration to be paid to the Indian Fund Manager. It is open for Public consultation until 19th December 2019.
In this webinar, we shall under the Provisions of the special tax regime for Offshore Fund Management and the proposed rules for Remuneration. We shall also look at the state of Financial Services in India and the scope for development through Offshore Fund Management
OBJECTIVE
Winding up is the final stage in the business cycle of a Company. It is the process of closing down the legal existence of a company. It can be done either by the Company on its own (voluntary winding up) or by an order passed by the Tribunal (compulsory winding up). The webinar covers the aspects of various provisions involved in winding up as enshrined in Companies Act, 2013 along with judicial precedents.
Key Takeaways:
South Africa in Numbers
How to Register Business in South Africa
Time and Cost involved in Registrations
Regulations and Reforms
Key Statistics
SEBI (LODR) Regulations, 2015- Obligations on listing of NCDs / NCRPs - Part IIDVSResearchFoundatio
Key Takeaways:
- Intimations to debenture trustees / holders of NCDs and NCRPs
- Structure / terms of NCDs and NCRPs
- Record date
- Functional Website
Incorporation of Limited Liability Partnership (LLP) and conversion into CompanyDVSResearchFoundatio
Objectives & Agenda :
One of the convenient forms of running an organisation is the Limited Liability Partnership (LLP). It has similar features as that of a Company and has various advantages. With the advent of ease of doing business initiative, incorporation of LLP has become simple. The webinar covers the procedure for incorporation of an LLP under the LLP Act, 2008 read with LLP Rules, 2009 and its conversion into Company as per the provisions of the Companies Act, 2013.
Objectives & Agenda :
To understand the assessment of partnership firms. To know the conditions to be satisfied to be assessed as a firm. To understand how partnership firms are assessed in various situations. To gain knowledge with regards to the deductions allowed to partnership firms during assessment.To know how to calculate book profit.
MCA
Insolvency and Bankruptcy Board of India issues Guidelines for Technical Standards for Core Services
IBBI has issued the guidelines which shall be known as Insolvency Professionals to act as Interim Resolution Professionals or Liquidators (Recommendation) Guidelines, 2017
Rajya Sabha passes Companies (Amendment) Bill, 2017 – amends the companies law to strengthen corporate governance standards, initiate strict action against defaulting companies and help improve ease of doing business in the country, simplification of the private placement process
MCA introduces Condonation of Delay Scheme, 2018 in order to give an opportunity for non-compliant, defaulting companies to rectify the default
SEBI
SEBI mandate disclosure of PAN with holding of specified securities
Limit for investment by FPIs in Government Securities for Jan-March 2018
TAXATION
CBEC eases the norms for furnishing security / surety alongwith Bank Guarantee / bond by importers seeking to avail concessional duty benefit in terms of Customs (Import of Goods at Concessional Rate of Duty) Rules 2017
OTHERS
Sale (re-issue) of the Government of India Floating Rate Bonds and Stocks
An Online Facility offered for Covering of Indians Working Abroad Under EPFO
Amendment in Maternity Benefit Act for working women already on maternity leave entitled to enhance maternity leave on fulfilment of certain conditions
OBJECTIVE
Companies in Singapore are governed by the laws of Companies Act (the Act), originally enacted in 1967 and which has undergone significant amendments in 2014 and 2017. The Accounting and Corporate Regulatory Authority (ACRA) is the national regulator of business entities and corporate service providers in Singapore. A foreign company may carry on business in Singapore by transferring that Company’s registration from foreign country to Singapore or by registering the branch of the foreign Company in Singapore. In this webinar, transfer of registration of foreign corporate entity to Singapore is covered. The provisions of Transfer of Registration are governed by Part XA of the Act read with Companies (Transfer of Registration) Regulations 2017.
Key Takeaways:
Important MCA updates announced in 2020
Special measures taken by MCA in view of COVID-19 outbreak
Introduction of CARO 2020
Relaxation of norms for conducting meetings
Sebi (lodr) regulations obligations on listing of id rs & securitised de...DVSResearchFoundatio
Key Takeaways:
Equitable treatment to IDR holders
Terms / Structure of IDRs
Information to stock exchange / investors
Terms of Securitised Debt Instruments
Objectives & Agenda :
One of the primary and popular forms of raising money by a public company is by way of offer of securities to public. Private Companies are prohibited to invite the public to subscribe for any securities of the company. Such issue enables a company to raise funds from large number of investors. The webinar covers the aspects of overview on public issue, issue of prospectus, various types of prospectus, statutory provisions in the Companies Act, 2013, compliance aspects and judicial precedents.
SEBI Registrars to an Issue and Share Transfer Agents RegistrationCorpseed
An application by a registrar to an issue or a share transfer agent for grant of a certificate of registration shall be made to the Board in Form A. An application for registration made under sub-regulation.
Apartment Management: Maharashtra Society Registration Rules 1971ADDA
Maharashtra Society Registration Rules 1971
ApartmentADDA is India's #1 Apartment Management and Apartment Accounting Software. All the best practices of State Bye-Laws are inbuilt in the product.
In light of a lot of news relating to sham entities garnering funds through fraudulent investment schemes with promise of huge returns mainly in the name of property development and agriculture, SEBI has in the last few years, intensified its scrutiny of investment structures that raise domestic capital on an unregulated basis. Securities Appellate Tribunal recently passed an order upholding SEBI’s findings against Alchemist Infra Reality Limited. The SAT order along with recent pronouncement by the Supreme Court have probed unregulated investment arrangements to conclude whether or not they constitute CIS, as Schemes are required to be registered with SEBI in pursuance to Securities And Exchange Board Of India (Collective Investment Schemes) Regulations, 1999
This Charter was developed in compliance with the provisions of Republic Act No. 9485, also known as the "Anti-Red Tape Act of 2007" but also as part of the SSS' desire to achieve its vision of providing world-class and delightful service to you our members.
SSS Advisory on RTS (Return-to-Sender) UMID CardsSSS Philippines
Please be informed that the Unified Multi Purpose ID (UMID) Card of the SSS members that were returned to SSS are now available for pick up at the Member Services Section I, Members Assistance Center, SSS Diliman Branch Office, East Avenue, Diliman, Quezon City. Please bring valid ID card/s for proper identification.
Guide to SSS registration and payment for Household Employer and Domestic Worker (Kasambahay), under "Batas Kasamabahay' including family driver, under SSS Law
1. GUIDELINES ON ACCREDITATION OF COOPERATIVES AS
COLLECTING AGENTS OF THE SOCIAL SECURITY SYSTEM
Pursuant to Section 4(a)(5) of the Social Security Act (Republic Act No. 1161, as
amended by Republic Act No. 8282) in relation to Section 4(a)(1), these guidelines are
hereby issued to provide a mechanism whereby Self-employed and Voluntary Members
of the SSS may pay their obligations to the SSS through the cooperative in which they
are also members.
1. Objectives - This set of guidelines aims -
(a) to provide convenient facility for members of cooperatives, who are at the
same time Self-employed and Voluntary Members of the SSS, to pay their
contributions and other obligations to the SSS;
(b) to ensure faster crediting of payments made by the payor; and
(c) to give incentives to cooperatives in encouraging their members to pay
their contributions and other obligations to the SSS.
2. Scope - This applies to regular and associate members of Primary
Cooperatives who are Self-employed and Voluntary Members of the SSS.
A Primary Cooperative is a cooperative whose members are natural persons and
is duly registered and in good standing with the Cooperatives Development Authority
(CDA).
A Regular member is one who is entitled to all the rights and privileges of
membership.
An Associate member is one who has no right to vote nor be voted upon and
shall be entitled only to such rights and privileges as the bylaws of a cooperative may
provide.
A Self-employed Member of the SSS is any person whose income is not derived
from employment, as defined under Section 8(j) of RA 1161, as amended, as well as
those workers enumerated in Section 9-A of the same Act.
A Voluntary Member of the SSS is an employee who is separated from
employment or a Self-employed Member of the SSS who realizes no income in any
given month, and opted to continue to pay his contributions
3. Qualifications - To be an accredited collecting agent, the cooperative
must possess the following qualifications:
2. (a) The cooperative is categorized as a Primary Cooperative regardless of the
character of its business activities which may be credit, consumers,
producers, marketing, service, or multipurpose cooperative
(b) It must be duly registered with the CDA.
(c) It must be in existence for at least three (3) years immediately preceding
the date of submission of its application for accreditation.
(d) It must be registered with the SSS as an employer and regularly paying as
such.
(e) Its operations must pass the financial evaluation criteria.
4. Procedures for Accreditation - The following procedures shall be
observed in the application for accreditation, and the evaluation and processing thereof:
a. Application
(1) The Application for Accreditation shall be made available in all SSS
branches nationwide.
(2) The applicant-cooperative shall fill-out and submit an application and
submit the same, together with the necessary documentary requirements, to the SSS
processing or receiving branch having territorial jurisdiction over its operations, or to the
SSS hub branch in case the applicant operates in multiple territories, or to SSS Diliman
Branch in case it operates nationwide.
(3) The application shall be accompanied with the following documents:
(a) Articles of Cooperation,
(b) By-Laws;
(c) Economic survey (which is a general statement describing the
structure, purpose, economic feasibility of the proposed cooperative, area of
operation, size of membership and other pertinent data);
(d) Certificate of Registration with the CDA;
(e) A favorable endorsement, issued not earlier than six (6) months
prior to the time of filing the application, from the proper government agency in
case of cooperatives engaged in the following activities:
- Air transport - from the Civil Aeronautics Board;
3. - Banking, pawnshop and other financial intermediaries with quasi-
banking functions - from the Bangko Sentral ng Pilipinas;
- Professional boxing – from the Games and Amusement Board;
- Operation of games of chance – from the Philippine Charity
Sweepstakes;
- Educational institution (college or tertiary course) – from the
Commission on Higher Education;
- Educational institution (elementary to high school) – from the
Department of Education;
- Educational institution (technical or vocational) – from the Technical
and Skills Development Authority;
- Electric power plants – from the Department of Energy;
- Hospitals – from the Department of Health;
- Insurance – from the Insurance Commission;
- Land transport – from the Land Transportation Franchising and
Regulatory Board;
- Water transport construction and building of vessels – from the Maritime
Industry Authority;
- Operation of radio, television and telephone – from the National
Telecommunications Commission;
- Recruitment for overseas employment – from the Philippine Overseas
Employment Administration;
- Security agency – from the Philippine National Police;
- Manufacture, repair, storage and/or distribution of products and/or
ingredients of firearms, gun powder and all those indicated in Executive Order
No. 95.s-2002 Foreign Investment Negative List – from the Philippine National
Police;
- Manufacture, repair, storage and/or distribution of products, i.e., guns,
ammunition for warfare, military and all those indicated in Executive Order No.
95.s-2002 Foreign Investment Negative List – from the Department of National
Defense;
4. (f) List of names and addresses of the present members of its Board
of Directors;
(g) The Board Resolution, duly certified by the cooperative secretary,
approving the Collection Agency Agreement (CAA) and particularly naming the
officer as the authorized signatory thereto;
(h) Audited financial statements for the last three (3) years;
(i) Names and addresses of accountable officers to be bonded, and
the estimated amount of coverage of the bond;
(j) Proposed nature of the bond to secure its performance under the
CAA, and the estimated amount of coverage of the bond;
(k) List of all of the cooperative’s creditors and their addresses and the
corresponding nature, amount and terms of obligations;
(l) Certificate of Registration with the SSS;
(m) List of members who are Self-employed or Voluntary Members of
the SSS and their corresponding Social Security (SS) number, and individual
statement allowing the cooperative to collect and remit their contributions to the
SSS;
(n) The CAA, signed by the person duly authorized by the applicant’s
Board of Directors; and the cooperative’s secretary’s certificate attesting to such
authority;
(4) The SSS branch shall properly acknowledge the receipt of the application
and its supporting documents.
b. Evaluation of Application
(1) The SSS branch, which received the application, shall perform the
following:
(a) Check the completeness of the application and the required
documents submitted therewith.
(b) Determine the standing of the applicant as employer-member of the
SSS whether or not it complies with the law.
(c) If the branch found that documents are complete and the applicant
is an SSS member in good standing, forward the application, together with the
supporting document, through its cluster and group heads to the Investment
5. Planning and Strategy Committee (IPSCOM); otherwise, inform the applicant of
the deficiencies and return the application and its supporting documents.
(2) Upon receipt of the application and its supporting documents, the
IPSCOM shall evaluate them and determine if the financial operation of the cooperative
meets the tests of (a) Profitability, (b) Solvency, (c) Liquidity and (d) Credit standing as
provided below:
(a) Profitability - The applicant must had profitable operations during
the least three (3) years immediately preceding the date of submission of its
application for accreditation.
(b) Solvency - It must have a minimum capitalization of P1,000,000.00.
(c) Liquidity - It must have a current ratio of least 1.5:1 and a quick
ratio of at least 1:1.
(d) Credit standing - It must have no past due obligation with any
financial institution, a member of good standing in an association to which it
belongs, and has no adverse credit findings based on the report of CIBI
Information, Inc.
The above-stated criteria, together with being an SSS employer-member
in good standing, are continuing requirements.
Upon a determination by the IPSCOM that the applicant passed the
requirements,
(a) The IPSCOM Secretariat shall prepare the CAA;
(b) The IPSCOM Chairman shall countersign with his initials below the
name of the SSS President and CEO as signatory in the CAA; and
(c) The IPSCOM shall endorse the CAA to the SSS President and
CEO for approval and signature.
c. Approval of the Application and Notice
(1) The Office of the SSS President and CEO shall acknowledge the receipt
of the CAA, the application and its supporting documents.
(2) If found by the SSS President and CEO that all requirements hereunder
were all complied with, he shall sign the CAA in behalf of the SSS, and his Office shall
return the signed CAA and all related documents to the IPSCOM.
(3) Upon receipt of the signed CAA and all related documents, the IPSCOM
shall notify in writing the applicant of the approval, and inform the latter of its
accreditation number, copy furnished the receiving SSS branch, General Accounting
6. Department, the Treasury Division, the Coverage and Collection Program Management
Division, and the Office of the Executive Vice President for Operations.
(4) The IPSCOM shall forward all documents to the Cashiering Department
for custody and safekeeping.
5. Procedures for Remittances, Submission of Collection Lists and
Collection of Service Fees - The following procedures shall be observed in the
remittance of collections, submission of collection lists therefor, and the billing and
payment of the corresponding service fee:
a. Posting of Performance Security.
(1) Upon receipt of the Notice of Approval of application for
accreditation, the cooperative shall submit a Performance Security in the form of
a cash bond or a surety bond to secure its performance of its duties and
obligations under the CAA, in the amount based on its estimated average
monthly collection and remittances to be determined by the SSS. The
Performance Security shall 1) be renewable annually, 2) callable upon demand
and 3) contain clauses and conditions answering for the liability of the
cooperative for any violation of the CAA. It shall likewise 4) answer for failure on
the part of the cooperative to remit to SSS or to any of its Depository Banks all
SSS payments and amortization paid through and still remaining with the
cooperative despite the termination of the CAA. The Performance Security shall
further 5) provide that the Bonding Company shall be liable to the SSS to the
extent of the Performance Security posted, in case the cooperative fails, refuses
or defaults in the performance of any of its obligations under the CAA. It shall
finally 6) contain a condition that, except in the cash bond, for purposes of CALL
notice by the SSS to the cooperative is considered as notice to the Bonding
Company. t
(2) The cooperative must also have at least two (2) duly bonded
accountable officers, namely, a cashier or treasurer, and another responsible
officer to be determined by the cooperative.
(3) The Performance Security and the amount of coverage thereof
shall conform to the description specified in its application.
(4) The instruments evidencing the Performance Security shall be
submitted to the SSS Cashiering Department for custody and safekeeping, for
which the latter shall properly acknowledge the receipt thereof.
b. Payment and Remittance.
(1) Upon posting of the required Performance Security and upon
receipt thereof by the SSS of the instruments, the cooperative may start receiving
payments to the SSS from its members.
7. (2) A member may entrust his contribution to any person authorized by
the cooperative to do so, and the latter shall acknowledge the receipt thereof and
issue the Official Receipt that the cooperative uses in its regular business
transactions, and shall remit the same on such date as specified in the CAA to
any SSS Depository Bank or branch teller, with the name of the organization
indicated in the Payment Receipt Form (RS-5).
c. Preparation and Submission of Collection Lists.
(1) The cooperative shall prepare, on a monthly basis, a Collection List
indicating the SS number and name of members and the amount paid with the
corresponding SBR or validation number. The payors’ copies of the SSS
payment return forms shall be attached to the Collection List.
(2) The Collection List must be prepared in accordance with format and
technical specification of the SSS Diskette Project.
(3) The cooperative shall submit the Collection List to the SSS branch
where its application for accreditation was filed.
(4) The SSS branch shall follow the usual procedure in the receipt of
Collection Lists in diskettes, properly accounting for and indicating on the
acknowledgment receipt the number of payment receipts attached against the
ones indicated in the list.
(5) The Official Receipts for the payments shall be prepared in at least
three (3) copies: the original for the cooperative, the second copy for MAC
records, and the third to be forwarded to the hub’s Accounting Section.
(6) The receiving branch shall forward the Official Receipts to the
Accounting Section in the hub. The latter shall prepare the voucher to support the
payment of the fees.
(7) Payments made by the member himself, without the assistance of
the cooperative, or those receipts not bearing the name of the cooperative shall
not be covered by the CAA, such that even if his name is included in the list of
members submitted by the organization or in the Collection List, the latter may
not collect any incentive for such payment.
(8) The check shall be made payable to the name of the cooperative.
The usual procedure in the preparation, approval and release of disbursement
vouchers and checks shall be observed.