21.4.92 OfficialJournaloftheEuropeanCommunities NoC99/17
ProposalforaCouncilRegulationonthestatuteforaEuropeancooperativesociety
(92/C99/03)
COM(91)273final—SYN388
(SubmittedbytheCommissionon6March1992)
instrumentwhichissuitedtothespecificfeaturesof
cooperatives ;
WhereastheEuropeanEconomicInterestGrouping
(EEIG),asprovidedforinCouncilRegulation(EEC)
No2137/85(6),doesallowundertakingstopromote
certainoftheiractivitiesincommon,whilenevertheless
preservingtheirindependence ,butitdoesnotmeetthe
specificrequirementsofcooperativeenterprise;
Whereasrespectfortheprincipleoftheprimacyofthe
individualisreflectedinthespecificrulesonmember­
ship,resignationandexpulsion,wheretheoneman,
onevoteruleislaiddownandtherighttovoteis
vestedintheindividual,withtheimplicationthat
memberscannotexerciseanyrightsovertheassetsof
thecooperative ;THECOUNCILOFTHEEUROPEAN COMMUNITIES ,
HavingregardtotheTreatyestablishingtheEuropean
EconomicCommunity ,andinparticularArticle100a
thereof,
HavingregardtotheproposalfromtheCommission ,
IncooperationwiththeEuropeanParliament,
HavingregardtotheopinionoftheEconomicand
SocialCommittee ,
WhereastheEuropeanParliamentadoptedresolutions
on13April1983oncooperatives intheEuropean
Community(')andon9July1987onthecontribution
ofcooperativestoregionaldevelopment (2);
WhereastheCommissionadoptedacommunication to
theCouncilof18December1989(3);whereasthe
EconomicandSocialCommitteegaveitsopinionon
thatcommunication on19September1990(4);
Whereasthecompletionoftheinternalmarketmeans
thattheremustbefullfreedomofestablishment forall
activitieswhichcontributetotheobjectivesofthe
Community ,irrespectiveoftheformtakenbythebody
whichcarriesthemon;
Whereas,therefore,theCommunity ,whichiscon­
cernedtorespectequaltermsofcompetitionandto
contributetoitseconomicdevelopment ,shouldpro­
videcooperatives ,whichareaformoforganization
generallyrecognizedinallMemberStates,withade­
quatelegalinstrumentscapableoffacilitatingthe
developmentoftheirtransnationalactivities;
Whereasbyattainmentoftheirobjectivesandtheform
oftheiroperationscooperativesplayafullpartinthe
lifeoftheeconomy;
WhereastheStatuteforaEuropeancompany,asprov­
idedforinRegulation(EEC)No...(5),isnotanWhereascooperativesocietiesareessentiallygroupsof
persons,operatinginaccordancewiththeirownprinci­
ples,whicharedifferentfromthoseapplyingtoother
businesses ;
Whereascross-bordercooperationbetweencoopera­
tivesintheCommunityiscurrentlyhamperedbylegal
andadministrative difficultieswhichshouldbeelimi­
natedinamarketwithoutfrontiers;
WhereastheintroductionofaEuropeanformoforgan­
izationwhichwouldbeavailabletocooperatives ,
basedoncommonprinciplesbuttakingaccountof
theirspecificfeatures,shouldenablethemtooperate
outsidetheirownnationalbordersinallorpartofthe
territoryoftheCommunity ;
Whereastheessentialaimofthelegalrulesgoverning
theEuropeancooperativesocietyimpliesthatsucha
cooperativemaybesetupbylegalentitiesestablished
underthelawsofdifferentMemberStates,orbytrans­
formationofanationalcooperativeintothenewform,
withoutfirstbeingwoundup,solongasthecoopera­
tivehasitsregisteredofficeandcentraladministrationOOJNoC128,16.5.1983,p.51.
OOJNoC246,14.9.1987,p.94.
(3)Businessesinthe'economiesociale'sector—Europe's
frontier-freemarket:SEC(89)2187final,18.12.1989.
(4)OJNoC332,31.12.1990,p.81.
(5)OJNoL... (6)OJNoL199,31.7.1985,p.1.

OfficialJournaloftheEuropeanCommunities 21.4.92 NoC99/18
tectionoftheinterestsofmembersandothers,are
requiredbyMemberStatesofcompanieswithin
themeaningofthesecondparagraphofArticle58
oftheTreaty,withaviewtomakingsuchsafe­
guardsequivalentthroughouttheCommunity (2),
aslastamendedbytheActofAccessionofSpain
andPortugal,
—CouncilDirective78/660/EECof25July1978
basedonArticle54(3)(g)oftheTreatyonthe
annualaccountsofcertaintypesofcompanies(3),
aslastamendedbyDirectives90/604/EEC(4)and
90/605/EEC(5),
—CouncilDirective83/349/EECof13June1983
basedonArticle54(3)(g)oftheTreatyonconsoli­
datedaccounts(6),aslastamendedbyDirectives
90/604/EECand90/605/EEC,
—CouncilDirective84/253/EECof10April1984
basedonArticle54(3)(g)oftheTreatyonthe
approvalofpersonsresponsibleforcarryingout
thestatutoryauditsofaccountingdocuments(7),
—CouncilDirective89/48/EECof21December
1988onageneralsystemfortherecognitionof
higher-education diplomasawardedoncompletion
ofprofessionaleducationandtrainingofatleast
threeyears'duration(8),
—CouncilDirective89/666/EECof21December
1989concerningdisclosurerequirementsinrespect
ofbranchesopenedinaMemberStatebycertain
typesofcompanygovernedbythelawofanother
State(9);intheCommunityandanestablishment orsubsidiary
inaMemberStateotherthanthatinwhichithasits
centraladministration ;inthislastcase,thecooperative
mustengageingenuineandeffecivecross-borderactiv­
ity;
Whereascooperativeshaveasharecapital,andmay
haveamongtheirmemberssomewhoarealsocusto­
mersorsuppliers;whereascooperativesmayalsohave
amongtheirmembersaspecifiedproportionofmem­
berswhodonotusetheirservices,orofthirdparties
whobenefitbytheiractivitiesorcarryoutworkforthe
cooperative'saccount;
Whereastherulesonaccountingareintendedtoensure
moreeffectivemanagementandtoforestallanypossi­
bledifficulty;
Whereas,onmattersnotcoveredbythisRegulation,
theprovisionsofthelawoftheMemberStatesandof
Communitylawareapplicable,forexamplewith
regardto;
—rulesonemployeeinvolvementinthedecision­
makingprocess,
—employmentlaw,
—taxationlaw,
—competitionlaw,
—intellectualandindustrialpropertylaw,
—rulesoninsolvencyandsuspensionofpayments;
WhereastheapplicationofthisRegulationmustbe
deferredsoastoenableeachMemberStatetoincor­
porateintoitsnationallawtheprovisionsofCouncil
Directive.../.../EECofsupplementing theStatute
foraEuropeancooperativesocietywithregardtothe
involvementofemployees(')andtoputinplacein
advancethenecessarymachineryforsecuringthefor­
mationandoperationofEuropeancooperativesocie­
tieshavingtheirregisteredofficeinitsterritory,sothat
theRegulationandtheDirectivemaybeappliedcon­
comitantly ;
Whereasworkontheapproximation ofnationalcom­
panylawhasmadesubstantialprogresssothatrefer­
encemaybemadetocertaindispositionsmadebythe
MemberStatewheretheEuropeancooperativesociety
hasitsregisteredofficeforthepurposeofimplement­
ingdirectivesoncompanies,byanalogyfortheEuro­
peancooperativesocietyinareaswherethefunctioning
ofthecooperativedoesnotrequireuniformCom­
munityrules,suchdispositionsbeingappropriatetothe
arrangements governingtheEuropeancooperative
society;
—CouncilDirective68/151/EECof9March1968
oncoordinationofsafeguardswhich,forthepro­Whereastheactivitiesinthefieldoffinancialservices
andnotablyastheyconcerncreditestablishments and
insuranceenterpriseshavebeenthesubjectoflegisla­
tivemeasurespursuanttothefollowingDirectives:
—CouncilDirective86/635/EECof8December
1986ontheannualaccountsandconsolidated
accountsofbanksandotherfinancialinstitutions
(10),
—CouncilDirective89/646/EECof15December
1989onthecoordinationoflaws,regulationsand
administrative provisionsrelatingtothetakingup
andpursuitofthebusinessofcreditinstitutions
andamendingDirective77/780/EEC(n);
—CouncilDirective../.../EEConthecoordina­
tionoflaws,regulationsandadministrative provi­
(2)OJNoL65,14.3.1968,p.8.
P)OJNoL222,14.8.1978,p.11.
(4)OJNoL317,16.11.1990,p.57.
OOJNoL317,16.11.1990,p.60.
(o)OJNoL193,18.7.1983,p.1.
(7)OJNoL126,12.5.1984,p.20.
(8)OJNoL19,24.1.1989,p.16.
(9)OJNoL395,30.12.1989,p.36.
0°)OJNoL.372 ,31.12.1986,p.1.
(»)OJNoL386 ,30.12.1989,p.1. (')Seepage37ofthisOfficialJournal-Proposal .

21.4.92 OfficialJournaloftheEuropeanCommunities NoC99/19
sionsrelatingtodirectinsuranceotherthanlife
insuranceandamendingDirectives73/239/EEC
and88/357/EEC;(!)Whereasthisformoforganizationshouldbeoptional,
HASADOPTED THISREGULATION :
TITLEI
GENERALPROVISIONS
Article3
(Transferofregisteredoffice)
1.TheregisteredofficeofanSCEmaybetranferred
withintheCommunity .Suchtransfershallnotresultin
theSCEbeingwounduporinthecreationofanew
legalperson.
2.Wherethetransferoftheregisteredofficeresultsin
achangeofthelawapplicablepursuanttoArticle4(1)
(b),atransferproposalshallbepublishedinaccord­
ancewithArticle6.CHAPTER I
FORMATION OFTHEEUROPEAN COOPERATIVE
SOCIETY
Article1
(FormoftheEuropeancooperativesociety)
1.Cooperativesocietiesmaybeformedthroughout
theCommunityintheformofaEuropeancooperative
society(SCE)ontheconditionsandinthemannerset
outinthisRegulation .
2.ThecapitaloftheSCEshallbedividedintoshares.
3.TheSCEshallhaveasitsobjecttosatisfyitsmem­
bers'needsandtodeveloptheiractivities,economic,
socialorboth.
4.ThenumberofmembersandthecapitaloftheSCE
shallbevariable.
5.Theliabilityofthemembersforthedebtsandobli­
gationsoftheSCEshallbelimitedtotheirsharesinthe
capital.Itsstatutesmayextendthisliabilitytoamulti­
pleofthecapitalsubscribedortoanotherstated
amount .
6.AnSCEmaynotextendthebenefitsofitsactivi­
tiestonon-members orallowthemtoparticipateinits
business,exceptwhereitsstatutesprovideotherwise.
7.AnSCEshallhavelegalpersonality .Itshall
acquireitonthedayofitsregistrationintheMember
Stateinwhichithasitsregisteredoffice,intheregister
designatedbythatStateinaccordancewithArticle5
(3).
Article2
(Registeredoffice)
TheregisteredofficeofanSCEshallbesituatedatthe
placespecifiedinitsstatutes,whichmustbewithinthe
Community .Itshallbethesameastheplacewherethe
SCEhasitscentraladministration .Nodecisiontotransfermaybetakenfortwomonths
afterpublicationoftheproposal.Anysuchdecision
mustbetakenundertheconditionslaiddownforthe
amendmentofthestatutes.Thetransferoftheregis­
teredofficeoftheSCEandtheresultingamendmentto
itsstatutesshalltakeeffectfromthedateofregistration
fortheSCE,inaccordancewithArticle5(3),inthe
registerforthenewregisteredoffice .Thatregistration
maynotbeeffecteduntilevidencehasbeenproduced
thattheproposedtransferoftheregisteredofficehas
beenpublished.
3.TheremovaloftheSCEfromtheregisterforits
previousregisteredofficemaynotbeeffecteduntilevi­
dencehasbeenproducedthattheSCEhasbeenregis­
teredintheregisterforitsnewregisteredoffice.
4.Thefactofthenewregistrationandthefactofthe
terminationoftheoldregistrationshallbothbepub­
lishedintheMemberStatesconcerned,inaccordance
withArticle6.
5.Thenewregistrationoftheregisteredofficeofthe
SCEmaybereliedonasagainstthirdpartiesfrompub­
lication.However,untiltheremovaloftheSCEfrom
theregisterforitspreviousregisteredofficehasbeen
publishedthirdpartiesmaycontinuetorelyontheold
registeredofficeunlesstheSCEprovesthatsuchthird
partieswereawareofthenewregisteredoffice. (0CQM(90)348final—SYN291.

NoC99/20 OfficialJournaloftheEuropeanCommunities 21.4.92
Article4
(Applicablelaw)
1.AnSCEshallbegoverned :
(a)—bytheprovisionsofthisRegulation ,
—whereexpresslyauthorizedbythisRegulation,
bytheprovisionsfreelydeterminedbythepar­
tiesinthestatutesoftheSCE;
failingthis:
(b)—bytheprovisionsofthelawgoverningcooper­
ativesocietiesintheMemberStateinwhich
theSCEhasitsregisteredoffice,
—bytheprovisionsfreelydeterminedbythepar­
tiesinthestatutesoftheSCE,inaccordance
withthesameconditionsasforcooperative
societiesgovernedbythelawoftheMember
StateinwhichtheSCEhasitsregisteredoffice .
2.WhereaStatecomprisesseveralterritorialunits,
eachofwhichhasitsownrulesoflawapplicabletothe
mattersreferredtoinparagraph 1,eachterritorialunit
shallbeconsideredaStateforthepurposesofidentify­
ingthelawapplicableunderpoint(b)ofparagraph 1.
3.IneachMemberStateandsubjecttotheexpress
provisionsofthisregulation,anSCEshallhavethe
samerights,powersandobligationsasacooperative
societyformedunderthelawoftheStateinwhichthe
SCEhasitsregisteredoffice .
4.ThefollowingshallapplytoanSCE:
—theprovisionsofCommunitylawandnationallaw
adoptedinconformitywiththem,
and
—intheabsenceofCommunitylegislation,national
provisionsregulatingaccessortheexerciseofcer­
tainactivitiessuchascreditorinsurance .3.MemberStatesshalldesignatetheregisterinwhich
SCEsmustberegisteredandshalldeterminetherules
governingit.Theyshalllaydowntheproceduresforfil­
ingtheSCE'sstatutes.NoSCEmayberegistereduntil
themeasuresrequiredbyDirective/EEC[sup­
plementingtheStatuteforaEuropeancooperative
societywithregardtotheinvolvementofemployees]
havebeenadopted.
4.MemberStatesshalltakethemeasuresrequiredto
ensurethatthefollowingdocumentsandparticulars
aredisclosedasprovidedforinparagraph3:
(a)thestatutesoftheSCE,anyamendmentstothem,
andthecompletetextofthestatutesinitsup-to­
dateform;
(b)theopeningorclosingofanyestablishment ;
(c)theappointment ,terminationofofficeandparticu­
larsofthepersonswhoeitherasabodyconstituted
pursuanttolaworasmembersofanysuchbody:
—areauthorizedtorepresenttheSCEindealings
withthirdpartiesandinlegalproceedings,
—takepartintheadministration ,supervisionor
controloftheSCE;
(d)atleastonceayear,theamountofthecapitalsub­
scribed;
(e)thebalancesheetandtheprofitandlossaccount
foreachfinancialyear;thedocumentcontaining
thebalancesheetshallgiveparticularsoftheper­
sonswhoarerequiredbylawtocertifyit;
(f)anyproposaltotransfertheregisteredofficeas
referredtoinArticle3(2);
(g)thewindingupandliquidationoftheSCEandthe
decisiontocontinuetheSCE'sactivitiestaken
underArticle61;
(h)anydeclarationofnullityoftheSCEbyacourt;
(i)theappointmentofliquidators,particularsofsuch
liquidatorsandtheirrespectivepowers,thetermi­
nationoftheiroffice ;
(j)theconclusionoftheliquidationoftheSCEand
theremovaloftheSCEfromtheregister.
5.If,priortoitsacquisitionoflegalpersonality,steps
havebeentakeninthenameofanSCEandtheSCE
doesnotassumetheobligationsarisingfromthose
steps,thepersonswhotookthemshallbejointlyand
severallyliabletherefor,unlessotherwiseagreed.Article5
(Registrationanddisclosurerequirements )
1.Thefoundermembersshalldrawupthestatutesof
theSCEinaccordancewiththeprovisionsforthefor­
mationofcooperativesocietieslaiddownbythelawof
theStateinwhichtheSCEhasitsregisteredoffice .The
statutesmustatleastbeinwritingandsignedbythe
foundermembers .
2.InthoseMemberStateswhoselegislationdoesnot
provideforanyprecautionary supervision ,whether
administrative orjudicial,atthetimeofformation,the
statutesshallbeadoptedbynotarialact.Thesupervi­
soryauthorityshallensurethatthisactcomplieswith
therequirementsfortheformationofanSCE,andin
particularthosesetoutinArticles1,2,9and10.Article6
(Publicationofdocumentsandparticularsrelatingto
theSCEintheMemberStates)
1.MemberStatesshallensurethatthedocumentsand
particularsreferredtoinArticle5(4)arepublishedin

21.4.92 OfficialJournaloftheEuropeanCommunities NoC99/21
theappropriateofficialgazetteintheMemberStatein
whichtheSCEhasitsregisteredoffice,andshalldeter­
minebywhichpersonsthedisclosureformalitiesareto
becarriedout.Disclosureshallbeeffectedbypublica­
tioneitherofanextractorofareferencetotheentryin
theregister.forwardedtotheOfficeforOfficialPublicationsofthe
EuropeanCommunities withinonemonthofthedate
ofthepublicationintheofficialgazetteoftheMember
StateinwhichtheSCEhasitsregisteredofficeunder
Article6(1).
WheretheregisteredofficeoftheSCEistransferredin
accordancewithArticle3anoticeshallbepublished
containingtheinformationprovidedforinthefirstpar­
agraph,togetherwiththatrelatingtothenewregistra­
tion.MemberStatesshallalsoensurethatanyonemaycon­
sultthedocumentsreferredtoinArticle5(4)inthe
registerreferredtoinArticle5(3),andmayobtaina
copyofthewholeoranypart,bypostifrequested .
MemberStatesshalltakethenecessarymeasuresto
avoidanydiscrepancybetweenwhatisdisclosedby
publicationandwhatappearsintheregister.However,
incasesofdiscrepancy ,thetextpublishedmaynotbe
reliedonasagainstthirdparties;thelattermaynever­
thelessrelythereon,unlesstheSCEprovesthatthey
hadknowledgeofthetextenteredintheregister.Article8
(ParticularstobestatedintheSCE'sdocuments)
Lettersanddocumentssenttothirdpartiesshallstate
legibly:
(a)thenameoftheSCE,precededorfollowedbythe
abbreviation SCE;
(b)theplaceoftheregisterinwhichtheSCEisregis­
teredinaccordancewithArticle5(3),andthenum­
beroftheSCE'sentryinthatregister;
(c)theaddressoftheSCE'sregisteredoffice ;
(d)thefactthattheSCEisinliquidationorunderthe
administration ofthecourtsifthatisso.MemberStatesmayrequirepaymentofafeeforthe
servicesreferredtointheprecedingsubparagraphs ,but
thefeemaynotexceedtheadministrative cost.
2.ThenationalrulesadoptedpursuanttoDirective
89/666/EECshallapplytobranchesofanSCE
openedinaMemberStateotherthanthatinwhichit
hasitsregisteredoffice .
3.Documentsandparticularsmaybereliedonbythe
SCEasagainstthirdpartiesonlyaftertheyhavebeen
disclosedinaccordancewithparagraph 1,unlessthe
SCEprovesthatthethirdpartyhadknowledgethereof.
However,theymaynotbereliedoninrespectoftran­
sactionswhichtakeplacebeforethe16thdayafter
publicationasagainstthirdpartieswhoprovethatthey
couldnothavehadknowledgethereof.
4.Thirdpartiesmayrelyonanydocumentsandparti­
cularsinrespectofwhichthedisclosureformalities
havenotyetbeencompleted,savewherenon-disclo­
surecausesthemnottohaveeffect.Article9
(Formation)
1.AnSCEmaybeformedbyanytwoormoreofthe
legalentitiesformedunderthelawofaMemberState
whicharelistedintheAnnexprovidedatleasttwoof
themhavetheirregisteredofficeandcentraladminis­
trationindifferentMemberStates.
2.Acooperativesocietywhichhasbeenformedin
accordancewiththelawofamemberStateandhasits
registeredofficeandcentraladministration inthe
CommunitymayformanSCEbyconvertingintoSCE
formifithasanestablishment orsubsidiaryinaMem­
berStateotherthanthatofitscentraladministration ,
andcandemonstratethatitiscarryingongenuineand
effectivecross-border activities .
Suchconversionshallnotresultinthesocietybeing
wounduporinthecreationofanewlegalperson.
Theadministrative ormanagementboardofsucha
societyshalldrawupaproposalforconversioncover­
ingthelegalandeconomicaspectsoftheconversion .
TheconversiontoSCEformandtheSCE'sstatutes
shallbeapprovedbythegeneralmeetinginaccordance
withtherequirementslaiddownforamendmentofits
statutesinArticle24.Article7
(NoticeintheOfficialJournal)
MemberStatesshallensurethatanoticestatingthatan
SCEhasbeenregisteredorthattheliquidationofan
SCEhasbeenconcludedispublishedforinformation
purposesintheOfficialJournaloftheEuropeanCom­
munities,statingthenumber,dateandplaceofregistra­
tionoftheSCE,thedateandplaceofpublicationand
thetitleofthepublication ,theaddressoftheSCEand
asummaryofitsobjects,andthattheseparticularsare

NoC99/22 OfficialJournaloftheEuropeanCommunities 21.4.92
investor(non-user)members.Theacquisitionofsuch
membershipshallbesubjecttoapprovalbythegeneral
meeting,tobedecidedbythemajorityrequiredfor
amendmentofthestatutes.
Memberswhoarelegalentitiesshallbedeemedtobe
usersbyvirtueofthefactthattheyrepresenttheirown
members .
2.Inviewofthespecialnatureoftherelationship
betweenacooperativesocietyanditsmembers,thesta­
tutesmaymakeadmissionsubjecttootherconditions,
inparticular :
—subscriptionofaminimumamounttothecapital,
—conditionsrelatedtotheobjectsoftheSCE.
3.Exceptwherethestatutesprovideotherwise,appli­
cationsforasupplementary stakeinthecapitalshall
alsorequiretheapprovalofthemanagementoradmin­
istrativeboard.
4.Analphabeticalindexofallmembersholding
sharesshallbekeptattheregisteredofficeoftheSCE,
showingtheiraddressesandthenumberandclass,if
any,ofthesharestheyhold.Anyinterestedpartymay
inspecttheindexonrequest,andmayobtainacopyof
thewholeoranypartatapricenotexceedingthe
administrative costthereof.
5.Anytransactionwhichaffectsthemannerinwhich
thecapitalisascribedorallotted,orincreasedor
reduced,shallbeenteredontheindexofmembers
referredtoinparagraph4nolaterthanthemonthfol­
lowingthatinwhichthechangeoccurs.
6.Thetransactionsreferredtoinparagraph5shall
nottakeeffectwithrespecttotheSCEorthirdparties
untiltheyareenteredontheindexreferredtoinpara­
graph4.
7.Theholdersofthesharesaffectedshallonrequest
begivenawrittenstatementcertifyingthatthechange
hasbeenentered.Article10
(ThestatutesoftheSCE)
1.ThestatutesoftheSCEmustinclude:
—thenameoftheSCE,precededorfollowedbythe
abbreviationSCE,
—aprecisestatementoftheobjectsoftheSCE,
—thename,objectsandregisteredofficesofthe
foundermembersoftheSCE,wherethesearelegal
entities,
—theaddressoftheSCE'sregisteredoffice ,
—theconditionsandproceduresfortheadmission,
expulsionandresignationofmembers,
—therightsandobligationsofmembers,andthedif­
ferentcategoriesofmemberifany,andtherights
andobligationsofmembersineachcategory,
—thenominalvalueofthesharesandtheamountof
thecapital,anindicationthatthecapitalisvaria­
ble,andtheextentoftheliabilityofmembersof
governingbodiesandofficials ,
—themanagementstructure,
—thepowersandresponsibilities ofeachofthegov­
erningbodiesoftheSCE,
—provisionsgoverningtheappointmentandremoval
ofthemembersofthegoverningbodies,
—themajorityandquorumrequirements ,
—adefinitionofthegoverningbodies,ormembersof
thosebodies,havingauthoritytorepresenttheSCE
indealingswiththirdparties,
—theconditionsfortheinitiationofproceedingson
behalfoftheSCEunderArticle47,
—thegroundsforwindingup.
2.ForthepurposesofthisRegulationthestatutesof
theSCEcompriseboththeinstrumentofincorporation
and,wheretheyaresetoutinaseparatedocument,the
SCE'sstatutesproperlyso-called.
Article12
(Lossofmembership)
1.Membershipshallbelost:
—uponresignation,
—uponexpulsion,
—uponassignmentofallsharesheld,wherethisis
authorizedbythestatutes,
—uponwindingupinthecaseofalegalentity,
—andinanyothercasesprovidedforinthestatutes.Article11
(Acquisitionofmembership)
1.TheacquisitionofmembershipintheSCEshallbe
subjecttotheapprovalofthemanagementoradminis­
trativeboard.Applicationsforadmissionshallbein
writing,andshallincludeanundertakingtoholda
stakeinthecapitalandtoacceptthestatuteswithout
reservation .
Thestatutesmayprovidethatpersonswhodonot
expecttousetheSCE'sservicesmaybeadmittedas

21.4.92 OfficialJournaloftheEuropeanCommunities NoC99/23
2.Thedecisiontoexpelamembershallbetakenby
theadministrative ormanagementbody,afterthemem­
berhasbeenheard.Themembermayappealagainst
thedecisiontothegeneralmeeting.
3.Wherealegalentityiswoundup,itsmembership
shallterminateattheendofthefinancialyearinwhich
ittookplace,unlessthestatutesprovideotherwise.
4.Sharesmaybeassignedorsoldwiththeagreement
eitherofthegeneralmeetingorofthemanagementor
administrative body,andinaccordancewiththesta­
tutes.
5.TheSCEmaynotsubscribeforitsownshares,pur­
chasethemoracceptthemassecurity,eitherdirectlyor
throughapersonactinginhisownnamebutonbehalf
oftheSCE.
However,theSCE'sownsharesmaybeacceptedas
securityintheordinarytransactionsofcreditinstitu­
tions.Article14
(Minimumcapital)
1.ThecapitaloftheSCEshallbedenominated in
ecusorinnationalcurrency.
2.ThecapitalofanSCEshallamounttonotless
thanECU100000ortheequivalentinnationalcur­
rency.
3.Thestatutesshalllaydownasumbelowwhichthe
capitalmaynotbeallowedtofallasaresultofthe
withdrawalofthecapitalpreviouslysubscribedby
memberswhoresignorareexpelled.
4.Thesumreferredtoinparagraph3shallbenoless
thanthesumlaiddownbythelawoftheMemberState
inwhichtheSCEhasitsregisteredoffice,and,failing
anysuchlegalprovision,nolessthanonetenthofthe
highestfigurereachedbythecapitalsincetheSCEwas
formed.Innocasemayitbelessthanthesumrequired
byparagraph2.
Article13
(Financialentitlementsofmembersintheeventof
resignationorexpulsion)
1.Exceptwheresharesareassigned,lossofmember­
shipshallentitlethemembertorepaymentofthecapi­
talhehassubscribed,reducedinproportiontoany
losseschargedagainstthecapitaloftheSCE.
Thestatutesmayprovidethatamemberleavingthe
SCEshallbeentitledtoapaymentinproportiontohis
shareinthecapitalfromareserveestablishedforthe
purpose .
2.Thevalueofsharesshallbecalculatedbyreference
tothebalancesheetforthefinancialyearinwhichthe
entitlementtorepaymentarose.
3.Thestatutesshalllaydownthetimeinwhich
repaymentistobemade.
4.Paragraphs 1,2and3shallapplywhereonlyapart
ofamember'sshareholding istoberepaid.
5.AmemberwhohaslefttheSCEorwhohasexer­
cisedhisentitlementtopartialrepaymentshallcon­
tinuetobeboundbyalltheobligationstowardsthe
SCEandtowardsthirdpartieswhichwereincumbent
uponhimattheendofthefinancialyearbyreference
towhichhisentitlementswerecalculated,uptohispre­
viousshareholdingandanysumsreceivedfromthe
reserves,untiltheapprovaloftheaccountsofthefifth
financialyearfollowingthefinancialyearofreference.Article15
(CapitaloftheSCE)
1.ThecapitaloftheSCEshallberepresentedbythe
members'sharesreferredtoinparagraphs 3and4,
denominated inecusorinnationalcurrency,and,
whereappropriate ,byotherformsofowncapitaland
quasi-equity .Morethanoneclassofsharemaybe
issued.
Thestatutesmayprovidethatdifferentclassesofshare
aretocarrydifferententitlementswithregardtothe
distributionofsurpluses.Sharescarryingthesameenti­
tlementsshallconstituteoneclass.
2.Sharesmustbeheldbynamedpersons.Thenom­
inalvalueofsharesinasingleclassshallbeidentical.
Itshallbelaiddowninthestatutes.Sharesmaynotbe
issuedatapricelowerthantheirnominalvalue.
3.Sharesissuedforcashmustbepaidupontheday
ofthesubscriptiontonotlessthan25%oftheirnom­
inalvalue.Thebalancemustbepaidupwithina
periodofnomorethanfiveyears.
4.Sharesissuedotherwisethanforcashmustbefully
paidupatthetimeofsubscription .
5.Thestatutesshalllaydowntheminimumnumber
ofshareswhichmustbesubscribedforinordertoqual­
ifyformembership ,andmaylaydownthemaximum
proportionofthecapitalwhichanyonememberis
entitledtohold.
6.Thecapitalshallbevariable.Itmaybeincreased
bysuccessivesubscriptions bymembersoronthe

NoC99/24 OfficialJournaloftheEuropeanCommunities 21.4.92
Article17
(Holdingofgeneralmeeting)
1.Ageneralmeetingshallbeheldatleastoncea
year,notlaterthansixmonthsaftertheendofthe
SCE'sfinancialyear.
2.Generalmeetingsmaybeconvenedatanytimeby
themanagementboardortheadministrative board.
Themanagementboardisboundtoconvenethegen­
eralmeetingattherequestofthesupervisoryboard.
3.Theagendaforthegeneralmeetingheldafterthe
endofthefinancialyearshallincludeatleastthe
approvaloftheannualaccountsandoftheappropria­
tionoftheprofitortreatmentofthelossandthe
approvaloftheannualreportreferredtoinArticle46
ofDirective78/660/EEC,tobesubmittedbytheman­
agementoradministrative board.
4.ThestatutesofanSCEwithamanagementboard
andasupervisoryboardmayprovidethatadecisionon
approvaloftheannualaccountsistobetakenjointly
bythetwoboardsinseparatevotes,andthatthegen­
eralmeetingistopassaresolutiononlyiftheboards
areunabletoreachagreement .admissionofnewmembers,anditmaybereducedby
thetotalorpartialrepaymentofsubscriptions ,subject
toArticle14(2).
Variationsintheamountofthecapitalshallnotrequire
amendmentofthestatutesordisclosure .
Whenitconsiderstheaccountsforthefinancialyear,
thegeneralmeetingshallbyresolutionrecordthe
amountofthecapitalattheendofthefinancialyear
andthevariationbyreferencetotheprecedingfinan­
cialyear.
Thecapitalmaybeincreasedbythecapitalizationof
allorpartofthereservesavailablefordistribution,by
decisionofthegeneralmeeting,inaccordancewiththe
quorumandmajorityrequirementsforanamendment
ofthestatutes.
7.Thenominalvalueofsharesmaybeincreasedby
consolidatingthesharesissued.Wheresuchanincrease
necessitatesacallforsupplementary paymentsfrom
themembersunderprovisionslaiddowninthesta­
tutes,thedecisionshallbetakenbythegeneralmeet­
ing,inaccordancewiththequorumandmajority
requirementsforanamendmentofthestatutes.
Membersvotingagainstthedecisionmayexercisetheir
righttoresign,inwhichcasetheirsharesshallberepaid
inaccordancewithArticles13(1)and14(3).
8.Thenominalvalueofsharesmaybereducedby
subdividingthesharesissued.Article18
(Meetingcalledbyaminorityofmembers)
1.Notlessthan25%ofthemembersoftheSCE,
whichproportionmaybereducedbythestatutes,may
requestthatthegeneralmeetingbeconvenedandits
agendaset.
2.Therequestforameetingshallgivethereasonsfor
conveningitandtheitemstobeincludedonthe
agenda.
3.If,followingarequestmadeunderparagraph 1,the
necessarystepshavenotbeentakenwithinonemonth,
thecourtorcompetentauthoritywithintheStatewhere
theSCE'sregisteredofficeissituatedmayorderthe
conveningofageneralmeetingorauthorizeeitherthe
memberswhohaverequesteditortheirrepresentative
toconvenethemeeting.
4.Ageneralmeetingmayduringameetingdecide
thatafurthermeetingbeconvenedandsetthedateand
theagenda.
Article19
(Noticeofmeeting)
1.Thegeneralmeetingshallbeconvened:
—byanoticepublishedinthenationalgazette
appointedbytheMemberStateinwhichtheSCECHAPTER II
GENERALMEETING
Article16
(Competence )
Thegeneralmeetingshalldecideon:
(a)mattersforwhichithassoleresponsibilityunder
thisRegulation ;
(b)mattersforwhichthemanagementboard,supervi­
soryboardoradministrativeboarddoesnothave
soleresponsibility asaresultof:
—thisRegulation ,
—Directive /EEC[supplementing the
StatuteforaEuropeancooperativesociety
withregardtotheinvolvementofemployees],
—thelawoftheStatewheretheSCEhasits
registeredoffice ,
—thestatutesoftheSCE.

2.4.92 OfficialJournaloftheEuropeanCommunities NoC99/25
4.Thestatutesmaypermitpostalvoting,inwhich
casetheyshalllaydownthenecessaryprocedures .hasitsregisteredofficeinaccordancewithArticle3
(4)ofDirective68/151/EEC,
—byanoticepublishedinoneormorenewspapers
withalargecirculationintheMemberStates,
—orbyanoticeinwritingsenttoeverymemberof
theSCEbyanyavailablemeans.
2.Thenoticecallingthegeneralmeetingshallcontain
thefollowingparticulars,atleast:
—thenameandtheregisteredofficeoftheSCE,
—theplaceanddateofthemeeting,
—thetypeofgeneralmeeting(ordinary,extraordi­
naryorspecial),
—astatementoftheformalities,ifany,prescribedby
therulesforattendanceatthegeneralmeetingand
fortheexerciseoftherighttovote,
—theagenda,showingthesubjectstobediscussed
andtheproposalsforresolutions .
3.Theperiodbetweenthedateofpublicationofthe
noticeorthedateofdispatchofthecommunication
referredtoinparagraph 1andthedateoftheopening
ofthegeneralmeetingshallbenotlessthan30days.Article22
(Votingrights)
1.EachmemberoftheSCEshallhaveonevote,irres­
pectiveofthenumberofsharesheholds.
2.Thestatutesmayallowmemberstohavemorethan
onevote.Thestatutesshall,inthatevent,laydownthe
circumstances inwhichamembermayhavemorethan
onevote;thismustdependonthemeasuretowhich
themembertakespartintheSCE'sactivities.Thesta­
tutesmustlaydownlimitsonthenumberofvotes
whichmaybecastbyasinglememberandthenumber
ofothermembersforwhomamembermayactas
proxy.
3.Memberswhodonotexpecttousetheservicesof
theSCE('non-user'members)maytogetherhavevot­
ingrightsamountingtonomorethanonethirdofthose
ofallthemembers .
Article23
(Rulesofconduct)
Thedetailedrulesgoverningtheconductofgeneral
meetingsshallbelaiddowninthestatutes.Article20
(Additionofitemstotheagenda)
Notlessthan25%ofthemembersoftheSCE,which
proportionmaybereducedbythestatutes,may,within
tendaysofreceiptofthenoticeconveningageneral
meeting,requesttheadditionofoneormoreitemsto
theagenda.Article24
(Righttoinformation)
1.Everymemberwhosorequestsatageneralmeet­
ingshallbeentitledtoobtaininformationfromthe
managementoradministrative boardontheaffairsof
theSCEarisingfromitemsontheagendaorconcern­
ingmattersonwhichthegeneralmeetingmaytakea
decisioninaccordancewithArticle25(2).
2.Themanagement oradministrative boardmay
refusetosupplysuchinformationonlywhere:
—itwouldbelikelytobeseriouslyprejudicialtothe
SCE,
—itsdisclosurewouldbeincompatible withalegal
obligationofconfidentiality .
3.Amembertowhominformationisrefusedmay
requirethathisquestionandthegroundsforrefusalbe
enteredintheminutesofthegeneralmeeting.
4.Amembertowhominformation isrefusedmay
challengethevalidityoftherefusalinthecourtwithin
whosejurisdictiontheSCEhasitsregisteredoffice .
Applicationtothecourtshallbemadewithintwo
weeksoftheclosureofthegeneralmeeting.Article21
(Attendanceandproxies)
1.Onlymembersshallbeentitledtospeakandvote
atthegeneralmeeting.
2.Membersofthemanagementboard,authorized
representatives actingfortheholdersofnon-voting,
shares,membersoftheadministrative boardtowhom
managementresponsibilities havebeendelegatedand
salariedmanagersmayattendthegeneralmeeting,and
shallbeentitledtospeakbutnottovoteunlesstheyare
membersoftheSCE.
3.Personsentitledtovoteshallbeentitledtoappoint
aproxytorepresentthematthegeneralmeetingin
accordancewithprocedurestobelaiddowninthesta­
tutes.

NoC99/26 OfficialJournaloftheEuropeanCommunities 21.4.92
5.Inparticular,beforethegeneralmeetingthatfol­
lowstheendofthefinancialyearmembersmayexam­
ineanyaccountingdocumentsthatmustbedrawnup
inaccordancewiththenationalmeasuresadoptedpur­
suanttoDirectives78/660/EECand83/349/EECthegeneralmeeting,andthereportssubmittedtothe
membersontheitemsontheagenda.
3.Theminutesandthedocumentsannexedthereto
shallberetainedforatleastfiveyears.Acopyofthe
minutesandthedocumentsannexedtheretomaybe
obtainedbyanymember,freeofcharge,uponrequest.
Article27
(Actionstohaveresolutionsofgeneralmeetingdeclared
void)Article25
(Decisions)
1.Thegeneralmeetingshallnotpassanyresolution
concerningitemswhichhavenotbeencommunicated
orpublishedinaccordancewithArticle19(2).
2.Paragraph 1shallnotapplywhenallthemembers
arepresentorrepresentedatthegeneralmeetingand
nomemberobjectstothematterinquestionbeingdis­
cussed.
3.Thestatutesshalllaydownthequorumandmajor­
ityrequirementswhicharetoapplytoordinarygeneral
meetings.
4.Thecalculationofvotescastshallnotinclude
abstentionsorspoiltorblankvotes.
5.Ageneralmeetingmayamendthestatutesthefirst
timeitisconvenedonlyifthememberspresentor
representedrepresentatleasthalfofthenumberof
membersonthedatethegeneralmeetingisconvened,
andthesecondtimeitisconvenedonlyiftheymake
uporrepresentatleastonequarterofthatnumber.At
leasttwothirdsofthevotesofthememberspresentor
representedmustbecastinfavour.Ageneralmeeting
maypassaresolutiontowinduptheSCEonlyin
accordancewiththesamerequirements .
Thethirdtimethemeetingisconvenednoquorum
shallbenecessary .
Thegeneralmeetingshallactbymajorityofthevotes
heldbythememberspresentorrepresented .1.Resolutionsofthegeneralmeetingmaybe
declaredvoidonthegroundsthattheyinfringethis
RegulationorthestatutesoftheSCEinthefollowing
manner :
—anactionforsuchadeclarationmaybebroughtby
anymemberprovidedhecanshowthathehasan
interestinhavingtheinfringedprovisionobserved,
—theactionforsuchadeclarationshallbebrought
withinthreemonthsbeforethecourtwithinwhose
jurisdictiontheSCEhasitsregisteredoffice ;the
procedureintheactionshallbegovernedbythe
lawoftheStateinwhichtheSCEhasitsregistered
office,
—havingheardtheSCE,thecourtmaysuspend
applicationofthecontestedresolution;itmayalso
requiretheapplicanttolodgesecurityforthedam­
agewhichmayresultfromthesuspensionofappli­
cationoftheresolution,iftheapplicationisulti­
matelydismissedasinadmissibleorunfounded,
—judgmentsdeclaringaresolutionvoidorordering
thatitsapplicationbesuspendedshallbeeffective
ergaomnes,withoutprejudicetoclaimsonthe
SCEacquiredingoodfaithbythirdparties.
2.Decisionsofacourtdeclaringaresolutionofthe
generalmeetingvoidornon-existentshallbethesub­
jectofdisclosureinaccordancewithArticle6.
Article28
(Sectionalmeetings)Article26
(Minutes)
1.Minutesshallbedrawnupforeverygeneralmeet­
ing.Theminutesshallcontainthefollowingparticu­
lars:
—theplaceanddateofthemeeting,
—theresolutionspassed,
—theresultofthevoting.
2.Thereshallbeannexedtotheminutestheattend­
ancelist,thedocumentsrelatingtotheconveningofWheretheSCEcarriesonseveraldistinctactivities,or
whereithasseveralestablishments ,orwhereitsactivi­
tiesspanmorethanoneterritorialunit,orwhereithas
morethan500members,thestatutesmayprovidefor
theholdingofsectionalmeetingstoconsiderthesame
agendaseparatelybeforethegeneralmeetingisheld.
Thesemeetingsshallelectdelegates,whoshallintheir
turnbeconvenedasthegeneralmeeting.Thestatutes

2.4.92 OfficialJournaloftheEuropeanCommunities NoC99/27
shalllaydownthedivisionintosections,thenumberof
delegatesforeachsection,andtheprocedurestobefol­
lowed.2.Thememberormembersofthemanagementboard
shallbeappointedandremovedbythesupervisory
board.
3.Nopersonmayatthesametimebeamemberof
themanagementboardandofthesupervisoryboard.
However,thesupervisoryboardmaynominateoneof
itsmemberstoexercisethefunctionofmemberofthe
managementboardintheeventofavacancy.During
suchaperiodthefunctionofthepersonconcernedas
memberofthesupervisoryboardshallbesuspended .
4.Thenumberofmembersofthemanagementboard
shallbelaiddowninthestatutesoftheSCE.Article29
(Resolutionsadverselyaffectingtherightsofaclassof
member)
Wherearesolutionofthegeneralmeetingwould
adverselyaffecttherightsofaparticularclassofmem­
ber,itmustbeapprovedbythosemembersbyasepar­
atevote,towhichthevotingrulesreferredtoinArticle
22shallapplymutatismutandis.
Wherethestatutesaretobeamendedinawaywhich
adverselyaffectsaparticularclassofmember,those
membersshallvoteaccordingtothemajorityrules
referredtoinArticle25(5).Article32
(Chairmanship ,conveningofmeetings)
1.Thestatutesmayprovidethatthemanagement
boardistoelectachairmanfromamongitsmembers.
2.Meetingsofthemanagementboardshallbecon­
venedinaccordancewiththestatutesoftheSCEorthe
rulesofprocedureoftheboard.Inanyeventanymem­
beroftheboardmayconveneameetingwhereurgency
requires,statinghisreasons.CHAPTERIII
MANAGEMENT ,SUPERVISORY AND
ADMINISTRATIVE BODIES
Article30
(Structure)
UndertheconditionslaiddownbythisRegulationthe
statutesoftheSCEshallorganizethestructureofthe
SCEeitheraccordingtoatwo-tiersystem(management
boardandsupervisoryboard)oraccordingtoaone-tier
system(administrative board).AMemberStatemay,
however,requirethatSCEshavingtheirregisteredoff­
iceonitsterritoryadopteitherthetwo-tierortheone­
tiersystemasitshalldetermine .Subsection 2
Supervisoryboard
Article33
(Functionsofthesupervisoryboard;appointmentof
members)
1.Thesupervisoryboardshallsupervisetheduties
performedbythemanagementboard.Itmaynotitself
exercisethepowertomanagetheSCE.Thesupervisory
boardmaynotrepresenttheSCEindealingswiththird
parties.ItshallrepresenttheSCEindealingswith
membersofthemanagementboard,oroneofthem,in
respectoflitigationortheconclusionofcontracts.
2.Themembersofthesupervisoryboardshallbe
appointedandremovedbythegeneralmeeting.How­
ever,themembersofthefirstsupervisoryboardmaybe
appointedinthestatutes.Thisprovisionshallapply
withoutprejudicetonationallawpermittingaminority
ofshareholderstoappointsomeofthemembersofa
board.
3.Thenumberofmembersofthesupervisoryboard
shallbelaiddowninthestatutes.AMemberState
may,however,stipulatethenumberofmembersofthe
supervisoryboardforSCEsregisteredinitsterritory.SectionI
Two-tiersystem
Subsection 1
Managementboard
Article31
(Functionsofthemanagementboard;appointmentof
members)
1.ThemanagementboardshallmanagetheSCE.The
memberormembersofthemanagementboardshall
havethepowertorepresenttheSCEindealingswith
thirdpartiesandinlegalproceedingsinaccordance
withthemeasuresadoptedpursuanttoDirective68/
151/EECbytheMemberStateinwhichtheSCEhas
itsregisteredoffice.

NoC99/28 OfficialJournaloftheEuropeanCommunities 21.4.92
ancewiththemeasuresadoptedpursuanttoDirective
68/151/EECbytheMemberStateinwhichtheSCE
hasitsregisteredoffice .
2.Theadministrative boardshallhaveatleastthree
memberswithinlimitsfixedbythestatutes.Non-user
membersmaybeappointedtotheadministrative
board,butmaynotformamajority.
3.Theadministrative boardmaydelegatetooneor
moreofitsmembersthepowerofmanagement .Itmay
alsodelegatecertainmanagementresponsibilities to
oneormorepersonsnotmembersoftheboard;such
managementresponsibilities mayberevokedatany
time.Thestatutes,orifthestatutesaresilent,thegen­
eralmeetingshalllaydowntheconditionswithin
whichsuchdelegationshalloperate.
4.Thememberormembersoftheadministrative
boardshallbeappointedandremovedbythegeneral
meeting.Article34
(Righttoinformation)
1.Themanagementboardshallreporttothesupervi­
soryboardatleastonceeverythreemonthsonthepro­
gressandforeseeableprospectsoftheSCE'saffairs,
takingparticularaccountofanyinformationrelatingto
undertakingscontrolledbytheSCEthatmaysignifi­
cantlyaffecttheprogressoftheSCE.
2.Themanagementboardshallcommunicate tothe
supervisoryboardwithoutdelayanyinformationwhich
mayhaveanappreciableeffectontheSCE.
3.Thesupervisoryboardmayatanytimerequirethe
managementboardtoprovideinformationoraspecial
reportonanymatterconcerningtheSCE.
4.Thesupervisoryboardmayundertakeallinvestiga­
tionsnecessaryfortheperformanceofitsduties.Itmay
appointoneormoreofitsmemberstocarryoutthis
taskandmaycallinthehelpofexperts.
5.Eachmemberofthesupervisoryboardshallbe
entitledtoexamineallinformationcommunicated by
themanagementboardtothesupervisoryboard.Article37
(Holdingofmeetingsandrighttoinformation)
1.Themanagementboardshallmeetatleastonce
everythreemonths,atintervalslaiddownbythesta­
tutes,todiscusstheprogressandforeseeableprospects
oftheSCE'saffairs,takingparticularaccountofany
informationrelatingtoundertakingscontrolledbythe
SCEthatmaysignificantlyaffecttheprogressofthe
SCE.
2.Theadministrative boardshallmeettodeliberate
ontheoperationsreferredtoinArticle43.
3.Eachmemberoftheadministrative boardshallbe
entitledtoexamineallreports,documentsandinfor­
mationsuppliedtotheboardconcerningthematters
referredtoinparagraph 1.Article35
(Chairmanship ,callingofmeetings)
1.Thesupervisoryboardshallelectachairmanfrom
amongitsmembers.
2.Thechairmanshallconveneameetingofthe
supervisoryboardundertheconditionslaiddownin
thestatutes,onhisowninitiative,orattherequestofat
leastonethirdofthemembersofthesupervisory
board,orattherequestofthemanagementboard.The
requestmustindicatethereasonsforcallingthemeet­
ing.Ifnoactionhasbeentakeninrespectofsucha
requestwithin15daysthemeetingofthesupervisory
boardmaybecalledbythosewhomadetherequest.
Article38
(Chairmanship ,callingofmeetings)
1.Theadministrative boardshallelectachairman
fromamongitsmembers.
2.Thechairmanshallconveneameetingofthe
administrative boardundertheconditionslaiddownin
thestatutes,eitheronhisowninitiativeoratthe
requestofatleastonethirdofthemembers.The
requestmustindicatethereasonsforcallingthemeet­
ing.Iftherequestisnotsatisfiedwithin15daysthe
meetingoftheadministrative boardmaybecalledby
thosewhomadetherequest.SectionII
Theone-tiersystem
Article36
(Functionsoftheadministrative board;appointmentof
members)
1.Theadministrative boardshallmanagetheSCE.
Thememberormembersoftheadministrative board
shallhavethepowertorepresenttheSCEindealings
withthirdpartiesandinlegalproceedingsinaccord­

NoC99/29 21.4.92 OfficialJournaloftheEuropeanCommunities
Article42
(Powerofrepresentation ;liabilityoftheSCE)
1.WheretheauthoritytorepresenttheSCEindeal­
ingswiththirdparties,inaccordancewithArticles31
(1)and36(1),isconferredontwoormoremembersof
governingbodies,thosepersonsshallexercisethat
authoritycollectively .SectionIII
Rulescommontotheone-tierandtwo-tierboardsystems
Article39
(Termofoffice)
1.Membersofthegoverningbodiesshallbe
appointedforaperiodlaiddowninthestatutesnot
exceedingsixyears.
2.Boardmembersmaybereappointedoneormore
timesfortheperiodlaiddowninaccordancewithpara­
graph1.2.However,thestatutesoftheSCEmayprovidethat
theSCEshallbevalidlyboundeitherbyeachofthe
membersactingindividuallyorbytwoormoreofthem
actingjointly.Suchaclausemayberelieduponagainst
thirdpartieswhereithasbeendisclosedinaccordance
withArticle6.
3.Actsperformedbymembersofthegoverningbod­
iesoftheSCEshallbindtheSCEvis-a-visthirdparties,
evenwheretheactsinquestionarenotinaccordance
withtheobjectsoftheSCE,providingtheydonot
exceedthepowersconferredonthembylaworwhich
thelawallowstobeconferredonthem.
However,MemberStatesmayprovidethattheSCE
shallnotbeboundwheresuchactsareoutsidethe
objectsoftheSCE,ifitprovesthatthethirdparty
knewthattheactwasoutsidethoseobjectsorcould
notinviewofthecircumstances havebeenunawareof
it;disclosureofthestatutesshallnotofitselfbesuffi­
cientproofthereof.Article40
(Conditionsofmembership )
1.ThestatutesoftheSCEmaypermitalegalperson
oranyotherlegalentitytobeamemberofaboard,
providedthatthelawoftheStateinwhichtheSCEhas
itsregisteredofficedoesnotprovideotherwiseinres­
pectofdomesticcooperativesocieties.
Thatlegalpersonorotherlegalentityshalldesignatea
naturalpersonasitsrepresentative toexerciseitsfunc­
tionsontheboardinquestion.Therepresentative shall
besubjecttothesameconditionsandobligationsasif
hewerepersonallyamemberoftheboard.
2.Nopersonmaybeamemberofamanagement ,
supervisoryoradministrative boardnorarepresenta­
tiveofamemberwithinthemeaningofparagraph 1,
norhaveconferredonhimpowersofmanagementor
representation ,who:
—underthelawapplicabletohim,or
—underthelawoftheStateinwhichtheSCEhasits
registeredoffice ,or
—asaresultofajudicialoradministrative decision
deliveredorrecognizedinaMemberState,
isdisqualifiedfromservingonthemanagement ,super­
visoryoradministrative boardofanylegalperson.4.Theappointment ,terminationofofficeandparti­
cularsofthepersonswhomayrepresentanSCEmust
bedisclosedinaccordancewithArticle6.Theinforma­
tiondisclosedmuststatewhetherthesepersonsare
authorizedtobindtheSCEindividuallyorwhether
theymustactjointly.
Article43
(Operationsrequiringauthorization )
1.Thefollowingoperationsshallrequiretheauthori­
zationofthesupervisoryboardorthedeliberationof
theadministrative board:
(a)anyinvestmentprojectrequiringanamountmore
thanthepercentageofsubscribedcapitalfixedin
accordancewith(e);
(b)thesettingup,acquisition,disposalorclosing
downofundertakings ,establishments orpartsof
establishments wherethepurchasepriceordis­
posalproceedsaccountformorethanthepercen­
tageofsubscribedcapitalfixedinaccordancewith
(e);Article41
(Rulesofprocedure)
Eachgoverningbodymaydrawuprulesofprocedure
undertheconditionslaiddownbythestatutesofthe
SCE.AnymemberoftheSCEorcompetentauthority
mayconsultthoserulesofprocedureattheregistered
officeoftheSCE.

NoC99/30 OfficialJournaloftheEuropeanCommunities 21.4.92
(c)theraisingorgrantingofloans,theissueofdebt
securitiesandtheassumptionofliabilitiesofa
thirdpartyorsuretyshipforathirdpartywherethe
totalmoneyvalueineachcaseismorethanthe
percentageofsubscribedcapitalfixedinaccord­
ancewith(e);
(d)theconclusionofsupplyandperformancecon­
tractswherethetotalturnoverprovidedfortherein
ismorethanthepercentageofturnoverforthepre­
viousfinancialyearfixedinaccordancewith(e);
(e)thepercentagereferredtoin(a)to(d)shallbe
determinedbythestatutesoftheSCE.Itshallnot
belessthan5normorethan25%.Article45
(Conductofbusinessonboards)
1.BoardsoftheSCEshallconductbusinessunder
theconditionsandinthemannersetoutinthestatutes
oftheSCE.
Wherethestatutesaresilent,aboardshallnotconduct
businessvalidlyunlessatleasthalfofitsmembersare
presentatthediscussions .Decisionsshallbetakenby
majorityofthememberspresentorrepresented .
2.Thechairmanofeachboardshallhaveacasting
voteintheeventofatie.
2.ThestatutesoftheSCEmayprovidethatpara­
graph1shallalsoapplytoothertypesofdecisions.
3.AMemberStatemaydeterminethecategoriesof
operationreferredtoinparagraph 1forSCEsregistered
initsterritoryunderthesameconditionsasthose
applyingtocooperativesocietiesgovernedbythelaw
ofthatState.Article46
(Civilliability)
1.Membersofthemanagement ,supervisoryor
administrativeboardshallbeliableforlossordamage
sustainedbytheSCEasaresultofbreachoftheobli­
gationsattachingtotheirfunctions.
2.Wheretheboardconcernediscomposedofmore
thanonemember,allthemembersshallbejointlyand
severallyliableforlossordamagesustainedbythe
SCE;however,amembermayberelievedofliabilityif
hecanprovethatheisnotinbreachoftheobligations
attachingtohisfunctions.4.AMemberStatemayprovidethatthesupervisory
oradministrative boardofSCEsregisteredinitsterri­
torymayitselfmakecertaincategoriesofoperation
subjecttoauthorization ordeliberationunderthesame
conditionsasthoseapplyingtocooperativesocieties
governedbythelawofthatState.
Article44
(Rightsandobligations)Article47
(ProceedingsonbehalfoftheSCE)
1.Thegeneralmeeting,byamajorityofthevotesof
thememberspresentorrepresented,shalltakethedeci­
siontoinitiateproceedings ,inthenameandonbehalf
oftheSCE,toestablishliabilityunderArticle46(1).
Thegeneralmeetingshallappointaspecialrepresenta­
tivetoconducttheaction.
2.Notlessthanonefifthofthemembersmaylike­
wisedecidetoinitiateproceedingstoestablishliability
inthenameandonbehalfoftheSCE.Theyshall
appointaspecialrepresentative toconducttheaction.1.Withinthescopeofthefunctionsattributedto
thembythisRegulationeachofthemembersofa
boardshallhavethesamerightsandobligationsasthe
othermembersoftheboardofwhichheisamember.
2.Allboardmembersshallcarryouttheirfunctions
intheinterestsoftheSCE,havingregardinparticular
totheinterestsofthemembersandtheemployees .Article48
(Limitationofactions)
NoproceedingsontheSCE'sbehalftoestablishliabil­
itymaybeinitiatedmorethanfiveyearsaftertheact
givingrisetolossordamage.3.Allboardmembersshallexerciseaproperdiscre­
tion,evenaftertheyhaveceasedtoholdoffice,inres­
pectofinformationofaconfidentialnatureconcerning
theSCE.

21.4.92 OfficialJournaloftheEuropeanCommunities NoC99/31
CHAPTER IV
CAPITAL,OWNFUNDSANDBORROWINGArticle52
(Dividend)
Thestatutesmayprovideforthepaymentofadividend
tomembersinproportiontotheirbusinesswiththe
SCE,ortheservicestheyhaveperformedforit,in
accordancewiththelawgoverningcooperativesocie­
tiesintheStateinwhichtheSCEhasitsregisteredoff­
ice.Article49
(Holdersofnon-votingshares)
1.Thestatutesmayprovidefortheissueofshares
whoseholdersaretohavenovotingrights,tobesub­
scribedforbymembersorbynon-membersinterested
intheprogressoftheSCE.
2.Holdersofshareswhichdonotcarryvotingrights
maybegivenspecialadvantages .
3.Thetotalnominalvalueofsuchsharesheldmay
notexceedafigurelaiddowninthestatutes.
4.Thestatutesmustincludeprovisionsensuringthat
theinterestsofholdersofnon-votingsharescanbe
representedanddefended.
Inparticular,thestatutesshallprovideforspecial
meetingsofsuchshareholders .Beforeanydecisionof
thegeneralmeetingistaken,aspecialmeetingmay
stateitsopinion,whichshallbebroughttotheatten­
tionofthegeneralmeetingbytherepresentatives
whichthespecialmeetingappoints.
Thisopinionshallberecordedintheminutesofthe
generalmeeting.Article53
(Legalreserve)
1.Thestatutesshallprovideforthemodeofapplica­
tionofthesurplusforeachfinancialyear.
2.Wherethereisasurplusthestatutesshallrequire
theestablishment ofalegalreservefundedoutofthe
surplusbeforeanyfurtherallocation .
Untilsuchtimeasthelegalreserveisequaltothecapi­
taloftheSCE,theamountallocatedtoitmaynotbe
lessthan15%ofthesurplus.
3.MembersleavingtheSCEshallhavenoclaim
againstthesumsthusallocatedtothelegalreserve.
Article54
(Allocationoftheavailablesurplus)
1.Thebalanceofthesurplusafterdeductionofthe
allocationtothelegalreserveandofanysumspaidout
individends,withtheadditionofanysurplusescarried
overfrompreviousyears,shallconstitutethesurplus
availablefordistribution .Article50
(Non-userinvestormembers)
Wherethestatutesauthorizepersonswhodonotexpect
tousetheSCE'sservicestosubscribeforvotingshares,
thestatutesmaylaydownspecialprovisionsforthe
benefitofsuchnon-usermemberswithregardtothe
distributionofsurpluses .2.Thegeneralmeetingwhichconsiderstheaccounts
forthefinancialyearmayallocatethesurplusinthe
orderandproportionslaiddownbythestatutes,andin
particular :
—carrythemforwardtothenextaccount,
—appropriatethemtoanyordinaryorextraordinary
non-statutoryreservefund,
—provideareturnonpaid-upcapitalandownfunds
andquasi-equity ,paymentbeingmadeincashor
shares.Article51
(Financing)
AnSCEmaymakeuseofallformsoffinancinginthe
Stateinwhichithasitsregisteredofficeunderthesame
conditionsasthoseapplyingtothelegalentitieswhich
foundedit. 3.Thestatutesmayalsoprohibitanydistribution .

NoC99/32 OfficialJournaloftheEuropeanCommunities 21.4.92
hasitsregisteredofficerequiressuchasystemforall
cooperativescoveredbythelawofthatState.
2.InMemberStateswherethelawgoverning
nationalcooperativesocietiesrequiresanauditbyone
ormoreauditbodies,thosebodiesshallbeauthorized
toaudittheconsolidatedaccountsprovidedtheparent
societyhasitsregisteredofficeinoneofthoseStates.CHAPTER V
ANNUALACCOUNTS ,CONSOLIDATED ACCOUNTS
ANDAUDITING
Article55
(Preparationofannualaccountsandconsolidated
accounts)
1.Forthepurposesofdrawingupitsannualaccounts
anditsconsolidatedaccountsifany,includingthe
annualreportaccompanying themandtheirauditing
andpublication,theSCEshallbesubjecttothemea­
suresadoptedintheStateinwhichithasitsregistered
officepursuanttoDirectives78/660/EECand83/
349/EEC.
2.TheSCEmaydrawupitsannualaccounts,andits
consolidatedaccountsifany,inecus.Inthiseventthe
basesofconversionusedtoexpressinecusthoseitems
includedintheaccountswhichareorwereoriginally
expressedinanothercurrencymustbedisclosedinthe
notestotheaccounts .Article59
(Disclosureofaccounts)
Theannualaccounts,theconsolidatedaccountsifany,
dulyapproved,andtheannualreportandauditreport
shallbedisclosedinaccordancewiththemeasures
adoptedbytheMemberStateinwhichtheSCEhasits
registeredofficepursuanttoArticle3ofDirective68/
151/EEC.
Article60
(Creditorfinancialinstitutionsandinsurance
undertakings )
SCEswhicharecreditorfinancialinstitutionsorinsur­
anceundertakingsshallcomply,asregardsthedraw­
ing-up,auditinganddisclosureofannualaccountsand
consolidatedaccounts,withtheruleslaiddownbythe
measuresadoptedintheMemberStateinwhichthe
SCEhasitsregisteredofficepursuanttoDirective86/
635/EEC,or,asthecasemaybe,pursuanttoCouncil
Directive.../.../EECof...[ontheannualaccounts
andconsolidatedaccountsofinsuranceundertakings ]
(')•Article56
(Auditing)
TheannualaccountsoftheSCE,anditsconsolidated
accounts,ifany,shallbeauditedbyoneormoreper­
sonsauthorizedtodosointheMemberStateinwhich
theSCEhasitsregisteredofficeinaccordancewiththe
measuresadoptedinthatStatepursuanttoDirectives
84/253/EECand89/48/EEC.Thosepersonsshallalso
verifythattheannualreportisconsistentwiththe
annualaccounts,andtheconsolidatedaccountsifany,
forthesamefinancialyear.
Article57
(Internalauditbody)
Thestatutesmayprovidefortheestablishment ofan
internalbodywhosemembers,electedfromamongthe
membersoftheSCE,shallberesponsibleforauditing
theSCE'saccountsandmonitoringitsmanagementon
acontinuousbasis.Theyshallreportontheiractivities
eachyeartothegeneralmeeting.Wherethelawofthe
StateinwhichtheSCEhasitsregisteredofficerequires
thattheaccountsofcooperativesocietiesbeauditedby
personsoutsidethesociety,aninternalauditbodycan­
notreplacethepersonsprovidedforbylaw.CHAPTER VI
WINDINGUPANDLIQUIDATION
SectionI
Windingup
Article61
(Windingupbythegeneralmeeting)
1.AnSCEmaybewoundupbyadecisionofthe
generalmeetingorderingitswindingup,takenin
accordancewiththeruleslaiddowninArticle25(5).
However,thegeneralmeetingmaydecide,inaccord­
ancewiththesamerules,toannulthedecisiontowind
up,aslongastherehasbeennodistributiononthe
basisoftheliquidation .Article58
(Systemofauditing)
1.AnSCEmustacceptandsubmittoasystemof
auditingwherethelawoftheStateinwhichtheSCE(')OJNoL

21.4.92 OfficialJournaloftheEuropeanCommunities NoC99/33
3.AnSCEinliquidationshallcontinuetohavelegal
personalityuntiltheconclusionoftheliquidation .
4.Followingtheliquidation,thebooksandrecords
relatingtotheliquidationshallbelodgedattheregister
referredtoinArticle5(3).Anyinterestedpartymay
examinesuchbooksandrecords.2.Themanagement oradministrative boardmust
conveneageneralmeetingtotakeadecisiononthe
windingupoftheSCE:
—wheretheperiodfixedinthestatuteshasexpired,
—wherethesubscribedcapitalhasbeenreduced
belowtheminimumcapitallaiddowninthesta­
tutes,
—wherethedisclosureofaccountshasnottaken
placeintheSCE'slastthreefinancialyears,
—wherethenumberofmembersisbelowthemini­
mumrequiredbythisRegulationorbytheSCE's
statutes,
—onanygroundslaiddowneitherinthelawgovern­
ingthelegalentitieswhichfoundedtheSCE,inthe
StateinwhichtheSCEhasitsregisteredoffice,or
inthestatutes.
Thegeneralmeetingshalldecide:
—eithertowinduptheSCEinaccordancewith
Article25(7),
—or,inaccordancewithArticle25(5),thattheSCE
shallcontinueitsactivities.Article64
(Distribution)
Afterthecreditorshavebeenpaidinfull,andanything
duetodesignatedbeneficiarieshasbeendistributed,
theassetsoftheSCEshall,exceptwhereotherwise
statedinthestatutes,bedistributedbydecisionofthe
generalmeetingeithertootherSCEsorcooperative
societiesgovernedbythelawofaMemberStateorto
oneormorebodieshavingastheirobjectthesupport
andpromotionofcooperativesocieties.
CHAPTER VII
INSOLVENCY ANDSUSPENSION OFPAYMENTS
Article62
(Windingupbythecourt)
Onanapplicationbyanypersonconcernedorany
competentauthority,thecourtoftheplacewherethe
SCEhasitsregisteredofficemustordertheSCEtobe
woundupwhereitfindsthattheregisteredofficehas
beentransferredoutsidetheCommunity ,orthatthe
SCE'sactivitiesarebeingcarriedoncontrarytopublic
policyintheMemberStateinwhichtheSCEhasits
registeredoffice,orinbreachofArticle1(2)or(3)orof
Article9(1).
ThecourtmaygranttheSCEaperiodoftimetorectify
thesituation .Ifitfailstodosowithinthetimeallowed
thecourtshallorderittobewoundup.Article65
(Insolvencyandsuspensionofpayments)
1.TheSCEshallbesubjecttothelawoftheStatein
whichithasitsregisteredofficeinrespectofinsol­
vencyandsuspensionofpayments .
2.Theopeningofinsolvencyorsuspensionofpay­
mentsproceedingsshallbenotifiedbytheperson
appointedtoconducttheproceedingsforentryinthe
registerreferredtoinArticle5(3).Theentryinthe
registershallshowthefollowing :
(a)thenatureoftheproceedings ,thedateoftheorder,
andthecourtmakingit;
(b)thedateonwhichpaymentsweresuspended,ifthe
courtorderprovidesforthis;
(c)thenameandaddressoftheadministrator ,trustee,
receiver,liquidatororanyotherpersonhaving
powertoconducttheproceedings ,orofeachof
themwheretherearemorethanone;
(d)anyotherinformationconsiderednecessary.
3.Wherethecourtfinallydismissesanapplicationfor
theopeningoftheproceedingsreferredtoinparagraph
2owingtowantofsufficientassets,itshall,eitherofits
ownmotionoronapplicationbyanyinterestedparty,
orderitsdecisiontobenotedintheregisterreferredto
inArticle5(3).SectionII
Liquidation
Article63
(Liquidation)
1.ThewindingupofanSCEshallentailitsliquida­
tion.
2.TheliquidationofanSCEandtheconclusionof
itsliquidationshallbegovernedbythelawoftheState
inwhichithasitsregisteredoffice.4.Particularsregisteredpursuanttoparagraphs2and
3shallbepublishedinthemannerreferredtoin
Article6.

NoC99/34 OfficialJournaloftheEuropeanCommunities 21.4.92
TITLEII
FINALPROVISIONS
Article67 Article66
(Penalties)
EachMemberStateshallspecifythepenaltiestobe
imposedinthecaseofbreachoftheprovisionsofthis
Regulationand,whereappropriate ,ofanyrelevant
nationalmeasures;thepenaltiesmustbeeffective,pro­
portionateanddissuasive .ThisRegulationshallenterintoforceon1January
1993.
EachMemberStateshalltakethenecessarymeasures
before1January1993andshallforthwithinformthe
Commission thereof.ThisRegulationshallbebindinginitsentiretyand
directlyapplicableinallMemberStates.

21.4.92 OfficialJournaloftheEuropeanCommunities NoC99/35
ANNEX
LegalentitiesreferredtoinArticle9
InBelgium
cooperativesocietiesgovernedbySections141to164oftheConsolidatedCommercialCompaniesAct;
mutualinsuranceassociationswithinthescopeofSection2oftheInsuranceActof11June1874and
Section11oftheActof9July1975ontheSupervisionofInsuranceUndertakings ;andmutualsocieties
withinthescopeoftheActof6August1990onMutualSocietiesandNationalUnionsofMutualSocie­
ties
InDenmark
cooperativesocietiesandassociationsasdefinedandrecognizedundertheprinciplesformulatedbythe
InternationalCooperativeAlliance(ICA),andentitiessuchastheSupplementary HealthInsurance
Fundandmutualsocieties
InSpain
cooperativeswithinthescopeofActNo3/1987of2April1987;creditcooperativeswithinthescopeof
theActof26May1989;workerslimitedcompanieswithinthescopeoftheActof25April1986;coop­
erativeswithinthescopeofthefollowinglegislationoftheautonomouscommunities :
—Basquecountry:theActof11February1982,
—Catalonia :theActof9March1983,
—Andalusia :theActofMay1985,
—Valencia :theActof25October1985,
andthesocialprovidencebodies,industrialaccidentmutualsocietiesandmutualsocietiesgovernedby
theActof2August1984ontheRegulationofPrivateInsurance
InFrance
cooperativeswithinthescopeoftheCooperativeStatuteof10September1947;mutualinsurancesocie­
tiesgovernedbyR.322-42etseq.oftheInsuranceCode;andmutualsocietiesgovernedbytheMutual
SocietiesCodeof25July1985
InGreece
cooperativeswithinthescopeofActNo1541of1985;andentitieswithinthescopeofthelawon
mutualsocieties
InIreland
cooperativesandothersocietieswithinthescopeoftheIndustrialandProvidentSocietiesActsof1893,
theFriendlySocietiesActs,theamendmenttothe1893IndustrialandProvidentSocietiesAct1978,the
CreditUnionAct1966,publiclimitedcompanies,andtheVoluntaryHealthInsuranceBoardgoverned
bytheVoluntaryHealthInsuranceAct1957
InItaly
cooperativesocietiesandmutualinsurancesocietiesgovernedbyTitleVIoftheCivilCode;thecooper­
ativesreferredtobylegislationandregulationsspecifictocertaincategories;andthemutualinsurance
societiesandmutualsocietieswithinthescopeoftheMutualSocietiesCodeof15April1886

NoC99/36 OfficialJournaloftheEuropeanCommunities 21.4.92
InLuxembourg
cooperativesocietiesgovernedbySections113etseq.oftheCommercialCompaniesActof10August
1915;mutualinsuranceassociationsgovernedbySection2oftheActof16May1891;mutualassist­
ancesocietiesandmutualsocietiesgovernedbytheActof7July1961andtheGrand-DucalRegulation
of31July1961
IntheNetherlands
cooperativeunionsgovernedbyTitleIIIonassociations ,oftheSecondBookoftheCivilCode;mutual
guaranteesocietiesprovidedforintheregulationsonmutualguaranteesocieties;andthehealthinsur­
ancefunds(AssociationofDutchHealthInsurers(VNZ)andtheSilverCross(Zilverenkruis),withinthe
scopeoftheActof1January1966oroftheGeneralActonSpecialHealthExpenses
InPortugal
cooperativesgovernedbyDecree-LawNo454/80of9October1980,andcooperativesreferredtobythe
Codeandgovernedbylawsdealingspecificallywithcertainsectors;mutualsocietiesandassociations
withinthescopeofDecree-LawNo72/90of3March1990;charitableinstitutions(misericordias)within
thescopeofSections167to194oftheCivilCode,onassociationsandfoundations ;andmutualinsur­
ancesocieties
InGermany
cooperativesgovernedbytheActof1May1889(RGB1.S.55)publishedon20May1898(RGB1.S.369,
810)asamendedinparticularbytheAmendingActof8October1973(BGB1.IS.1451)andtheCom­
panyAccountsDirectivesTransposition Actof19December1985(BGB1.IS.2355);mutualinsurance
associationswithinthescopeoftheInsuranceUndertakings SupervisionActof6June1931,as
amendedon1July1990
IntheUnitedKingdom
cooperativesgovernedbytheIndustrialandProvidentSocietiesActs1876;allotherformsofcompany
orpartnershiprecognizedunderthecooperativeprincipleslaiddownbytheInternationalCooperative
Alliance;andsocietieswithinthescopeoftheFriendlySocietiesActs,theBuildingSocietiesActs,and
theCreditUnionsAct1979