the board shall present its recommendation for removal to the general assembly. "An elective officer may be removed by three fourths (3/4) votes of the regular members present and constituting a quorum, in a regular or special general assembly meeting called for the purpose. The officer concerned shall be given an opportunity to be heard at said assembly. SEC. 5. Articles 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62 and 63 of Chapter V on Responsibilities, Rights and Privileges of Cooperatives of the same Code are hereby renumbered and amended to read, as follows: CHAPTER V RESPONSIBILITIES, RIGHTS AND PRIVILEGES OF COOPERATIVE " ART. 51. Address . – Every cooperative shall have an official postal address to which all notices and communications shall be sent. Such address and every change thereof shall be registered with the Authority. " ART. 52. Books to be Kept Open . – (1) Every cooperative shall have the following documents ready and accessible to its members and representatives of the Authority for inspection during reasonable office hours at its official address: "(a) A copy of this Code and all other laws pertaining to cooperatives; "(b) A copy of the regulations of the Authority; "(c) A copy of the articles of cooperation and bylaws of the cooperative; "(d) A register of members; "(e) The books of the minutes of the meetings of the general assembly, board of directors and committee; "(f) Share books, where applicable; "(g) Financial statement; and "(h) Such other documents as may be prescribed by laws or the bylaws. "(2) The accountant or the bookkeeper of the cooperative shall be responsible for the maintenance of the cooperative in accordance with generally accepted accounting practices. He shall also be responsible for the production of the same at the time of audit or inspection. "The audit committee shall be responsible for the continuous and periodic review of the books and records of account to ensure that these are in accordance with generally accepted accounting practices. He shall also be responsible for the production of the same at the time of audit or inspection.
"(3) Each cooperative shall maintain records of accounts such that the true and correct condition and the results of the operation of the cooperative may be ascertained therefrom at any time. The financial statements, audited according to generally accepted auditing standards, principles and practices, shall be published annually and shall be kept posted in a conspicuous place in the principal office of the cooperative. "(4) Subject to the pertinent provisions of the National Internal Revenue Code and other laws, a cooperative may dispose by way of burning or other method of complete destruction any document, record or book pertaining to its financial and nonfinancial operations which are already more than five (5) years old except those relating to transactions which are the subject of civil, criminal and administrative proceedings. An inventory of the audited documents, records and books to be disposed of shall be drawn up and certified to by the board
- Winter '17