A cooperative is a duly registered associated of persons, with a common bond of interest, who have voluntarily joined together to achieve a lawful common social or economic and making equitable contributions to the capital required and accepting a fair share of the risks and benefits of the undertaking in accordance with universally accepted cooperative principles.
1. Economic Benefits - exclusively only to all SBMA employees regardless of employment status who can use its services and are willing to accept the responsibilities of membership.
2. Democratic Control - collectively owned and controlled by its members; general assembly has supreme power over the affairs of the cooperative.
3. Limited Interest in Capital - share capital (fixed deposits) shall receive strictly limited rate of interest.
4. Division of Net Surplus - net surplus arising out of the operations of a cooperative belong to its members and shall be equitably distributed for cooperative development, common services, indivisible reserve fund, and for limited interest on capital and/or patronage refund in the manner provided in this Code in the articles of cooperation and by-laws.
5. Cooperative Education - all cooperatives shall make provision for the education of their members, officers and employees and of the general public based on the principals of cooperation.
6. Cooperation among Cooperatives - all cooperatives in order to best serve the interest of their members and communities, shall actively cooperative with other cooperatives at local, national and international levels.
