O financiamento das cooperativas. Dificuldades e alternativas
Abstract
The mutual purpose of cooperatives and the need to comply with the cooperative principles may make it difficult to finance them internally and externally. The self-financing of cooperatives faces difficulties such as the variability of the share capital, the non-relationship between a larger share in the capital and the rights of the cooperative member, the rigidity of the capital securities transfer regime, the indivisibility of the reserve’s regime, the limits in the operations with third parties, the legal regime of the admission fees. In terms of external financing, the low attractiveness of investment securities and bonds stands out, given the limits placed on subscribers' participation in the cooperative's governance and remuneration conditions. The figure of the investor members is subject to limits in terms of eligibility for the bodies, the maximum number of votes and financial contributions, which may weaken the attractiveness of this figure.
Received: 4 May 2023
Accepted: 6 June 2023
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