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What it is

Rules for creating and running credit cooperatives in Spain

BOE step 7 of 7 · Passed

It is a government bill. Introduced by the Government. It was introduced on 20 June 1988. Introduced by: GOBIERNO.

Official title: GOVERNMENT BILL ON CREDIT COOPERATIVES.

Follow this law

Source: Congreso de los Diputados, file 121/000087· updated 11 Nov

Automatic summary, not yet reviewed

  1. Credit cooperatives are societies with their own legal personality that serve the financial needs of their members and third parties through credit institution activities. The number of members is unlimited, and each member is liable for debts up to the value of their contributions.
  2. They are governed by this Law, by the rules for credit institutions and, as supplementary law, by cooperative legislation. Only they may use the name Cooperativa de Crédito, and only those in rural areas may use the name Caja Rural.
  3. They may carry out the same operations as other credit institutions, giving priority to their members' financial needs. Operations with third parties cannot exceed 50% of the entity's total resources.
  4. Creating a credit cooperative requires authorization from the Ministry of Economy and Finance and a promoter group of at least five legal entities or 150 individuals. Each member must hold at least one contribution title, with limits of 20% of capital for legal entities and 2.5% for individuals.
  5. Profits must go, at a minimum, 50% to the Mandatory Reserve Fund and 10% to the Education and Promotion Fund. The General Assembly may distribute the rest among members or to the voluntary reserve fund.
  6. The society's governing bodies are the General Assembly and the Governing Council, with rules on voting, vote delegation and who cannot be a council member or director. Mergers and spin-offs require prior authorization, accounting follows credit institution rules, and the Law on Discipline and Intervention of Credit Institutions applies to them.

Who it affects

  • Credit cooperatives and cajas rurales: They must follow these rules on formation, capital, governing bodies and results.
  • Anyone wanting to found a credit cooperative: They must meet promoter requirements and obtain ministerial authorization to create one.
  • Members of these entities: They face limits on capital contributions and rules on voting and vote delegation.

Words worth knowing

Entidad de crédito (credit institution)
A company authorized to operate with money, such as a bank or savings bank.
Aportación (contribution)
Money each member puts into the cooperative in exchange for a title proving their stake.
Consejo Rector (Governing Council)
The body that runs the cooperative and appoints the general manager, similar to a board of directors.
Fusión y escisión (merger and spin-off)
A merger joins two or more entities into one; a spin-off splits one entity into several.

It summarizes the law as published in the BOE. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries

Where it stands

How far did it get?

It took 7 of 7 steps. It reached BOE, and today it is passed.

  1. Introduced20 June 1988Someone registers the text in the Congreso.
  2. Admitted21 June 1988The Bureau of the Congreso accepts it and, for a members’ bill, the plenary decides whether to consider it.
  3. Amendmentsno dateGroups propose changes.
  4. Committeeno dateA committee goes through the text in detail.
  5. Plenaryno dateAll 350 deputies vote.
  6. Senateno dateThe Senate can pass it, amend it or veto it.
  7. BOEno dateIt is published in the Official State Gazette (BOE) and comes into force.
See the 2 official steps on a timeline
Jun 198811. 20 June 1988: Presentación22. 21 June 1988: Calificación

Was there a plenary vote?

We have no plenary vote linked to this law in the Congreso’s data.

What happens next

What happens now?

It is law, or will be once published in the BOE. It comes into force on the date its own text sets.

Published in the BOE: Law 13/1989, of May 26, on Credit Cooperatives.

Sources

Where does all this come from?

  • The data comes from the open files of the Congreso, the Senate and the BOE, unaltered.
  • Each deputy’s province is the one of their seat on the day of the vote.
  • We only say “passed” or “rejected” when the majority needed is certain; otherwise we say which side had more votes.

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