In the name of God, the Most Gracious, the Most Merciful

Number: 14/7/10
Date: 24/11/1436 AH
Corresponding to: 08/09/2015 AD

Circular to Banks Operating in the Kingdom

Greetings,

We attach herewith a copy of the letter from the Jordanian Co-operative Corporation No. (2928/6/3/3) dated 26/07/2015, for your action according to regulations.

Please accept our highest respect,

Central Bank of Jordan
(Signature)

• Attached
• Copy to: General Manager, Jordanian Co-operative Corporation.

info@cbj.gov.jo - www.cbj.gov.jo - Website: 4638889, 4638624 - Phone: 301-463 - P.O. Box 27 - Amman 11118 - Jordan

Jordanian Co-operative Corporation

Amman

Jordan Co-Operative Corp.
Amman

Ref. No:
Date:

Number: 2928/6/3/2
Date:
Corresponding to: 26/07/2015

His Excellency the Governor of the Central Bank

Subject: Duration of Work of Authorized Signatories on Behalf of the Cooperative

Your Excellency is aware that the Jordanian Co-operative Corporation supervises the cooperative sector in accordance with the provisions of Cooperative Law No. 18 of 1997 and the Cooperative Societies System No. 13 of 1998, through the registration of cooperatives and cooperative unions and supervising them, providing guidance, direction, and technical support, and following up and monitoring their accounts and investigating their budgets, as well as cooperating and coordinating with relevant authorities to enable cooperatives and cooperative unions to implement their development programs in various sectors.

It is noted that Article 13 of the aforementioned Cooperative Societies System states that the management of the cooperative shall be undertaken by a management committee consisting of at least three members elected by the General Assembly from among its members by secret ballot (for a period of one year or more according to the internal system of the cooperative), provided that the term of the committee does not exceed four years in any case.

The elected management committee designates two or more of its members with signing authority on behalf of the cooperative regarding financial matters.

Based on the above, Your Excellency is requested to kindly instruct local banks to require cooperative societies to provide them with a letter from the Jordanian Co-operative Corporation / the Cooperation Directorate in the relevant governorate to determine the duration of work of authorized signatories acting on behalf of the cooperative, as there are authorized signatories who continue to perform their duties despite the expiration of their term of work.

Please accept our highest respect,

General Manager
Engineer Mahmoud Al-Jumani

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Jordanian Co-operative Corporation
Amman - Tel: 5665170 / 76 - Fax: 5686902 - P.O. Box 1343 - Cable Address "Aloun" - Amman - Jordan Amman - Tel. 5665170 / 76 - Fax: 5686902 - P.O.Box: 1343 - Cable Address "Aloun" - Amman - Jordan E-mail: AlounJcc@nic.net.jo Web site: www.jcc.gov.jo