ࡱ> 3 ~bjbj .bbKnl(((@h0$@l9hI8K8K8K8K8K8K8$n: <o8Qo828222pI82I82f257 `!TFp>57D80956d=>d=72COOPERATIVE LEGISLATION IN THE BASQUE COUNTRY: A SPECIFIC REGULATION ABSTRACT In Spain cooperatives have important specialities compared to traditional trading companies or commercial societies, such as public limited companies or limited companies. Therefore, most autonomous regions (Autonomous Communities) of Spain have their own specific regulations regarding these societies. One of these Laws is Law 4/1993, 24 June, Cooperatives of Basque Country, modified by Law 1/2000, 29 June, Law 8/2006, 1 December, and Law 6/2008, 25 June. This Law has also been developed by Decree 58/2005, 29 March. These rules are applied to the cooperatives in the biggest Spanish cooperative group, Mondragon Corporation. In addition, they have been considered as a point of reference by other cooperative Laws. This paper analyses the legal framework of the cooperative legislation in the Basque Country; in particular, offering an explanation of its objectives. This study will allow us to ascertain the following conclusions: Basque legislation for cooperatives differs from the legislation related to commercial societies. The main reason for that is Basque regulation tries to regulate the specialities of the cooperative societies and to respect the Cooperative Values and Principles. Basque cooperative regulation tries to promote and to foster the setting up and the merging of cooperatives. This special regulation allows the Basque cooperatives to take measures in order to face the present economic situation. 1.- INTRODUCTION Nowadays, the Basque cooperatives are regulated by the Law 4/1993, 24 June, Cooperatives of Basque Country (in future, LCBC). This Law only regulates the cooperative societies and was enacted after Spain joined the European Union, so its main objective is to establish a suitable legal framework so that the Basque cooperatives can face new challenges. In particular, the LCBC insist on providing the cooperatives with all the instruments they need to compete in the market with the traditional trading companies or commercial societies. Nevertheless, the Basque Law tries to preserve the specialities of the cooperatives and to respect the Values and Principles formulated by the ɫ Cooperative Alliance. In addition, the cooperatives are considered to be an effective solution to wealth generation and job creation. So the Basque legislation tries to promote and to foster the setting up and the merging of cooperatives from the legal and the tax point of view. 2.- THE MAIN CHARACTERISTICS OF THE BASQUE COOPERATIVES The LCBC define a cooperative as a society who develops a business. Its main objective is to promote the economic and social activities of its members, and to satisfy their needs. To fulfil this objective the members must participate actively in the enterprise, observe the cooperative principles, and attend to the community where the cooperative is located. As we see, this definition contains the same elements of the definition of the cooperatives formulated by the ɫ Cooperative Alliance: the social element the association of people- and the economic element the enterprise-. In the next pages we will analyze the regulation of these two elements in the LCBC. 1.- The social element of the cooperatives: the association of people a) Voluntary and Open Membership The Basque cooperatives are open to anyone who wants to become a member of the society. The requirements to be fulfilled should be objective; that is, connected with the social object, the place where the cooperative is located and the dimension of the society. For instance, the rules of a worker cooperative can demand certain professional qualifications of the candidates. So, in this regard, the LCBC respects the First Cooperative Principle. When the candidate is accepted and joins the cooperative he must make a contribution. This contribution called compulsory contribution can be money (monetary contribution), or a good which is economically valuable (non monetary contribution), and it is used to increase the amount of the capital. Normally, when the member leaves the society, he is able to have the contributions he made returned. So the capital of the cooperatives (or its amount) is changeable: when a candidate joins the society the quantity of the capital increases and when a member leaves the cooperative the amount of the capital decreases. In addition to this capital, there is what the LCBC call the minimum capital. The minimum capital is a certain amount of capital (in other words, a figure) which the cooperative must guarantee to have throughout its existence. The main reason for having this requirement is to guarantee to third parties that their credits will be paid. As we said, the amount of capital fluctuates, therefore it doesnt provide any guarantee. So the Basque legislator insists that the cooperatives must have a minimum of capital (3.000 or more), and the whole of this quantity must already be paid by the members. Consequently, we can say that in Basque cooperatives there are two types of capital: the capital formed by the contribution of the members and the minimum capital, that is to say, the amount of equity that has to be in the cooperative during its life. This is a particular feature of the Basque cooperatives. Furthermore, this feature differentiates the cooperatives from the traditional commercial societies. b) Democratic Member Control, Autonomy and Independence The Basque cooperatives are democratically organized. Every cooperative must have two bodies: first of all, a general assembly, formed by all the members of the society. The general assembly is the main body of the cooperative and it makes the most important decisions of the company, such as the designation of the people who will take part in the rest of the bodies of the cooperative and the allocation of the economic results. Only the members of the cooperative can participate in the decision-making of the assembly. The general rule is that the members of the primary cooperatives have equal voting rights: every member has one vote, regardless their participation in the equity capital. Secondly, a board of administrators, also called governing council, formed by at least three persons. This body administrates and represents the company. The governing council can be composed of members and non members (maximum: 25%). But in the Basque cooperatives, usually, this body is only formed by the members of the society. Furthermore, the Basque cooperatives can have another three bodies: the social council its function consists of advising the board of administrators about all the questions related to the work done by members and non-members-, the audit committee to oversee the performance of the Law and the rules of the cooperative; specially, the correct composition of the rest of the bodies and the accounts-, and the appeal committee to examine the disciplinary measures imposed on the members- . These bodies can only be formed by the members of the cooperative. As we see, the Basque cooperatives respect the Second Cooperative Principle, not only because all the members of the cooperative take part equally in the decision-making of the entity, but also because they can participate actively in the different aspects of the activity developed by the society. The LCBC also respects the Fourth Cooperative Principle because the bodies of the society (specially, the main body) are only formed by the members of the cooperative. So the Basque cooperatives are autonomous and independent organisations controlled only by the members of the entity. 2.-) The economic element: the enterprise a) Economic and Financial Regime Traditionally the Basque cooperatives obtained financial resources from their own members; basically, the capital and the reserve funds. But these resources may not be enough to face new challenges. For this reason, the Basque legislator introduces new ways to obtain economic resources. By using these new instruments, the LCBC tries to provide the cooperatives with all they need to compete in the market with traditional trading companies or commercial societies. Basically, by subscribing the economic instruments included in the LCBC the members of the cooperative and the third parties, lend money to the society. After a certain period of time, it will give back the received amount and will pay an interest. The holder will only have economic rights, that is to say he wont have political rights, so he wont be able to take part in the decision processes of the company. These resources (both provided by the members and the third parties) and, above all, the activity and the work supplied by the members will allow the cooperative to obtain positive economic results. The LCBC contains the rules that must be observed when the members allocate the surplus. These rules respect the Second Cooperative Principle. First of all, 30% of the benefits must be assigned to the compulsory reserve fund of the society and the contribution for education and cooperative promotion and other purposes of public interest. The objective of compulsory reserve fund (in future, CRF) is to consolidate, develop and guarantee the cooperative. In practice, the funds of the CRF can only be used to pay the losses of the enterprise. The contribution for education and cooperative promotion and other purposes of public interest (in future, COEP) is used to pay for different activities, such us, the education of the members and the workers of the cooperative, the promotion of relations among the cooperatives and the creation of new cooperatives, the diffusion of the cooperativism and the promotion of the Basque language. The funds of the CRF and the COEP cant be distributed among the members of the cooperative; in addition, the COEP cannot be seized. When the cooperative closes down the money allocated in the CRF and in the COEP is assigned to a public institution whose objective is to help other cooperatives. So the CRF and the COEP contribute to make the Fifth, the Sixth and the Seventh Cooperative Principle real. Secondly, the general assembly must allocate the remaining 70%. The LCBC offers three different options: to benefit the members in proportion to their transactions with the cooperative (that is to say, to assign patronage refunds), to create voluntary reserve funds and to distribute among the workers of the society. 3.- THE MAIN DIFFERENCES BETWEEN THE BASQUE COOPERATIVES AND THE COMMERCIAL SOCIETIES If we examine the LCBC and the legislation related to the commercial societies we will see important differences between them. I have tried to resume theses differences in the following table: COOPERATIVESCOM. SOCIETIESDEFINITIONTo reach the objective of the society the members must participate actively in the enterprise, observe the cooperative principles, and attend to the community where the cooperative is located.To reach the objective of the society the members do not have to participate actively in the enterprise and attend to the community where the company is located.VOLUNTARY AND OPEN MEMBERSHIP The members are free to join the cooperative and withdraw their membership.To join the company is necessary to buy shares from a shareholder. Therefore, to give up the entity the shareholder must sell his participation in the capital.DEMOCRATIC MEMBER CONTROLAll members have equal voting rights. The general rule is: one member, one vote.The shareholders dont have equal voting rights: the number of their votes depends on the value of their shares. So the more participation in the capital, the more voting rights.EQUITY CAPITALThe amount of capital is variable. At the end of the exercise, if there are positive economic results, the general assembly can decide to pay a limited interest.The amount of capital is fixed. At the end of the exercise, if there are positive economic results, the can decide to allocate benefits to the shareholders (to pay dividends).SUPERPLUSES ALLOCATIONThe cooperatives have to allocate 30% of their benefits to the CRF and the COEP for specific purposes. When the society ceases operation down the amount of money allocated must be given to a public institution to help other cooperatives. The assembly can decide to distribute the remainder of the surplus (70%) among the members in proportion to their transactions (work, etc.) for the cooperative (patronage refunds).The commercial societies have to allocate 20% of their benefits to a reserve (legal reserve), but only until this reserve reaches a certain amount (10% of the capital). When the society closes down the amount of money allocated can be distributed among the members. The assembly can decide to distribute the remainder of the surplus (80%) among the members in proportion to their shares (dividends). EDUCATION, TRINAINING AND INFORMATION, COOPERATION AMONG COOPERATIVES, CONCERN FOR CUOMMUNITYAll the cooperatives must allocate a part of their surplus annually to the COEP. This money is used to pay for different activities, such us, the education of the members and the workers of the cooperative, the promotion of relations among the cooperatives and the creation of new cooperatives, the diffusion of the cooperativism and the promotion of the Basque language. When the society closes down the amount of money allocated to the CRF and the COEP must be given to a public institution to help other cooperatives.The commercial societies do not have an equivalent. When the society closes down the amount of money allocated in the legal reserve can be distributed among the shareholders.  4.- THE DIFFERENT MEASSURES TO FOSTER THE BASQUE COOPERATIVES As we said in the introduction, the Basque legislator considers the cooperatives to be an effective solution to wealth generation and job creation. And for this reason, he tries to promote and to foster the setting up and the merging of cooperatives. A.- From a legal point of view we must emphasize the modification of the requirements to setting up a cooperative and the introduction of new ways to obtain financial resources. a.-) Setting up a cooperative The LCBC describes the procedure for creating a cooperative. First of all, the persons who want to set up a cooperative society must conduct a meeting. The objective of this meeting, called foundation conference, is to prepare everything related to the new cooperative (such as its name or the amount of capital); especially the rules. These rules must follow the LCBC, so to avoid any problems in the next steps, the Basque Law allows the members the opportunity to send the document they have prepared to the Cooperatives Register. The Cooperatives Registrar will then check it. If there are any mistakes, the members will have the chance to correct them. If everything is correct, the members will be confident that the rules are completely legal and they will not encounter any problems in the following stages. Once the members have prepared the rules, the must go to a public notary, to sign the deed of the constitution of the society. Then the members must take the deed to the Cooperative Register, and the cooperative will be created once this deed is registered. The Notary and the Cooperative Registrar will check if the cooperative fulfils the requirements to set up a cooperative; specially, the number of the members and the amount of the minimum capital. In 1993, the LCBC fixed 5 as the minimum number of members and 1.000.000 pesetas (6.000 ) as the minimum amount of capital. But in 2000, these requirements were modified: the Basque legislator reduced to 3 the minimum number of members and to 3.000 the amount of the minimum capital. Recently, the Basque Parliament enacted a new Law regarding the  Little Cooperative . The Little Cooperative is a first level cooperative. These cooperatives can only be workers cooperative or agricultural cooperatives and can be created with only two members. In addition, the procedure to set up the society is easier and quicker than the procedure for the traditional cooperatives. The reason is that the members must use the model of rules that contains the Law and once the deed is ready the Cooperative Registrar must check and register the document in a maximum period of time of thirteen days. b.-) The new ways to get economic resources In 2000, the Basque legislator introduced important changes to widen the traditional ways to get economic resources (basically, the contributions of the members to the capital and the reserve funds). As we said, by subscribing these instruments, someone (could be a member or a non-member) lends money to the society, and after a certain period of time it will give back the received amount and will pay an interest. The holder will only have economic rights, that is to say he will not have political rights, so he will not be able to take part in the decision-making of the company. These instruments are the subordinated financing, the bonds and other ways to get economic resources by issuing titles in series and the participative titles. Each instrument has a particular characteristic: 1.- Subordinated financing: Its owner accepts recovering his investment after the ordinary creditors. The LCBC regulates two kinds of subordinated financing. The first one is considered to be part of the capital of the company because it expires when the cooperative closes down. The second one has a particular name special participations and its expiration date must be, minimum, five years. 2.- Bonds: Some Spanish Cooperative Laws allow that the society can issue bonds convertibles in contributions to the capital. The LCBC doesnt mention this possibility, but the majority of the authors admit them if the investor is also a member of the entity. 3.- Other ways to get economic resources by issuing titles in series: The cooperative can get economic resources from members and non-members using any way, for example, issuing bonds or promissory notes, under fixed conditions. 4.- Participative titles: The speciality of theses tittles exists in their particular way to pay interest to the subscriber. It can be established depending on the positive economic results of the cooperative. The investor can also participate in the general assembly expressing their opinion, but he cannot vote, so he does not take part in the decision making of the society. B.- From a tax point of view, in the Basque Country there are three types of cooperatives: 1.- Non-protected cooperatives. These cooperatives do not have any advantage, so pay the same taxes as a traditional company. To lose these advantages, basically, the cooperative must have broken the Law or the rules of the society. For example, because it has not allocated the minimum surplus to the obligatory reserve funds of the company, or because it has paid the members an interest rate higher than the maximum established in the Law. 2.- Protected cooperatives. If a cooperative does not break the Law or the rules of the society can be considered a protected cooperative, and this means that it will have some advantages in the following taxes: Corporate income tax: the tax rate will be reduced to 21% (19% for little cooperatives). Property transfer tax: the cooperatives are exempt, but there are some exceptions. They will have to pay the stamps of the deeds in some operations, for instance, when the cooperative is created or when it increases the amount of capital. Trading tax: the city hall can give a discount of the 25%, 50%, 75% or 95% in the amount that the cooperative has to pay. In addition, the agricultural cooperatives can have a reduction of 25%, 50%, 75% or 95% in the amount they have to pay to the city hall. 3.- Specially protected cooperatives. Only certain types of cooperatives can be specially protected cooperatives: Workers cooperatives. Agricultural cooperatives. Consumers cooperatives. Educational cooperatives. Housing cooperatives. Each type of cooperative must fulfil certain requirements to be considered a specially protected cooperative. In the case of the workers cooperatives, they must fulfil these requirements: The remuneration of the members (the amount of the patronage refunds and its advances) cannot be more than 20% of the average of the ordinary remunerations in the same sector or field. The work done by non-members cannot exceed the legal limits. The main advantage to this kind of cooperatives is that the amount they will have to pay for the corporate income tax after applying the tax rate of the protected cooperatives (21% or 19%) will be reduced (50%). 5.- THE PRESENT SITUATION: HOW THE BASQUE COOPERATIVES, SPECIALLY THE COOPERATIVES THAT BELONG TO MCC, FACE THE CRISIS In 2008 has been confirmed that the finance system in particular, and the economic situation in general are in a critical situation. This situation persists in 2009 and, probably, will continue the next year. And it is also probably that the Spanish economy will be one of the most affected. The situation we have described also affects the cooperative societies because, as with other forms of developing a business, they take part in the market. For this reason, they must take certain measures. Some of them, for example, the cooperatives which are part of Mondragon Cooperative Corporation (in future, MCC) have adopted various decisions to face the crisis, such as, the adjustment of the retributions of their members. This decision (and others that we will present in the next pages) have been taken due to the special characteristics of the cooperative societies. MCC is also attending to the economical problems of the cooperatives of the group. In the next pages we will try to describe the most important measures. a) The measures adopted by some cooperatives: Both the traditional trading companies and the cooperative societies, can develop an economical activity. But there is a characteristic that distinguish both enterprises: the way of developing their objective is different. In particular, the Basque cooperatives must achieve their objective as a result of the active participation of their members, observing the cooperative principles, and attending to the surrounding community. So the member of a cooperative not only works (in the case workers cooperatives) or buys (in the consumers cooperatives), but also participates actively in the management of the company, taking part in the decision making of the society. For this reason, the members of these societies are more conscious than a shareholder of a traditional company about the problems that the entity must face. In addition, they will be really interested that the social bodies take the proper measures, and these measures will be taken with their participation in the decisions of the society. One of the first agreements that has been adopted by some of the cooperatives of MCC is to adjust the retributions of the members. This measure has been taken by the General Assembly of each cooperative, where all the members take part in an equal and democratic way. The member of a Basque cooperative can have tow kind of retributions: first of all, the interest from the contributions he has made to the capital; secondly, the retribution for his participation in the social activity (the patronage refunds). Both of them are paid when the economic exercise finishes (normally, at the end of the year). But the members of certain cooperatives (specially, of the workers cooperatives) need to satisfy their personal needs. For this reason, their society pays them a certain amount of money (in proportion of their participation in the activity developed by the entity) monthly. In truth, this amount of money is an advance of the future patronage refunds; for this reason the LCBC calls the advances. In the same way as the ordinary workers, it is usual that the workers cooperatives pay these advances each month, but in July and December, they get an extra months retribution. It is also usual that the society updates this amount of money (normally, according to the retail price index or RPI). As a measure to face their critical situation, some of the cooperatives of MCC have renounced the extra payments, as well as to freeze or, even, to reduce the advances of the future patronage refunds. In addition, if at the end of the economical exercise there is a surplus, this will be distributed among the members but it will be assigned to increase their participation in the capital. In other words, the patronage refunds will be capitalized. A similar decision has been taken about the interest. Some of the cooperatives have decided not to pay them, or to pay then by increasing the amount of the participation of each member in the capital. As we see, all these measures have been taken by the members of a society who, at the same time, participate actively in developing the activity of the entity and reaching its objective; therefore, in a conscious, responsible and democratic way. 2.- The assistance given by MCC to the cooperatives of the group The cooperatives that make up MCC can receive assistance, support and help from the corporation; specifically, from some of the entities of the group (for instance, LAGUN ARO) and the special policies that have contributed to the survival of MCC since it was created. LAGUN ARO is a mutual insurance company. It was created with the objective of resolving the problem that arose when the government refused to allow cooperative members to qualify for Social Security benefits, maintaining that they were owners (businessman or businesswoman), not employees. These days, LAGUN ARO is helping some cooperatives which are trying to adjust their workforce to the new situation. This means, for example, that in certain societies there is not enough work for all the members. LAGUN ARO provides some of them a new position in another cooperative. This measure can be temporary or definitive, depending on whether the situation of their former cooperative is transitory or permanent. If the member cannot be relocated in another society, depending on the age of the member, LAGUN ARO will pay him an unemployment benefit or a retirement pension. One of the policies of MCC is called the restructuring of the results. This policy consists in allocating part of the surplus of the cooperatives in the reserves of each group which is divided the corporation (from 15% to 40%) and in the funds of the corporation (14%). The objective of the money allocated is to invest in new cooperatives or products (10%) and in education (2%) and to cover the losses of the cooperatives of the group (2%). Bibliography Beldarrain Polanco, J. (2004). La fiscalidad de las cooperativas. Un modelo que fortalece los recursos propios. Cuadernos de Gestin, 4 (2). Celaya, A. (1995). Acceso de las Cooperativas al mercado de capitales. Mondragn: Instituto Nacional de Fomento de la Economa Social. Juli Igual, J.F. & Gallego Sevilla, L.P. (2000). Principios cooperativos y legislacin de la sociedad cooperativa espaola. El camino hacia el fortalecimiento empresarial. REVESCO. 70. Kaplan de Drimer, A. (1995). El XXXI Congreso de la Alianza Cooperativa Internacional y la Nueva Formulacin de los Principios Cooperativos. Anuario de Estudios Cooperativos. Mondragon. Medidas anticrisis (2008, November). Tu Lankide. Moral Velasco, E. (2001). Comentarios al artculo 54. Otras financiaciones. Cooperativas. Comentarios a la Ley 27/1999 de 16 de julio (Vol. I). Madrid: Consejo General del Notariado. Nilsson, J. (1996). The nature of cooperative values and principles. Transaction cost theoretical explanations. Annals of Public and Cooperative Economics. 67 (4). Otaegi, J.M. (2009, February). La crisis pasa factura. Tu Lankide. Sagasta, J. (2009, February). A tono con el entorno. Tu Lankide. Salaberria Amesti, J. (1995). El Rgimen Econmico-Financiero de las Cooperativas de Trabajo Asociado (1st edition). Vitoria-Gasteiz: Federacin de Cooperativas de Trabajo Asociado de Euskadi.  The traditional commercial societies are regulated by the Law 1564/1989, 22 December, and the Law 2/1995, 23 Mars.  Kaplan de Drimer, A. (1995). El XXXI Congreso de la Alianza Cooperativa Internacional y la Nueva Formulacin de los Principios Cooperativos. Anuario de Estudios Cooperativos. 256; Juli Igual, J.F. & Gallego Sevilla, L.P. (2000). Principios cooperativos y legislacin de la sociedad cooperativa espaola. El camino hacia el fortalecimiento empresarial. REVESCO. 70. 132; and Nilsson, J. (1996). The nature of cooperative values and principles. Transaction cost theoretical explanations. Annals of Public and Cooperative Economics. 67 (4). 645-646.  Apart from this contribution, the members can supply more capital (voluntary contribution), but the members of the cooperatives in the Basque Country dont usually make this kind of contributions.  The capital of the traditional commercial societies is fixed, anyway they have a certain minimum.  The little cooperatives are regulated by the Law 6/2008, 25 June. You will find more information about this kind of cooperative in  HYPERLINK "http://www.elkarlan.coop" www.elkarlan.coop.  Celaya, A. (1995). Acceso de las Cooperativas al mercado de capitales. Mondragn: Instituto Nacional de Fomento de la Economa Social. 174.  Moral Velasco, E. (2001). Comentarios al artculo 54. Otras financiaciones. Cooperativas. Comentarios a la Ley 27/1999 de 16 de julio (Vol. I, p. 275). Madrid: Consejo General del Notariado; and Salaberria Amesti, J. (1995). El Rgimen Econmico-Financiero de las Cooperativas de Trabajo Asociado (1st edition). Vitoria-Gasteiz: Federacin de Cooperativas de Trabajo Asociado de Euskadi. 77.  Beldarrain Polanco, J. (2004). La fiscalidad de las cooperativas. Un modelo que fortalece los recursos propios. Cuadernos de Gestin, 4 (2). 37-41.  MCC is divided in three groups: the financial group, the industrial group and the retail chain group.  You can find more information about the crisis and MONDRAGN in Mondragon. Medidas anticrisis (2008, November). Tu Lankide. 4-5; Sagasta, J. (2009, February). A tono con el entorno. Tu Lankide. 20-23; and Otaegi, J.M. (2009, February). La crisis pasa factura. Tu Lankide. 23-25. EGOP&'  ` a `a"  '"o $ ####$1$()(((( )$)~)--A.R._.v....///00P1Q1R1p1]2^2x2|3}33444/8088>*5>*\\ j0JU5\mH sH 5\mH sH X/EFGP&' u   $ & Fdha$dhdh$dha$dhu~ KL'*+X!Y!#####%%c'd'(())dh)M*N*++l-m-...////// $dh$Ifa$dh///0Q1tcZZ dh$Ifqqdh$If]q^q$$IfFFH!X\\ t06    44 laQ1R1p1q11]2^2x22|3}3q0``WWq|`WWq dh$Ifqqdh$If]q^q$$IfF4nFH! X\\ t06    44 la }33.444455567W< $$IfF4nFH! 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