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:: Volume 11, Issue 3 (Summer 2016) ::
J. Mon. Ec. 2016, 11(3): 331-349 Back to browse issues page
Analysis of Legal Framework of Joint-Stock Cooperative Bank
Mostafa Elsan 1, Seyed Mohammad Tabatabaeinejad2, Rahim Ghanbari3, Majid Reza Arab Ahmadi4
1- Shahid Beheshti University
2- University of Tehran
3- Islamic Azad University, Zanjan Branch
4- Islamic Azad University, Farahan Branch
Abstract:   (1065 Views)

Joint-stock cooperative company is not recognized in Commercial Code of Iran and the amendment bill of the Commercial Code adopted in 1968. This business entity has a unique description because of both being cooperative and having joint stock. It is a joint-stock company that is chartered based on Commercial Code of Iran, amendment bill of the Commercial Code adopted in 1968, and Principle 44 of the Constitution. Joint-stock cooperative Qarzol-Hasaneh Bank is not involved with commercial activity; the maximum share of each real shareholder is equal to half of company’s capital at the time of establishment and during company’s function. Ministry of Cooperatives and the Central Bank monitor activities of joint-stock cooperative companies. Joint-stock cooperative bank like joint-stock cooperative company should be subjected to amended bill of the Commercial Code adopted in 1968, enforcement Act of general policies of Principle 44 of the Constitution. Formation of joint-stock cooperative bank is not possible in practice unless violating the cooperatives regulations and doing activities that are out of jurisdiction of cooperative companies. It should be noted that cooperative banks are considered as nongovernmental banks, therefore they must obey regulations expressed in rules and regulations of non-governmental banks. 

Keywords: Cooperative, Qarzol-Hasaneh (Free-Rate Loan), Ministry of Cooperatives, Central Bank, Principle 44, Joint Stock
Full-Text [PDF 230 kb]   (808 Downloads)    
Type of Study: Original Research - Theoric | Subject: Monetary Economics
Received: 22 Mar 2017 | Accepted: 9 Dec 2018 | Published: 9 Dec 2018
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Elsan M, Tabatabaeinejad S M, Ghanbari R, Arab Ahmadi M R. Analysis of Legal Framework of Joint-Stock Cooperative Bank. J. Mon. Ec.. 2016; 11 (3) :331-349
URL: http://jme.mbri.ac.ir/article-1-205-en.html


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Volume 11, Issue 3 (Summer 2016) Back to browse issues page
Journal of Money and Economy Journal of Money And Economy
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