Conditions of Use, transfer and return of capital shares in accordance with Coopérnico's statutes and the Cooperative Code.

Coopérnico Statutes

Article 21.º

(Social Capital)

  1. The share capital is variable and unlimited in the minimum amount of € 5,000.00 (five thousand euros), and is represented by social capital shares of € 20.00 (twenty euros) each.
  2. Each cooperator undertakes to subscribe at least three social capital shares upon conditional admission, to be made in full at the time of subscription.
  3. The General Meeting, upon proposal of the Management, shall determine the conditions of remuneration of the social capital shares.

Article 22.º

(Social Capital Shares)

The titles (social capital shares) are registered and must bear the following terms:

  1. The name of the cooperative;
  2. The registration number of the cooperative;
  3. The value;
  4. The date of issue;
  5. The number, in continuous series;
  6. The signature of two members of the Board;
  7. The name and signature of the titular cooperator.

Article 23.º

(Transmission of titles)

  1. The capital shares (titles) are personal and will only be transferable by inter vivos act or mortis causa, with the authorization of the Management and on condition that the acquirer or the successor is already cooperating or, when fulfilling the required conditions, request their admission.
  2. The inter vivos transmission shall be carried out by endorsement of the title signed by the transferor and recorded in the register of the cooperative.
  3. The mortis causa transmission is operated by the presentation of a document proving the status of heir or legatee, according to which it will be registered in the name of its holder in the respective log book, which must be signed, by two members of the Board and by the heir or legatee.
  4. In case the successors do not wish to transfer the securities belonging to the successor, they will be entitled to receive the amount corresponding to the nominal value of the securities.
  5. In any of the cases referred to above, a record of the endorsement, signed by two directors with the name of the acquirer, shall be drawn up in the respective title.

Cooperative Code

Article 19.º

(Minimum entries to be subscribed by each cooperator)

  1. The minimum capital contributions to be subscribed by each cooperator are determined by the complementary legislation applicable to the various branches of the cooperative sector or by the statutes.
  2. The minimum entry may not, however, be less than the equivalent of three capital shares.
  3. The provisions of the preceding paragraphs shall not apply to the benefits of cooperators with unlimited liability.

Article 36.º


  1. The cooperators may request their resignation under the conditions established in the statutes or, in case they are omitted, at the end of a fiscal year, with thirty days' notice, in the event of their liability to fulfill their obligations as members of the cooperative.
  2. The statutes shall not suppress or limit the right of dismissal, but may establish rules and conditions for the exercise thereof.
  3. The cooperator who retires will be refunded, within the period established by the statutes or, in a maximum period of one year, </ strong> the amount of the equity securities paid at their nominal value.
  4. The nominal value referred to in the preceding paragraph shall be added to the interest to which it is entitled in respect of the last fiscal year, the share of surplus and non-obligatory reserve shares, proportionate to its participation, or reduced, if applicable, in proportion to losses incurred in the balance sheet for the year in which the right to reimbursement arose.