SANTO DOMINGO.– The Institute for Cooperative Development and Credit (IDECOOP) warned through a communication to the organization “Cooperativa de Ahorros y Servicios Múltiples Operario SAM” (OPSCOOP), which is not legally incorporated, in accordance with the provisions of Law 127-64 that allows regulating the formation, creation and operations of cooperatives in the Dominican Republic.
IDECOOP, as the supervisory entity of the country’s cooperative sector and in accordance with the power attributed to it by Law 127-64, appointed a committee of technicians made up of those in charge of the legal and inspection departments and the money laundering prevention department. assets and financing of terrorism, in order to investigate the structure, operations and background of the organization.
Below is the statement from IDECOOP
IDECOOP advises the organization to stop using the name and symbols of cooperatives, since it is not a legally incorporated cooperative.
The Institute of Development and Cooperative Credit (IDECOOP), warned through a communication to the organization “Cooperativa de Ahorros y Servicios Múltiples Operario SAM” (OPSCOOP), which is not legally incorporated, in accordance with the provisions of Law 127-64 that allows regulating the formation, creation and operations of cooperatives in the Dominican Republic.
IDECOOP, as the supervisory entity of the country’s cooperative sector and in accordance with the power attributed to it by Law 127-64, appointed a committee of technicians made up of those in charge of the legal and inspection departments and the money laundering prevention department. assets and financing of terrorism, in order to investigate the structure, operations and background of the organization.
As a result of the results of the investigation, IDECOOP proceeded to formally communicate to the directors of the aforementioned organization, the following aspects that are contrary to Law No.127-64.
«Your group is using the symbols and emblem of cooperatives, without being authorized for not being incorporated, in clear violation of Law No.127-64 which in its article 3 states textually:” It is prohibited for companies and individuals not subject to the provisions of this Law, use the words “Cooperatives, Cooperativism, Cooperation or Cooperators” in their company name; in the case at hand, they make use of the name and symbol of cooperativism.
In this sense, it calls on the aforementioned organization not to continue using the symbols that identify the cooperatives formally incorporated by decree, and consequently warns that if the indicated practice continues, IDECOOP will take the pertinent actions, since the government The development of the sector is a priority in adherence to the principles of solidarity and respect for the rules that govern it and in accordance with the arts. 68, 69 and 70 of the Law of Cooperative Associations.
For all of the foregoing, and regarding the power attributed to it by Law No. 127-64 on Cooperative Associations and its implementing regulations, Law No. 31-63 creating the Cooperative Credit Development Institute (IDECOOP) and other regulations laws applicable to the matter, we have decided the following:
By ADMINISTRATIVE DECISION, IDECOOP has proceeded to render void and without any legal value the incorporation process that we were carrying out, in favor of the request of COOPERATVA DE AHORROS Y SERVICIOS MULTIPLES OPERARIO SAM (OPSCOOP); being strictly prohibited from continuing to use the name and symbology of cooperatives, to the detriment of the provisions of arts. 3, 7, 8 and 9 of Law No. 127-64 on cooperative associations and its application regulations.
