FZ-190 "On Credit Cooperation" regulates relations related to the system of various consumer loans. It is this normative act that will be analyzed in the article.
About the goals and concepts of the law
Article 1 of the Federal Law-190 “On Credit Cooperation” enshrines the main goals of creating the presented normative act. These are the legal, organizational and economic foundations of the activities of credit and consumer cooperatives, various unions, associations, etc.
The following concepts and terms are often used in the law:
- A consumer type credit cooperative is an association of individuals or legal entities established on a contractual basis, the purpose of which is to satisfy the financial needs of members of the cooperative.
- A member of a credit cooperative, or a shareholder, is a person accepted under a contract as a credit cooperative.
- Shareholder contributions - funds that are contributed to the cooperative to carry out the professional activities of the cooperative.
- Membership fee - finances that are paid by members of a cooperative in order to cover the expenses of the organization for the purposes set forth in the charter.
A more detailed description of each of the concepts presented is described in the subsequent provisions of Federal Law 190-On Credit Cooperation.
About Activities
What are the functions of credit-type cooperatives? What are they needed for? The answers to these questions are provided by Article 3 of the Federal Law-190 “On Credit Cooperation”.
According to the law, all activities of the cooperative are aimed at organizing mutual financial assistance to shareholders. This can be achieved by implementing the following functions:
- allocation of finance by providing loans to members of a cooperative;
- consolidation of accumulations from shareholders.
What is the basis for the activities specified in FZ-190 "On Credit Cooperation"? The principles and conditions here are the following:
- legality and justice;
- constant financial mutual assistance of shareholders;
- the principle of limiting the participation of persons who are not members of a cooperative;
- voluntary nature of joining a credit type cooperative;
- freedom to leave the cooperative;
- principle of organizational self-government;
- equality of rights of members of the organization;
- equal access of shareholders to information about the organization;
- the principle of solidarity when members of a cooperative bear liability of a subsidiary type.
Neither the authorities nor the Bank of Russia should interfere in the activities of credit-type cooperatives. Only a few exceptions are established by law, which relate mainly to activities of a control and supervisory nature.
On the creation and liquidation of cooperatives
Document N 190, Federal Law "On Credit Cooperation", sets forth the norms and rules in accordance with which the organizations in question should be formed and liquidated. Thus, article 7 states that the creation of a credit type cooperative is possible only by recruiting at least 15 individuals or 5 legal entities. There must be membership on some basis: professional, territorial, etc.
The decisions of the founders should be formalized in a special protocol. Separately, it is worth highlighting the state registration process, without which the work of cooperatives would not have been possible. The organization will be included in a special register of legal entities operating at the national level. The reorganization of the cooperative is possible only after making and registering certain changes to the charter of the organization.
And how can a credit cooperative be liquidated? The answer to this question is provided by Article 10 of the Federal Law-190 “On Credit Cooperation”. The following elimination options exist here:
- by a court decision in accordance with the Civil Code of the Russian Federation;
- by decision of the general meeting of members of the cooperative.
A record of liquidation in the Unified Register of Legal Entities will serve as the official termination of a credit type cooperative.
On the structure and ownership of the organization
FZ-190 "On Cooperation", namely, its 15th article, talks about the bodies of a credit cooperative, which make up the structure of the entire organization. The bodies are meetings of members of the court, that is, shareholders. They can be combined into the board of the cooperative, the executive body, the audit commission, etc.
Section 25 of the normative act in question describes the ownership of credit cooperatives. It is, no matter how hard it is to guess, units (contributions of shareholders), income from the activities of a cooperative, funds raised, and also some other types of property.