From the economic participation of members to the impropriety of article 27, and its paragraph 2, of Brazilian Law 4.595/64, in the order of Credit Cooperativism: the denaturalization of cooperatives by the Central Bank of Brazil

  • José Eduardo de Miranda FMB
DOI: https://doi.org/10.18543/baidc-53-2018pp87-105
Keywords: principle of economic participation, Central Bank of Brazil, cooperative nature

Abstract

In compliance with the object of its constitution, the Brazilian credit cooperative societies need to adapt to the norms established by the Brazilian Financial System, fulfilling the requirements that the Monetary Council makes, through the Central Bank. Among many claims, the Central Bank of Brazil used Law 4.595/64 to determine the minimum limit for the formation of social capital, and establish the manner in which the members of the credit cooperatives must subscribe their fees. It happens that the interference of the Brazilian Central Bank oppresses the principle of the democratic participation of the partners, taking away the attribute of active autonomy and democratic management. It analyzes, in this way, the absence of ownership of the law and how its application is distorting the nature of credit cooperatives.

Received: 31 May 2018
Accepted: 10 October 2018
Published online: 21 December 2018

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Published
2018-12-21
How to Cite
de Miranda, José Eduardo. 2018. “From the Economic Participation of Members to the Impropriety of Article 27, and Its Paragraph 2, of Brazilian Law 4.595/64, in the Order of Credit Cooperativism: The Denaturalization of Cooperatives by the Central Bank of Brazil”. International Association of Cooperative Law Journal, no. 53 (December), 87-105. https://doi.org/10.18543/baidc-53-2018pp87-105.
Issue
No. 53 (2018): Member economic participation
Section
Articles

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