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Home Page > Terms & Regulations > Articles of Association of Cooperative Investment Guarantee Fund 

The Council of Ministers based on Proposal number 8188/1 of the Ministry of Cooperative and on the strength on note (1) of clause “V” and Article 9 of the “Act pertaining to amendments parts of the law of the Fourth State Economic, Social and Cultural Development Plan” in line with the implementation of the general policies of Principal 44 of the Constitution Law – passed in 2008- approved the Statute of the Cooperative Investment Guarantee Fund.


Chapter one- Fundamentals

Article 1- The Cooperative Investment Guarantee Fund; hereinafter in this statute is briefly referred to as “Fund” has legal entity and financial independence and acts in accordance with the regulations of this statute.

Article 2-  The fund has Iranian nationality and is established for unlimited period.

Article 3-  The operations territory of the Fund is the entire country and its head office is in Tehran.

Note- The Fund is allowed to perform parts of its activities  in accordance with the regulations to be passed by general assembly through its representatives inside and outside the country by observing the relevant regulations for a certain period by concluding contract with other competent legal entities.

Article 4- The capital available in the state Cooperative Fund is one thousand and two hundred billion Rials, defined as the initial (registered) capital of the Fund and entirely belongs to the government.

Note- The capital of the Fund will be increased after approval of the general assembly and being passed by the council of ministers.

Chapter two- Object and purpose of activity

Article 5-  The object of Fund activity is to help the cooperative sector development through providing guarantees and activities as follows:

A-  To guaranty credits, investments, obligations, liabilities, claims and transactions of cooperative companies

B-   To guaranty the principal and interest of the facilities awarded to the cooperative companies by banks and credit institutes

C-   To remedy and compensate parts of the damages caused by natural and uncontrollable events, serious fluctuations of the market and local and foreign economic crisis in the market based on the instruction passed by the general assembly and in the framework of the approved credits.

D-  To assess, rank and analyze the risk of guaranty letters and insurance beneficiaries, and to absorb cooperation of international companeis and institutes, ranking the investors, exporters and buyers.

E-   To attract the cooperation of banks, insurance offices, local and foreign  financial and credit institutes and the counter cooperation in realizing the goals of the Fund and deposit investments in banks, and accepting  reinsurance guaranty by the priority of Cooperative Development Bank

F-    Cooperation and counter association and partnership with the executive organizations on the subject of Fund’s activities.

G-  To employ the information and communication technology capabilities, E-business and specialized software, financial resources management and risk analysis in line with the realization of the goals and object of Fund’s activities.

Note- The risk coverage for investments, transactions and other activities of the fund will be carried out in the template of by-laws which are proposed by the board of directors and approved by the general assembly.

Article 6- Financial resources of the Fund are as follows:

1.     To receive the funds being handled, technical and credit contributions, free contributions and any other sources from state public budget, in case of the availability of credit at the discretion of Planning and Strategic Supervision Department of the President and within the framework of the annual budget

2.     The interests and profits earned by securities transactions

3.     Incomes earned by presenting investment guarantee services, commission fee and receiving the relevant expenses

4.     Income earned through deposits of the Fund in banks and other financial and credit institutes

5.     The income earned by advocating the fund right through collecting and selling the securities of plans and the guaranteed units

6.     The amounts received from damages delay in the payment of the debts of guaranteed units to the Fund

7.     Other permissible legal cases


Chapter three- Pillars of the Fund

Article 7- The Fund has following foundations:

A-  General Assembly

B-   Board of directors

C-   Managing director

D-  Inspector (auditor)

Article 8- The general meeting constitutes of following members:

A-  Minister of Cooperation (chairman of the assembly)

B-   Minister of Jihad-e- Agriculture

C-   Minister of Industries and Mines

D-  Minister of Labor and Social Affairs

E-   Minister of Economy and Finance Affairs

F-    Minister of Commerce

G-  Deputy of Planning and Strategic Supervision of the President

Article 9-  The duties and authorizations of the general meeting are defined as follows:

1-    To study and approve general policies and lines of activities of the Fund

2-    Investigation and expressing opinions on annual operations report and approval of the balance sheet and profit/loss statements within the  legal deadline

3-    Study and pass annual budget which is proposed by the board of directors.

4-    Proposal of increase in capital and modification of the Fund Statute to the concerned officials

5-    Study and adopting decisions on other cases that are proposed by the board of directors

6-    Appointment and discharge members of board of directors and inspector, determining the remuneration and rewards of the board of directors, inspector’s fee, and the salary and benefits of managing director by observing article 74 of State Services Management Law- Passed in 2007

7-    Approval of the administrative and employment by-laws and other by-laws needed for Fund’s activities that are proposed by the board of directors, and presenting them to concerned officials for adopting final decisions

8-    Adopting decisions on bad debts and uncollectable debts

9-    To refer the claims subject of dispute for arbitration, and to compromise in claims by observing principal one hundred thirty nine of the Islamic Republic of Iran Constitution

10-                       Other duties and authorities that are assigned to the general assembly through this statute and/or the regulations and laws.

Article 10- The Fund is run by a board of directors consisting of five members that are elected for two years and endorsed by the order of the chairman of the general meeting. There is no restriction in re-electing the board of directors’ members and after expiry of their term of office, as long as the new manager(s) is (are) not elected or nominated, the mentioned managers will remain in their position.

Note- In its first meeting, the board of directors elects a chairman of board of directors and a vice-chairman directors board from the members for two years. Changes in the position of board of directors will be by the approval of the  board of directors.

Article 11- The board of directors’ meeting is held at the invitation of board of directors’ chairman at least once a month. The meeting will be official by the presence of minimum three members. The board of directors’ decisions will be valid by minimum three positive votes.

Article 12- The duties and authorizations of the board of directors are as follows:

1.     To implement the statute and approvals notified by the general assembly

2.     To draw up the plans and general policy of the Fund in the realizations of the goals and its subject, proposing as such to the general assembly for due approval

3.     Development of administrative and employment by-laws and other necessary instructions for the Fund’s activities, and presenting them to the general assembly

4.     To investigate and express opinions on the managing director and inspector’s reports, profit and loss statements and balance sheet of the fund, and presenting them to the general assembly for adopting decision

5.     To adopt decisions and making necessary follow-ups on the Fund’s claims and payment of its debts

6.     To present the report and  advisory opinions to the general assembly in connection with the Fund’s performance and affairs

7.     To present the proposals to the general assembly for changing or modifying the contents of the statute in the direction of faster progress towards the Fund’s goal.

8.     Implementation of the contents of note to article 3 of this statue

9.     To propose  on appointing and discharging managing director to the general assembly

10.                        To open current accounts and deposits in banks in connection with the Fund’s activities

11.                        To buy, sell, lease, award or accept guarantee, endorse trades securities, deposits and mortgage of immovable properties, investment, participation and contractual activities

12.                        To open saving accounts in local or foreign currencies in banks, financial and credit institutes and other local or foreign trading institutes, to use those deposits in name of the Fund or to close them by observing the relevant regulations

13.                        To propose the return of claims subject of disputes to arbitration, to compromise the claims and to present them to the general assembly

14.                        Study the designs, investments, obligations and other items subject of Fund’s activities for accepting risk coverage and fulfilling the guarantees

15.                        To take any actions which are necessary in the framework of the goals pursued in establishing the Fund and performing the relevant affairs; as well as other duties that are entrusted to the board of directors according to this statute and other laws and regulations.

Note: The board of directors is allowed to assign its duties and authorizations to the managing director by its own responsibility.

Article 13- The managing director of the Fund is elected from amongst the members of board of directors or from outsiders at the suggestions of the board of directors and approval of the general assembly; to be appointed by the order of the chairman of general assembly. There is no restriction in his re-election.

Article 14- The duties and authorizations of the managing director are as follows:

1-    To perform the administrative and financial affairs, and operations subject of the fund, to implement the approvals of the board of directors and the general assembly

2-    To recruit, employ, expel, promote, transfer and mission, and other administrative and employment affairs of the staffs according to the relevant regulations and laws, the local regulations of the Fund and appointing the managers

3-    To represent the Fund before governmental and non-governmental organizations, natural persons and legal entities and legal officials, to lodge legal cases, to defend any penal and/or criminal claims and/or any other claims, to take other actions in connection with the judiciary and executive authorities, with right to appoint a lawyer with substitution rights and/or representation and substitution

4-    To conclude any contracts and execute it with any formats with any natural persons and legal entities, under any terms and conditions in the framework of goals and subject of the Fund’s activities

5-    To reach compromise and settlement, to refer the case to arbitration, to return the claim by observing the relevant regulations and laws by the approval of board of directors

6-    To prepare annual budget, balance sheet, profit/loss statements, financial reports and other reports to be presented to the board of directors

7-    To propose increase or decrease in capital and other suggestions to the board of directors

8-    To take actions for collecting the Fund’s claims and credits, and to identify bad debts to be presented to the board of directors

9-    To take necessary actions on the Fund’s obligations

10-To perform the duties and authorities that the board of directors assigns to the managing director

11-Other duties and authorizations that are entrusted to the managing director according to the laws and regulations.

Note 1- Checks, doucments, financial, credit, transactional and negotiable papers and binding documents are valid by bearing the fixed signature of managing director and signature of the board of directors’ chairman and/or one of the board of directors ‘members as appointed by the chairman. Other documents and letters are valid by bearing the managing director’s signature. If necessary, the board of directors will be allowed to assign its signature right to any officials or Fund staff with its own responsibilities.

Note 2- Using the bank accounts subject of article 76 of Public Auditing Law of the Country will be possible by bearing the fixed signature of managing director and signature of the board of directors’ chairman and/or one of the board of directors ‘members as appointed by the chairman; as well as the signature of the company’s auditor or the authorized person on his behalf.

Article 15-  The Auditing Organization acts as the inspector (auditor) of the Fund. It is authorized to supervise the regulations in accordance with the regulations, check the accounts, balance sheets, profit and loss statements of the Fund, prepare the necessary reports and present them to the general assembly. In addition, it has to perform the duties and authorizations that according to the Trade Law are entrusted to the inspector. The inspector is obliged to submit  to the general assembly its report on annual accounts and balance sheet of the Fund within three months from the expiry of fiscal year. The inspector is entitled to take the documents and papers of the Fund by the information of the managing director and without interference in the executive operations.

Article 16-  The fiscal year of the Fund starts on March 21st of each year and ends at the end of March 20th of the next year except the first year of establishment which starts on the registration date and expires at the 20th of March of same year.

Article 17- The balance sheet, profit/loss statements and other financial statements should be  submitted to the inspector by board of directors within two months from the expiry fiscal year.

Article 18- Ten percent of the annual net profit of the Fund will be reflected in the cautionary reserve account after deducting all expenses, technical reserves, legal reserves and legal deductions.

Article 19- The human forces that are needed by the Fund  are provided  from a part of human forces in the State Cooperative Fund by the approval of the general assembly in the template of work teams minutes, subject  to note 1, clause V, Article 9 of the Act pertaining to Amendments on Parts of the Fourth Economic, Social and Cultural Development Plan of the Islamic Republic of Iran and Implementation of general policies of the  principle forty four of the Constitution- passed in 2009. Supplying the future need of the Fund will be based on the administrative and employment by-laws of the Fund.

Article 20- This statute replaces the statute of the Cooperation fund- passed in 1989- subject of resolution number 1089T/132004 dated March 14, 1990 and the subs sequent amendments.

This statute has been approved by the mentioned Council through letter number 37251/30/88 of the Guardian Council.

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