GENERAL LAW OF COOPERATIVE SOCIETIES

GENERAL LAW OF COOPERATIVE SOCIETIES

Official Journal of the Federation August 3, 1994

Last reform published DOF August 13, 2009

On the sidelines a seal with the National Shield, which reads: United Mexican States.-Presidency of the Republic.

CARLOS SALINAS DE GORTARI, Constitutional President of the United Mexican States, to its inhabitants known:

That the H. Congress of the Union has served to address the following

D E C R E T O

" THE CONGRESS OF THE MEXICAN UNITED STATES, D E C R E T A:

COOPERATIVE SOCIETIES GENERAL LAW

Title I

Single Chapter

General Provisions

Article 1o.- This Law is intended to regulate the constitution, organization, operation and extinction of Cooperative Societies and their bodies in which they are freely grouped together, as well as the rights of the Partners.

Its provisions are of public order, social interest and general observance in the national territory.

Article 2.- Cooperative society is a form of social organization composed of individuals based on common interests and principles of solidarity, self-effort and mutual assistance, for the purpose of satisfying individual and collective needs, through the realization of economic activities of production, distribution and consumption of goods and services.

Article 3.- For the purposes of this Act, it is understood by:

I.- Cooperative agencies, unions, federations and confederations that integrate cooperative societies, and

II.- Cooperative System, to the economic and social structure of cooperative societies and their organizations. The Cooperative System is an integral part of the National Cooperative Movement.

Article 4.- The National Cooperative Movement comprises the Cooperative System and all organizations and institutions of technical assistance of cooperativism at the national level. Its highest representative will be the Superior Council of Cooperativism.

Article 5.- Cooperative acts are considered to be related to the organization and internal functioning of cooperative societies.

Article 6.- Cooperative societies shall observe in their operation the following principles:

I.- Freedom of association and voluntary withdrawal of partners;

II.- Democratic administration;

III.- Limitation of interest to some contributions from partners if it is agreed;

IV.- Distribution of the returns in proportion to the participation of the partners;

V.- Promoting Cooperative Education and Education in Solidarity Economy;

VI.- Participation in cooperative integration;

VII.- Respect to the individual rights of the members of any political party or religious association, and

VIII.- Promotion of ecological culture.

Article 7.- The total amount of contributions that foreign nationality partners make to the capital of cooperative societies cannot exceed the maximum percentage established by the Law Foreign Investment.

Foreigners will not be able to fill positions of management or administration in cooperative societies, in addition to the fact that they will have to comply with the provisions of Article 27 of the Constitutional Treaty.

Article 8.- Cooperative societies may freely dedicate themselves to any lawful economic activities.

Article 9.- Except as provided by the laws governing specific matters, for the knowledge and resolution of disputes arising in connection with the application of this law, they shall be competent civil courts, both federal and common law courts.

Unless otherwise agreed, the actor will be able to choose the court that will know about the case, except that one of the parties is a federal authority, in which case only the Federal courts.

Article 10.- Companies that simulate the creation of cooperative societies or misuse the names referred to therein shall be null and void in full and shall be subject to the sanctions to be imposed by the respective laws.

The provisions of the General Law on Companies in which they do not know will be applied as an additional legislation in the field of cooperative societies. object to the nature, organization and operation of those.

Title II

Chapter I

Of constitution and record

Article 11.- In the constitution of cooperative societies the following shall be observed:

I.- One vote per partner is recognized, regardless of their contributions;

II.- They will be variable capital;

III.- There will be essential equality in rights and obligations of partners and equal conditions for women;

IV.- They will have indefinite duration, and

V.- They shall be integrated with a minimum of five Partners, with the exception of those referred to in Article 33 Bis of this Act.

Article 12.- The constitution of cooperative societies shall be held in general assembly held by the interested parties, and a record shall be drawn up containing:

I. General data of the founders;

II. Name of people who have been elected to first integrate tips and commissions, and

III. The constitutive bases.

The partners will have to prove their identity and ratify their will to constitute the cooperative society and to be their signatures or the fingerprints that they work in the constitutive act, before a notary public, public corridor, district judge, judge of first instance in the same matter of the common jurisdiction, municipal president, secretary, municipal delegate or holder of the political-administrative organs of the Federal District, of the place where the cooperative society has its registered office.

Article 13.- As of the moment of signing of its constituent act, cooperative societies will have legal personality, have their own assets and will be able to hold acts and contracts, thus how to freely associate with others to achieve their social object.

The constituent act of the cooperative society concerned shall be entered in the Public Registry of Commerce corresponding to its registered office.

Article 14.- Cooperative societies may adopt the partners ' limited or supplemented liability regime.

The liability will be limited, when the partners will only be obliged to pay the contribution certificates they have subscribed. It shall be supplemented, where the partners are responsible for social operations, up to the amount determined in the constituent minutes.

Article 15.- The system of liability of the members to be adopted shall take effect from the registration of the constitutive act in the Public Registry of Commerce. In the meantime, all the partners will respond in a subsidiary manner to the social obligations that have been generated prior to the registration.

Persons who carry out legal acts as representatives or leaders of a cooperative society not registered in the Public Registry of Commerce, will respond to the fulfillment of the social obligations against third parties, subsidiary, jointly and severally, without prejudice to the criminal liability in which they have incurred.

Article 16.- The constitutive bases of cooperative societies will contain:

I.- Denomination and registered address;

II.- Social object, specifically expressing each of the activities to be developed;

III.- The limited or supplemented liability regimes of your partners, and must express in their denomination the adopted regime;

IV.- Form of constituting or increasing social capital, expression of the value of the certificates of contribution, form of payment and return of their value, as well as the valuation of the goods and rights in the case of being supplied;

V.- Requirements and procedure for the voluntary admission, exclusion and separation of partners;

VI.- How to constitute social funds, their amount, their object, and rules for their application;

VII.- Work areas to be created and rules for their operation and in particular cooperative education under the terms of Article 47 of this Law;

VIII.- Duration of the social exercise that may coincide with the calendar year, as well as the type of record and accounting books to be taken;

IX.- The way in which you will be able to manage your personnel with funds and assets in your office;

X.- The procedure for convening and formalizing the ordinary general assemblies to be held at least once a year, as well as the extraordinary ones to be held at any time the General Assembly, the Board of Directors, the Supervisory Board or 20% of the total members;

XI.- Rights and obligations of partners, as well as reconciliation and arbitration mechanisms in case of conflict over the particular;

XII.- Forms of internal management and administration, as well as their attributions and responsibilities, and

XIII.- The other provisions necessary for the proper functioning of the cooperative society provided that they do not object to the provisions of this law.

The clauses of the constitutive bases that do not adhere to the provisions of this law, will be null and void for all legal effects.

Article 17.- The offices in charge of the Public Registry of Commerce, must issue and forward free, to the Secretariat of Social Development, certified copy of all the documents that are the subject of registration by cooperative societies, as well as the information requested by the agency itself, in order to integrate and keep up to date the national statistics of cooperative societies.

Article 18.- The registration shall not be granted to cooperative societies of state participation, if the appropriate authority does not manifest that there is agreement with the society concerned, for give in administration the elements necessary for the production.

Article 19.- For the modification of the constitutive bases, the same procedure must be followed that indicates this Law for the granting of the constitutive act and must be registered in the Register Public of Commerce.

Article 20.- The surveillance of cooperative societies will be carried out by local or federal agencies that, according to their powers, should intervene in their proper functioning.

Chapter II

Of the various classes and categories of cooperative societies

Article 21.- Forman part of the Cooperative System the following classes of cooperative societies:

I.- Consumers of goods and/or services, and

II.- Of goods and/or services producers, and

III.- Saving and lending.

Article 22.- Are cooperative societies of consumers, those whose members are associated with the purpose of obtaining in common articles, goods and/or services for them, their homes or their activities production.

Article 23.- Consumer cooperative societies, regardless of the obligation to distribute items or assets of the partners, will be able to perform operations with the general public. provided that consumers are allowed to join them within the time limit laid down by their constituent bases. Such cooperatives shall not require more authorisations than those in force for the specific economic activity.

Article 24.- The surplus in the consumer cooperative societies that report the annual balance sheets will be distributed due to the acquisitions that the partners have made during the Fiscal year.

Article 25.- In case the buyers who speak Article 23 of this Law, will enter as partners to the consumer cooperative societies, the surpluses generated by their purchases, apply to cover and pay your contribution certificate. If the non-associated buyers do not withdraw the surplus to which they are entitled within one year or have submitted applications for entry to the cooperatives, the corresponding amounts shall apply to the reserve or education funds. cooperative, as determined by the constitutive bases of such companies.

Article 26.- Consumer cooperative societies will be able to engage in supply and distribution activities as well as delivery of services related to education or housing.

Article 27.- They are cooperative societies of producers, those whose members are associated to work in common in the production of goods and/or services, contributing their personal, physical or intellectual. Regardless of the type of production they are engaged in, these companies may store, maintain, transport and market their products, acting in the terms of this Law.

Article 28.- Annual returns that report the balance sheets of cooperative producer societies will be divided according to the work contributed by each partner during the year, taking into account The work can be evaluated on the basis of the following factors: quality, time, technical and school level.

Article 29.- In the cooperative societies of producers whose technological complexity warrants it, there must be a Technical Commission, composed of the technical staff appointed by the Board of Directors and by a delegate from each of the areas of work in which the production unit may be divided. The functions of the Technical Commission shall be defined in the constituent bases.

Article 30.- The following categories of cooperative societies are established:

I.- Ordinary, and

II.- State participation. For this purpose, the State may give in concession or administration goods or services to the cooperative societies, in the terms that they indicate in the respective laws.

Article 31.- These are ordinary cooperative societies, which in order to function require only their legal constitution.

Article 32.- They are cooperative societies of state participation, which are associated with federal, state, municipal or local authorities. political-administrative bodies of the Federal District, for the exploitation of production units or public services, given in administration, or to finance economic development projects at local, regional or national levels.

Article 33.- Cooperative Societies that are intended to carry out savings and loan activities shall be governed by this Law, as well as by provided by the Law to regulate the Activities of the Cooperative Savings and Loan Societies.

It will be understood as saving, attracting resources through savings deposits of their Partners; and as loan, placement and delivery of the resources captured among their same Partners.

Article 33a.- The Cooperative Savings and Loan Companies will be constituted with a minimum of 25 Partners.

Article 33 Bis 1.- The constitutive bases of the Cooperative Savings and Loan Societies, in addition to the provisions of Article 16 of the Law, they should set the following:

I. The procedure for the election of advisers and the appointment of first-level officials;

II. The requirements to be met by persons who are elected as advisers and appointed as civil servants;

III. The obligations of the members, as well as the obligations of the first level officials;

IV. The general guidelines and objectives of the training programs that will be provided to elected persons as counselors and designated as officials; taking into account the complexity of the operations and the region in which the Cooperative Savings and Loan Company, and

V. Where appropriate, the geographical area in which they would operate.

Article 33 Bis 2.- The terms box, popular box, cooperative box, savings box, solidarity box, community box, savings cooperative and credit, savings and loan cooperative or others that express similar ideas in any language, which allows to assume the realization of savings and loan activities, can only be used in the name of the Cooperative Savings Societies and Loan, or in their cooperative bodies, either as words simple or as part of compound words.

The savings banks mentioned in the labor legislation will not be subject to the provisions of this Law.

Article 33 Bis 3.- Only the Cooperative Savings and Loan Societies may perform operations involving the collection and placement of resources in the terms established in this Law and in the Law to regulate the Activities of the Cooperative Societies of Savings and Loan, therefore it is forbidden to the Cooperative Societies of Production and Consumers to constitute sections of savings and loans.

Chapter III

Of operation and administration

Article 34.- The management, management and internal surveillance of Cooperative Societies, in general, will be in charge of the following bodies:

I.- The General Assembly;

II.- The Board of Directors;

III. The Supervisory Board;

IV. The committees and committees that this Law establishes and the other committees designated by the General Assembly, and

V. With regard to the Cooperative Savings and Loan Societies, in addition to the aforementioned bodies, in the preceding fractions I to IV, they shall, at least with:

a) Credit Committee or its equivalent;

b) Risk Committee;

c) A director or general manager, and

d) An Internal Auditor.

The Law to Regulate the Activities of the Cooperative Savings and Loan Societies, may establish exceptions to the established fraction, depending on the size and operation level of the Cooperative.

General.

Article 35.- The General Assembly is the supreme authority and its agreements oblige all members, present, absent and dissenters, to have taken in accordance with this Law and the bases. constitutive.

Article 36.- The General Assembly will resolve all business and issues of importance to the cooperative society and establish the general rules that should govern social functioning. In addition to the powers granted to it by this Law and the constitutive bases, the General Assembly will know and resolve:

I.- Acceptance, exclusion, and voluntary separation of partners;

II.- Modification of the constitutive bases;

III.- Approval of systems and plans for production, work, distribution, sales, and financing;

IV.- Increase or decrease in equity and share capital;

V.- Appointment and removal, on the grounds of justification, of the members of the Board of Directors and of the Supervisory Board; of the special commissions and of the contract specialists;

VI.- Internal Accounting System Review;

VII.- Reports from councils and qualified majorities for agreements to be made on other matters;

VIII.- The responsibility of the members of the councils and the commissions, for the purpose of requesting the application of the penalties in which they incur, or to make the corresponding complaint or complaint;

IX.- Application of disciplinary penalties to partners;

X.- Rebirth of yields, surpluses, and the perception of advances between partners, and

XI.- Approval of the ecological type measures that are proposed.

The agreements on the matters referred to in this article shall be taken by a majority of votes in the General Assembly. In the constituent bases, the cases in which a qualified majority is required may be established.

In the case of the Cooperative Savings and Loan Societies, the General Assembly will also know and resolve in the same terms as stated in the Previous paragraph, those matters set out in the Law to Regulate the Activities of the Cooperative Savings and Loan Societies.

Article 37.- The ordinary or extraordinary general assemblies shall be convened in the terms of the X fraction of Article 16 of this Law, with at least 7 calendar days in advance. The call must be displayed in a visible place of the registered office of the cooperative society, which must contain the respective order of the day; it will also be disseminated through the most appropriate local organ, giving preference to the newspaper, where it exists at the place of the cooperative's registered office. If they have subsidiaries in different places, it will be spread in those places. Each partner shall be convened in direct written form, when determined by the General Assembly.

If the number of partners in the first call is not attended, it will be convened for the second time with at least 5 calendar days in advance on the same terms and may be held in this case, with the number of partners that are present, the agreements that are made are valid, as long as they are attached to this Law and to the constitutive bases of the cooperative society.

Article 38.- They will be causes of exclusion for a partner:

I.- Perform your tasks without the required intensity and quality;

II.- The lack of compliance in a consistent manner with any of its obligations established in the constitutive bases, without justified cause, and

III.- Infringement of the provisions of this Law, of the constitutive bases or of the regulation of the cooperative society, the resolutions of the General Assembly or the agreements of the Board of Directors or their managers or commissioners.

The partner who will be subject to a process of exclusion will be notified in writing in a personal manner, explaining the reasons and grounds for this determination, granting him the 20-day term. natural to express in writing what is appropriate to the Board of Directors or to the Commission of Conciliation and Arbitration if it exists, in accordance with the provisions of the constitutive bases or the rules of procedure of the cooperative society.

When a partner considers that its exclusion has been unjustified, it may occur in the courts that Article 9 of this Law states.

Article 39.- The constitutive bases may authorize the vote by letter of power granted to two witnesses, and the representation, in a co-associate, must be the case without the latter being able to represent more than two partners.

Article 40.- When members pass from five hundred or reside in localities other than that in which the assembly is to be held, it may be carried out with partner delegates, elected by each of the work areas. The delegates shall be appointed to each assembly and when they represent foreign areas, they shall carry out written mandate on the various matters contained in the call and having as many votes as members represent. The constituent bases shall lay down the procedure for each section or area of work to appoint its delegates in an assembly.

Article 40 Bis.- Alternatively as set forth in Articles 39 and 40 of this Law, the Cooperative Savings and Savings Societies Loan, they may establish in their constitutive bases the participation of delegates elected by the Partners to attend the assemblies referred to in this Law, representing the members themselves. The system for the election of delegates to the effect of which is established in its constituent bases, shall ensure the representation of all the Partners in a proportional manner based on the areas or regions in which the branches or other branches are grouped. operating units.

Article 41.- The Board of Directors will be the executive body of the General Assembly and will have the representation of the cooperative society and the social firm, being able to designate among the partners or non-associated persons, one or more managers with the faculty of representation assigned to them, as well as one or more commissioners who are responsible for administering the special sections.

Article 42.- The appointment of the members of the Board of Directors shall be done by the General Assembly in accordance with the system established in this Law and in its constituent bases. Their temporary faults will be replaced in the progressive order of their designations, and may last in their posts, if the General Assembly approves it for up to five years and be re-elected when at least two-thirds of the General Assembly is approve.

Dealing with the Cooperative Savings and Loan Societies, the advisors will be able to serve for a period of up to five years, as set out in their constitutional bases, with the possibility of a single reelection, when it is approved by at least two-thirds of the General Assembly.

To ensure continuity in the decision-making processes of the Board of Directors, in the constitutive bases of the Cooperative establish a system of cyclical and partial renewal of its members.

Article 43 Bis.- Advisers must meet the following requirements:

I. To credit the experience and the minimum knowledge in financial and administrative matters, establish the Cooperative itself in its bases constitutive;

II. Do not simultaneously hold another position as a leader, official or employee in the Cooperative in question, as well as in other Cooperatives other than Integration Agencies;

III. Not being disabled to exercise commerce;

IV. Not being sentenced for property intentional offenses;

V. Do not have pending litigation with the Cooperative;

VI. Not having concluded with the Cooperative, directly or indirectly, contracts for works, services, supplies or any other of nature analogous, or participate in companies with which the Cooperative celebrates any of the above mentioned acts;

VII. Do not hold a public office of popular choice or party leadership;

VIII. Not being disabled to exercise any office, commission or employment in the federal, state or municipal public service, or in the system Mexican financial;

IX. Not having parentage by consanguinity to first degree, affinity to second grade, or civil with the director or general manager, or with one of the members of the Board of Directors or of the Cooperative, and

X. Other than this Act, the assembly or the constituent bases of the Cooperative shall determine.

The General Assembly shall be aware of the profile of the candidates to be held as advisers, and the documentation shall be submitted for consideration; information to be determined by the same Assembly in the constituent bases, to assess the candidates ' good repute, credit history and business experience.

Article 43 Bis 1.- These are the powers and inselectable obligations of the Board of Directors of the Cooperative Savings and Loan Societies:

I. Establish the general policies of the Cooperative administration, as well as the policies for granting loans;

II. Agree to the creation of the committees that are necessary for the proper development of the operations of the Cooperative;

III. Authorize the regulations that the respective committees propose and those that the council itself determines;

IV. To instruct and approve the administration and operation manuals, as well as the activity programs;

V. Authorize operations that, according to the Cooperative's constitutive bases and their amount or importance, need such authorization;

VI. Approve and make the General Assembly's knowledge of the financial statements of the financial year;

VII. Inform the assembly about the results of its management at least once a year;

VIII. Understand the observations that are flagged by the Surveillance Board;

IX. Name the director or general manager and agree to his removal, in the latter case after the opinion of the Supervisory Board, according to the the procedure to establish the constituent bases of the Cooperative.

The Board of Directors shall be aware of the profile of the candidate or general manager and shall be subject to the documentation and information, to the effect that the council determines and allows for the evaluation of the candidates ' good repute, technical capacity, credit and business history;

X. Grant the necessary powers to the director or general manager as well as to the officials and persons required, for due Operation of the Cooperative. These powers may be revoked at any time;

XI. Approve the strategic plans of the Cooperative, as well as the annual plans and budgets, owing to the consideration of the General Assembly, and

XII. Other than this Law, the assembly or the constituent bases of the Cooperative shall determine.

Article 44.- The agreements on the administration of the company shall be taken by a majority of the members of the Board of Directors. Matters of procedure or of minor importance shall be dealt with by the members of the Council, acting in accordance with their duties and under their responsibility, and shall account for the use of this power at the next Council meeting.

Article 45.- The Supervisory Board shall be composed of an odd number of members not greater than five with equal number of alternates, who shall hold the positions of president, secretary and voice, appointed in the same way as the Board of Directors and with the duration laid down in Article 42 of this Law.

In the event that the election of the Board of Directors has been made, a minority representing, at least one third of the vote of the assembly, the Council of Surveillance will be designated by the minority.

The members of the commissions established by this Law and the other members appointed by the General Assembly shall last in their position at the same time as those of the Boards of Directors and Surveillance.

Dealing with cooperative societies that have ten or fewer partners, it will be enough to appoint a monitoring commissioner.

Article 45 Bis.- Dealing with the Cooperative Savings and Loan Societies, the Supervisory Board will be the body responsible for monitoring the Internal functioning of the Cooperative, as well as compliance with its statutes and other applicable regulations, shall be composed of no less than three persons and no more than seven, who shall be appointed and, if necessary, removed by the General Assembly, who shall must comply with the requirements laid down in Article 43 Bis.

Members of the Supervisory Board shall act for a period of up to five years, as laid down in their constituent bases, with the possibility of Re-election only when it is approved by at least two-thirds of the General Assembly.

To ensure continuity in the decision-making processes of the Supervisory Board, in the constitutive bases of the Cooperative establish a system of cyclical and partial renewal of its members.

Article 46.- The Supervisory Board shall exercise supervision over all activities of the cooperative society and shall have the right of veto for the sole purpose of the Board of Directors reconsider the vetoed resolutions. The right of veto shall be exercised before the Chairman of the Board of Directors in a verbal form and shall be immediately implemented in writing within 48 hours of the decision in question. If necessary, in the terms of this Law and its rules of procedure, it will be convened within the next 30 days, to an extraordinary General Assembly to be called upon to resolve the conflict.

Article 46 Bis.- The Supervisory Board of the Cooperative Savings and Loan Societies will have the following powers and obligations:

I. Attend with voice, but no vote to the sessions of the Board of Directors;

II. To request the Board of Directors, the Director or General Manager, the Cooperative Committees, the information it requires for the correct performance of your functions;

III. Request the external auditor for information about the audit development and results;

IV. To convene an ordinary and/or extraordinary assembly in the absence of a call issued by the Board of Directors, in terms of set out in Article 37;

V. If applicable, issue the opinion referred to in Article 43 Bis 1, fraction IX;

VI. To monitor that the acts and decisions of all the organs of the Cooperative are carried out in accordance with the constitutive bases of the same and the applicable normativity;

VII. Present an annual report on its management to the assembly;

VIII. Report to the assembly on irregularities detected in the operation of the governing bodies of the Cooperative;

IX. Monitor that the observations made are addressed and the detected irregularities are corrected;

X. Where appropriate, recommend to the assembly and justify the acceptance or rejection of the financial statements of the financial year and of the report of the Administration, and

XI. Other than this Law, the assembly or the constituent bases of the Cooperative shall determine.

Article 46 Bis 1.- The director or general manager of the Cooperative Savings and Loan Societies must meet the following requirements:

I. Contar with basic knowledge in financial and administrative matters, that the Cooperative Society itself establishes in its bases constitutive;

II. Do not have any of the impediments that to be a counselor points to Article 43 Bis of this Law, except as stated in the fraction IX;

III. Do not have kinship for consanguinity to first degree, affinity to second grade, or civil with any of the Council members Administration or Cooperative Surveillance, and

IV. Other than this Law, the assembly or the constituent bases of the Cooperative Society shall determine.

The General Assembly shall be aware of the candidate's profile to be a director or general manager and shall be subject to consideration by the General Assembly. documentation and information, to be determined by the same Assembly and to assess the candidates ' good repute, technical capacity, credit and business history.

Article 46 Bis 2.- The director or general manager of the Cooperative Savings and Loan Societies will have the following powers and obligations:

I. Attend, with voice but no vote, to the sessions of the Board of Directors and the Cooperative Committees;

II. Represent the Cooperative in the acts that determine the constitutive bases of the Cooperative, or the Board of Directors;

III. Apply the policies established by the Board of Directors or the other committees of the Cooperative, acting at all times with attachment to the constitutive bases of the same and the applicable normativity;

IV. Present to the General Assembly of Partners an annual report on their management;

V. Present to the Board of Directors on the occasion of their regular meetings, the reports on the financial and administrative situation keeps the Society;

VI. Prepare and propose for approval to the Board of Directors, the plans and the budget for each financial year;

VII. Submit monthly to the Board of Directors, on the occasion of their regular meetings, the financial statements for approval;

VIII. Apply the regulations and operational manuals, and propose to the Board of Directors the necessary adjustments and modifications to the same;

IX. To monitor the correct elaboration and updating of the books and accounting and social records of the Cooperative, and

X. Other than this Act, the assembly, the constituent bases or the Board of Directors of the Cooperative shall determine.

Article 46a 3.- The Savings and Loan Cooperative Societies shall at least have the following Committees, with the exception of exceptions provided for in Article 46 (3). the last paragraph of Article 34 of this Law:

I. Credit Committee or its equivalent, which will be responsible for analyzing, and where appropriate, approving credit claims that present the Partners to the Cooperative, as well as the conditions under which they are granted, according to the manuals and policies that have been approved by the Board of Directors, and

II. Risk Committee, which will be responsible for identifying and measuring risks, monitoring its impact on the operation and controlling its effects on the surplus and value of the social capital of the Cooperative.

Such committees shall be composed of no less than three persons and no more than seven, who shall not have any of the impediments to be counseled points out Article 43 Bis of this Law, with the exception of fraction II, as long as there is no conflict of interest.

The members of these Committees shall be appointed or removed by the Board of Directors. Where any of the latter fails to fulfil their duties or are detected irregularities in their performance, the Director or General Manager shall propose their removal to the Board of Directors.

The Board of Directors shall issue the regulations and operational manuals to which the committees referred to in this Article shall comply.

Article 47.- In all the cooperative societies that this Law mentions, cooperative education and the relative economy will be obligatory. To this end, the programs and strategies to be implemented will be defined in the General Assembly.

Article 48.- Cooperative societies will have the areas of work that are necessary for the best organization and expansion of their cooperative activity.

Chapter IV

The Economic Regime

Article 49.- The capital of the cooperative societies will be integrated with the contributions of the partners and with the returns that the General Assembly agrees to increase, in addition to to consider the provisions of Article 63 of this Law.

Article 50.- Contributions may be made in cash, property or work; they shall be represented by certificates which shall be nominative, indivisible and of equal value, which shall be updated annually.

The valorization of non-cash contributions will be made in the constitutive bases or at the time the partner is entered by agreement between the latter and the Board of Directors, with the approval of the General Assembly at the time.

The partner will be able to pass on the property rights that cover his or her certificates of contribution, in favor of the beneficiary that he designates in the case of his death. The constituent bases of the cooperative society shall lay down the conditions for the granting of cooperative rights to the beneficiary.

Article 51.- Each partner must contribute at least the value of a certificate. The subscription of surplus or voluntary certificates for which the interest to be fixed by the Board of Directors in accordance with the economic possibilities of the cooperative society, taking as a reference the rates, may be agreed. determining the banks for fixed-term deposits.

When the cooperative society is established or when the partner enters it, it will be mandatory to display 10% at least of the value of the contribution certificates.

Article 52.- When the General Assembly agrees to reduce the capital that is judged to be surplus, the return will be made to the partners with the highest number of contributions or pro rata certificates. all are holders of an equal number of certificates. When the agreement is in the sense of increasing the capital, all the partners will be obliged to subscribe to the increase in the form and terms agreed by the General Assembly.

Article 53.- Cooperative societies may constitute the following social funds:

I.- Reserve;

II.- Social Forecast, and

III.- Cooperative Education.

Article 54.- The Reserve Fund shall be made up of 10 to 20% of the income earned by cooperative societies in each social year.

Article 55.- The Reserve Fund may be delimited in the constitutive bases, but it will not be less than 25% of the share capital in the cooperative societies of producers and 10% in the consumers. This fund may be affected when the company so requires to deal with the losses or to restore working capital, which must be reintegrated at the end of the social year, with the result of the income.

Article 55 Bis.- In the Savings and Loan Cooperative Societies, the reserve fund must be at least ten percent of the surpluses, which are obtained in each social year, up to an amount equal to, at least, ten percent of the total assets of the Company. This fund may be affected, upon a decision of the General Assembly, when required by the Company to deal with the losses or to restore the working capital, and must be reintegrated into subsequent financial years, with the excess of the surplus. Working capital shall mean the difference between assets and liabilities within a period of less than one year.

Article 56.- The Reserve Fund of cooperative societies shall be managed by the Board of Directors with the approval of the Supervisory Board and may dispose of it for the purposes of which it is consign in the previous article.

Article 57.- The Social Welfare Fund may not be limited; it must be allocated to reserves to cover occupational risks and diseases and to form pension funds and retirement assets. partners, seniority premiums and for various purposes covering: medical and funeral expenses, disability allowances, educational grants for partners or their children, childcare, cultural and sporting activities and other benefits social provision of a similar nature. At the beginning of each financial year, the General Assembly shall set the priorities for the implementation of this Fund in accordance with the economic prospects of the cooperative society.

The benefits derived from the Social Security Fund will be independent of the benefits to which the partners are entitled for their affiliation to the social security systems.

Cooperative societies in general must compulsorily affiliate their employees, and partners who contribute their personal work, to social security systems, and to implement the safety and hygiene at work, as well as training and training, enjoying the benefit expressed in Articles 116 and 179 of the Social Security Law.

Article 58.- The Social Security Fund will be constituted with the annual contribution of the percentage, which on net income, will be determined by the General Assembly and will be applied in the terms of the previous article. This percentage may be increased according to the probable risks and the economic capacity of the cooperative society.

Article 59.- The Cooperative Education Fund will be constituted with the percentage agreed by the General Assembly, but in any case percentage shall not be less than 1% of the net surplus of the month.

Article 60.- Cooperative societies, may receive from natural and moral persons, public or private, national or international, donations, subsidies, inheritances and legacies to increase their heritage.

Article 61.- The surpluses of each annual social year are the difference between assets and liabilities minus the sum of the share capital, reserves and accumulated returns of previous years, the which shall be entered in the annual balance sheet to be submitted by the Management Board to the General Assembly. The same procedure shall be observed if the abovementioned balance sheet reports losses.

Article 62.- year cooperative societies may revalue their assets, in the corresponding legal terms. The General Assembly will determine in relation to the increases, the percentage that will be allocated to the increase to the social capital and the one that will be applied to the social reserves.

Article 63.- Cooperative societies may issue contributions certificates for risk capital for a given time.

Chapter V

Partners

Article 64.- This Law and the constitutive bases of each cooperative society will determine duties, rights, contributions, causes of exclusion of partners and other requirements. In any case, the following provisions should be observed:

I.- The obligation to consume or use the services that consumer cooperative societies provide to their partners;

II.- In cooperative societies of producers, the delivery of the partners ' personal work may be physical, intellectual or both genera;

III.- The sanctions against the cooperative societies ' partners when they do not attend the general assemblies, meetings or meetings established by this Law; they shall consider the Women's own responsibilities and activities;

IV.- Sanctions against the lack of honesty of partners and leaders in their conduct or in the management of funds entrusted to them;

V.- Stimulus to partners who are fully compliant with their obligations, and

VI.- The opportunity to enter women, in particular those who have a family under their responsibility.

Article 65.- Cooperative societies of producers may rely on salaried staff only in the following cases:

I.- When the extraordinary or unforeseen circumstances of the production or services require it;

II.- For the execution of certain works;

III.- For any given or determined or undetermined time, other than those required by the social object of the cooperative society;

IV.- For temporary replacement of a partner for up to six months in a year, and

V.- For the need to incorporate highly qualified specialized personnel.

When the company requires expansion needs to admit more partners, the Board of Directors will have the obligation to issue a call for such an effect, with preference for this. workers, who will be valued for their seniority, performance, capacity and in their case for their specialization.

In the face of a non-conformity in the selection, the affected person will be able to go before the Commission of Conciliation and Arbitration of the own cooperative society if there is, the one that will have to resolve it in writing in a a term of no more than 20 calendar days, regardless of the legal action to be taken.

Article 65a.- Cooperative Savings and Loan Societies in their constituent bases shall provide that the Partners may apply for the withdrawal of their contributions and savings in the Company at any time, provided that there are no outstanding active transactions, in which case they must be settled in advance.

It will also be established that, in the event that several of the Partners request at the same time the withdrawal of their contributions and savings, the Cooperative may set deadlines for the delivery of the requested amounts, in accordance with the availability of working capital and the capitalization index to be maintained by the Company.

Chapter VI

Dissolution and Settlement

Article 66.- Cooperative societies will be dissolved by any of the following causes:

I.- By the will of the two-thirds of the partners;

II.- By decreasing partners to less than five;

III.- Because you get to consume your object;

IV.- Because the economic status of the cooperative society does not allow operations to continue, and

V.- By the enforceable decision rendered by the courts that points to Article 9 of this law.

Article 67.- In the event that cooperative societies wish to become another type of company, they must be dissolved and settled in advance.

Article 68.- The jurisdictional bodies referred to in Article 9 of this Law shall be aware of the liquidation of cooperative societies.

Article 69.- Within a period of no more than thirty days after the liquidators have taken office, they shall submit to the courts referred to in Article 9 of this Regulation. Law, a project for the liquidation of the cooperative society.

Article 70.- The jurisdictional bodies referred to in Article 9 of this Law will resolve within the next ten working days on the approval of the project.

Article 71.- The courts referred to in Article 9 of this Law and the liquidators, who will be considered as part of the settlement process, will monitor that the Reserve and Social Security and in general the assets of the dissolved cooperative society have their application in accordance with this Law.

Article 72. In cases of bankruptcy or suspension of payments by Cooperative Societies, the courts referred to in Article 9 Apply the Law of Commercial Concourses.

Article 73.- When two or more cooperative societies merge to integrate a single, the merging company that results from the merger, will take over the rights and obligations of the companies. merged.

For the merger of several cooperative societies, the same procedure that this law establishes for its constitution must be followed.

Title III

Chapter I

From the cooperative bodies

Section I

Of Cooperative Bodies of Cooperative Production and Consumption Societies

Article 74.- Production and consumption Cooperative Societies may be freely grouped into Federations, Unions or any other associative figure with legal recognition.

The provisions laid down in this Law for Cooperative Societies shall apply to cooperative bodies, except as provided for in the Articles: 2; 11 fraction V; 25; 27; 28; 36 fractions IX and X; 37 second paragraph; 38 fraction I; 43 second paragraph; 45 paragraph fourth; 50 third paragraph; 53; 54; 55, 56; 57; 58; 59; 64 fraction II, 65 and 66 fraction II.

The provisions established by this Law for cooperative societies shall apply to cooperative bodies, except as stated in the articles: 2; 11 fraction V; 25; 27; 28; 36 fractions IX and X; 37 second paragraph; 38 fraction I; 43 second paragraph; 46 fourth paragraph; 50 third paragraph; 53; 54; 57; 58; 59; 64 fraction II, 65 and 66 fraction II.

The federations will be able to group cooperative societies from the same branch of economic activity. Unions may group companies from different branches of economic activity.

Article 75.- The national confederations may be constituted with several unions or federations of at least ten federative entities.

Article 76.- The Higher Council of Cooperativism is the integrative organ of the National Cooperative Movement; it will be constituted with the national confederations and with the institutions or organizations of technical assistance to cooperativism.

Article 77.- Regardless of the general assemblies of the national cooperative confederations, a National Cooperative Congress, to which the Council will convene, will be held every two years. Superior of Cooperativism.

Article 78.- Cooperative societies will determine the functions of the federations and unions; these in turn, those of the national confederations. The functions of the Superior Council of Cooperativism shall be defined by its members, in accordance with this Law.

In their constituent bases, which shall comply with the aspects referred to in Article 16 of this Law, the following functions may be included:

I.- Produce goods and/or services;

II.- Coordinate and defend the interests of your affiliates;

III.- Serve as conciliators and arbitrators when conflicts arise between their agents. Their decisions shall be final, where the parties have agreed in writing by common agreement to submit to that request;

IV.- Promote and realize social economic plans;

V.- Promote support actions to government institutions;

VI.- Support the holding of cooperative education courses at all levels;

VII.- Seek solidarity among its members, and

VIII.- Contreating workers and/or integrating commissioned personnel of the member organizations, in the terms in which it is agreed.

Section II

From the Cooperative Organizations of the Cooperative Savings and Loan Societies

Article 78a.- The Cooperative Savings and Loan Societies will be grouped together in the cooperative bodies of integration and representation following:

I. In Federations, and

II. In a National Confederation.

Article 78a 1.- The Federations will be formed with the voluntary grouping of Cooperative Savings and Loan Societies, serving as the cooperative bodies for integration and representation, second grade.

Federations will be integrated with a minimum of five and a maximum of fifty Cooperative Savings and Loan Societies.

Article 78 Bis 2.- The Confederation shall be constituted with the grouping of all Federations of Cooperative Savings and Loan Societies, serving as the national cooperative body for the integration and representation, third grade, of the financial cooperative sector.

The Confederation will group all Federations and will be a consultation and collaboration organ of the State for the design, dissemination and execution of the policies, programmes and instruments for the promotion and development of the Cooperative Savings and Loan Societies and their cooperative bodies.

Article 78a 3.- The Federations and the Confederation, as cooperative bodies for the integration and representation of Cooperative Societies Savings and Loan will be institutions of public interest, with legal personality and own assets, will legally adopt the Cooperative, non-profit-making nature.

As to its constitution, organization and operation, it shall apply to them the provisions of this Law in general, except as provided in the the second paragraph of Article 74 of this Law.

Article 78 Bis 4.- The activities of the Federations and the Confederation shall be the activities of their social object and shall be prohibited next:

I. Perform Party Policy Activities;

II. Investing in the Capital of Savings and Loan Cooperatives, and

III. Affiliate physical persons or conduct operations directly or indirectly with the public.

Article 78a 5.- The Federations and the Confederation, in addition to the provisions of Article 78 of this Law, may carry out the following functions:

I. Fungir as legal representatives of its affiliated organizations, to individuals, agencies, authorities and institutions, both national and foreign;

II. Provide, among others, technical, legal, financial and training advisory services;

III. Promote the overcoming and technical and operational capacity of their affiliated organizations, as well as their leaders and employees;

IV. Promote the approval of manuals, procedures, regulations and policies, as well as accounting and computer systems, among affiliated organizations, and

V. Take a record of your affiliated organizations and publish it periodically by the means you consider most convenient.

Article 78a 6.- The Federations and the Confederation, in their rules of procedure, must at least define the following:

I. General procedure for the admission, suspension and exclusion of their affiliated organizations;

II. The rights and obligations of affiliated organizations;

III. General procedure for determining the quotas that are to be contributed by the affiliated organizations;

IV. Voluntary dispute settlement mechanisms among affiliated organizations;

V. The internal control and correction program to prevent conflicts of interest and misuse of information, and

VI. The applicable procedures for the case that the affiliated organizations breach their obligations.

Article 78 Bis 7.- The National Confederation and the Federations of Cooperative Savings and Loan Societies will have at least, with the The following bodies and instances of management, administration and surveillance:

I. A General Assembly;

II. A Steering Board;

III. A General Manager or General Manager, and

IV. A Surveillance Council.

Article 78 Bis 8.- The General Assembly shall be the supreme body of the Federation and shall be integrated with at least one representative of each of the Cooperative Societies of Savings and Affiliated Loan, with a right to voice and vote, which will be democratically elected among its Partners for a period of three years, with the possibility of a single re-election.

The Federation may establish in its statutes a system of proportional representation in which the number of an affiliated Cooperative shall be assigned to each Cooperative The number of total members and/or total assets of each Cooperative and of the total of the Federation. In no case can a Cooperative have more than twenty percent of the total votes in the Assembly of the Federation.

To be a representative of the Cooperative Society before the General Assembly of the Federation it will be indispensable to have a minimum age of one year as a Partner of the Cooperative and, preferably, being a leader or first-level official of the Cooperative,

To the assemblies of the Federations must come with a voice but without a vote a representative of the Confederation.

Article 78 Bis 9.- The General Assembly shall be the supreme body of the Confederation and shall be integrated with at least one representative, entitled to voice and vote, of each of the affiliated Federations.

The Confederation may establish in its statutes a system of proportional representation in which each affiliated Federation shall be assigned the number of The number of total members and/or total assets of each Federation and of the total of the Confederation. In no case shall a Federation have more than twenty per cent of the total votes in the assembly of the Confederation.

To be representative of the Federation before the General Assembly of the Confederation it will be indispensable to have a minimum age of one year Member of a Cooperative affiliated to the Federation and, preferably, being a leader or first-level official of the Federation itself or any of its affiliated Cooperatives.

Article 78 Bis 10.- The Governing Council of the Federations and the Confederation, as appropriate, shall be the governing body responsible for the general administration and business, and that the social object of the respective cooperative body be met.

The Board of Directors of the Federations and the Confederation shall be composed of no less than five persons and no more than fifteen persons, who shall be appointed and In his case, removed by the General Assembly of the respective cooperative body, he must meet at least with the requirements that to be a counselor of a Cooperative Society of Savings and Loan, points out Article 43 Bis of this Law.

The councilors of the Federations and the Confederation will serve for a maximum period of up to five years with the possibility of a single re-election when is approved by at least two thirds of the respective General Assembly. In order to ensure continuity in the decision-making processes of the Board of Directors, in the constitutive bases of the Federations and the Confederation, a system of cyclical and partial renewal of its members must be established.

To be an advisor to the Federations and the Confederation it will be indispensable to have a minimum of one year old as a Partner of a Cooperative.

The Board of Directors of the Federations and of the Confederation will be integrated and will function according to the established in the own constitutive bases of each body, subject to the provisions of Article 43 Bis 1 of this Law.

Such councils shall have the representation of their respective cooperative bodies, as well as the powers to determine their constituent bases, among which at least the following shall be considered:

I. Designate a director or general manager;

II. Set the rendering powers, and

III. Designate one or more commissioners who are responsible for administering the specialized sections that constitute the Organisms themselves.

The Board of Directors of the Federations and the Confederation will be able to establish, the regulations and operational manuals to which they must to adjust its management, administration and oversight bodies to which the Articles contained in this Section refer.

Article 78 Bis 11.- The Federations Surveillance Board and the Confederation, as appropriate, will be the body charged with overseeing the internal functioning of the cooperative body, as well as compliance with its statutes and other applicable regulations.

The Federations Surveillance Board and the Confederation shall be composed of no less than three persons and no more than five persons, who shall be appointed and In his case, removed by the General Assembly of the respective cooperative body, he must meet at least with the requirements that to be a counselor of a Cooperative Society of Savings and Loan, points out Article 43 Bis of this Law.

The members of the Federations Surveillance Board and the Confederation will serve for up to five years with the possibility of a For the first time, only two thirds of the respective General Assembly will be re-elected, to ensure continuity in the decision-making processes of the Supervisory Board, in the constitutional bases of the Federations and the Confederation, a system of cyclical and partial renewal should be established of your counselors.

To be a member of the Supervisory Board it will be essential to have a minimum of one year's age as a Cooperative Partner.

The Federations Surveillance Council and the Confederation will be integrated and will function according to the established constitutional bases of the Federal Republic of each body, subject to the provisions of Article 46 Bis of this Law.

Article 78 Bis 12.- The director or general manager of the Federations and the Confederation, will be appointed by the respective Board of Directors of the cooperative body, having to submit it to the ratification of its own General Assembly.

Federations and the Confederation shall establish, in their constituent bases, the requirements, powers and obligations of the Director or Manager general, and should apply at least as stated for the managers or directors-general of Cooperative Savings and Loan Societies, as set out in Articles 46 Bis 1 and 46 Bis 2 of this Law.

Article 78 Bis 13.- For the support and operation of the Federations and the Confederation, the respective Board of Directors will determine the quotas to be paid by each of the affiliated organisations, on the basis of the procedures approved by the Assembly in the respective rules of procedure of each cooperative body.

Chapter II

From technical assistance agencies and institutions to the National Cooperative Movement

Article 79.- Technical assistance agencies or institutions are considered to be the National Cooperative Movement, all those whose legal structure does not have an end of speculation, political or (a) religious and in whose social object or activities, programmes, plans or actions of technical assistance are included in the cooperative bodies established by this Law.

Article 80.- The organizations and institutions of technical assistance to the National Cooperative Movement will be responsible for, among other functions, promoting and advising the cooperative movement itself.

Cooperative societies will be able to contract the services of these organizations or institutions of technical assistance to the National Cooperative Movement, in the field of:

I.- Technical assistance and economic, financial, accounting, fiscal, organizational, administrative, legal, technological, and marketing advisory services;

II.- Training and training of management, administrative and technical staff of such companies;

III.- The formulation and evaluation of investment projects for the constitution or expansion of productive activities, and

IV.- Elaboration of studies and research on the subjects that have an impact on the development of the cooperative bodies.

Article 81.- The affiliation of the organizations mentioned in the previous article to the Superior Council of Cooperativism will be voluntary. If they are accepted, they will have the right to speak, but not to vote.

Article 82.- The Superior Council of Cooperativism will organize the lifting and updating of a list of technical assistance agencies to the National Cooperative Movement.

Chapter III

Of Integration

Article 83.- All the agencies mentioned in Chapter I of this Title may perform the necessary and appropriate operations to fulfill their economic cycle and they must establish economic-social plans between those of their branch or other branches of cooperatives, in order to fully realize their social object or achieve greater expansion in their activities.

Article 84.- The economic plans referred to in the previous article may refer to other activities, to exchanges or to taking advantage of services, joint acquisitions, financing to concrete projects, impulse to their sales, realization of works in common, acquisitions of machinery and everything that tends to a greater development of the cooperative organisms.

Article 85.- In the same sense of integration, the cooperative organizations mentioned, must make social and educational and cultural plans, which help to consolidate solidarity and raise the cultural level of its members.

Article 86.- The cooperative bodies will have to design and implement strategies to integrate their productive activities and processes, with the aim of:

I.- Access the benefits of economies of scale;

II.- Abatir costs;

III.- Impact on prices;

IV.- Structure production and marketing chains;

V.- Create production and merchandising units, and

VI.- To carry out in common any act of trade, technological development or any activity that promotes a greater productive and competitive capacity of the cooperative organisms themselves.

Item 87.- (Repeals).

Article 88.- Cooperative societies, unions, federations and confederations, will be able to carry out operations freely either individually or as a whole. The Superior Council of Cooperativism and, where appropriate, the respective authorities, will give all the guidance and support necessary for this kind of operations.

Article 89.- Cooperative agencies must collaborate in the economic and social plans that the federal, state, and municipal governments undertake. or the Federal District's political-administrative bodies, which directly benefit or promote cooperative development.

Title IV

Single Chapter

Support for cooperative societies

Article 90.- Federal, state, municipal, and political-administrative organs of the Federal District will support schools, institutes, and specialized agencies in cooperative education to establish the national cooperative movement. They will also support the work done by universities or higher education institutions in the country.

Article 91.- All acts relating to the constitution and registration of the cooperative societies referred to in this Law shall be exempt from federal taxes and tax rights. For this purpose, the competent authority shall issue the tax rulings which the effect has.

Article 92.- In the economic or financial programs of the governments, federal, state, municipal, and political-administrative organs of the Federal District, which have an impact on cooperative activity The opinion, as the case may be, must be taken into account by the federations, unions, national confederations and the higher council of the cooperativism.

Article 93.- The federal, state, municipal and political-administrative governments of the Federal District will support, in the territorial area, their position and to the extent of their potential. development of cooperativism.

Article 94.- The Secretariat of Finance and Public Credit will have to agree with the Superior Council of Cooperativism, with the confederations, federations and unions, to constitute the guarantee of federal origin that will support cooperative societies in their access to credit, by providing guarantees that cover the risk of investment projects.

National credit companies will be able to make discounts to credit institutions for the granting in favor of cooperative societies, of credits for the formulation and execution of investment projects, including the costs of consulting and technical assistance services.

For the assessment of the origin of the discounts, the national credit companies should consider primarily the demonstration of the feasibility and profitability of the investment projects, the soundness of the organisation and the presentation and development of the economic and operational plans of the cooperative bodies.

TRANSIENT

First.- This Law shall enter into force within thirty days of its publication in the Official Journal of the Federation.

Second.- The General Law of Cooperative Societies is opened, published in the Official Journal of the Federation on February 15, 1938, the Regulation of the aforementioned law published in the Journal Officer of the Federation on 1o. of July of the same year, the Regulation of the National Cooperative Registry published in the Official Journal of the Federation on August 11 of the same year, and the Agreement establishing with the character of permanent the Intersecretarial Commission for Cooperative Promotion, published in the Official Journal of the Federation on May 10, 1978.

Third.- All legal and administrative provisions that object to the provisions of this law are repealed.

Fourth.- At the choice of the interested parties, the matters relating to the registration of cooperative societies and others that are in the process, may continue until their termination in accordance with the provisions of the General Law on Cooperative Societies which is opened, or cancelled and, if appropriate, initiated before the Public Registry of Commerce.

Mexico, D.F., on July 13, 1994.-Dip. Miguel González Avelar, President.-Sen. Ricardo Monreal Avila, President.-Dip. Jose Raul Hernandez Avila, Secretary.-Sen. Oscar Ramirez Mijares, Secretary.-Rubicas.

In compliance with the provisions of Article 89 (I) of the Political Constitution of the United Mexican States, and for its proper publication and observance, I hereby issue this Decree at the residence of the Federal Executive Branch, in Mexico City, Federal District, at the twenty-nine days of July of a thousand nine hundred and ninety-four.- Carlos Salinas de Gortari.-Heading.-The Secretary of the Interior, Jorge Carpizo.-Heading.

NOTE:  In the Cooperative Societies of Savings and Loan and in its cooperative bodies of integration and representation, in which to the date of publication of this Decree there is no clear definition of the cyclical renewal of its members, for the application of Articles 43, third paragraph and 45 Bis, as well as Articles 78 Bis 10 and Article 78 Bis 11 respectively, the General Assembly of Partners, in its next ordinary session shall agree on the mechanisms necessary for the renewal gradual of their counselors.