Resolutions on the division of associativity and cooperatives are annulled

7 January, 2022
Ministry of Economy, Development, and Tourism

On January 7 of this year, the Chilean Official Gazette published Resolution No. RAEX202200001 exempt, whereby the exempt Administrative Resolutions that indicate the division of associativity and cooperatives are annulled. Let’s see:

1. Validity of the RAE – General meetings by remote means

There are sufficient reasons for both RAE No. 699 and RAE No. 1,064 to remain in force.

RAE N° 699 allows holding the General Meetings of Shareholders and the meetings of the Board of Directors by remote means, which is a very useful tool given that the sanitary contingency is still in force.

That, in turn, RAE No. 1. 064, empowers the Boards of Directors of economically important cooperatives that have not been able to hold the mandatory general meeting of members of the year 2021, established in paragraph f) of Article 6 of the General Law of Cooperatives, either in person or through technological means, or to protect the health of the members, workers, administrators and/or population in general, as the case may be, in the event of a fortuitous event or force majeure due to the pandemic, to designate the external auditor that will issue the report of its balance sheet and other financial statements corresponding to the fiscal year 2021.

2. Extension of term for cooperatives to enter into JGS

Law No. 21. 344, incorporated a transitory article 14 to the decree with the force of law No. 5, which extended the term for cooperatives to comply with the obligation to hold General Meetings of Members under the terms of article 6, second paragraph, letter f) of the same provision, for three months after the end of the state of constitutional exception of catastrophe due to public calamity, also establishing that, however, if there are other restrictions imposed by the authority that prevents the holding of the General Members’ Meeting, the three-month term for its celebration will begin to run from the end of these.

3. Resolutions are hereby rescinded

The following exempt administrative resolutions (RAE) issued by this Division are hereby rescinded:

  • RAE No. 726, of March 17, 2020, which provides instructions for the holding of General Meetings of Members in cooperatives for reasons indicated;
  • RAE No. 848, of March 31, 2020, which provides for an extension of the deadline for the submission of audited financial statements for the cooperatives indicated;
  • RAE No. 849, of March 31, 2020, which informs on exceptional measures for savings and credit cooperatives regarding the matters indicated;
  • RAE No. 851, of April 23, 2020, which establishes the extension of deadlines for holding the General Meeting of Members for the matters indicated;
  • RAE No. 856, of May 28, 2020, which establishes exceptional measures for cooperatives other than savings and credit cooperatives,
  • RAE No. 870, of August 11, 2020, which clarifies and complements exempt administrative resolution No. 849, of March 31, 2020, of this Division, in the sense that it indicates, and
  • RAE No. 876, of September 21, 2020, establishes an exceptional procedure for the appointment of external auditors in cooperatives for the reasons indicated.

4. Entry into voice

The regulation is effective as of January 7, 2022, except for No. 726, which will become ineffective after 90 calendar days from the referred publication.

Source: Diario Oficial 07/01/22