Mikrofonden Väst is an organisation which offers guarentees and other financial support to social economy organisations in the region of Västra Götaland. Organisations as cooperatives, societies, unions and federations.
For contacts, mail: email@example.com
YESBOX, Gamlestadsvägen 4, House B13, Göteborg
Gamlestadsvägen 2, House B3, 415 02 Göteborg
Invitation to invest in Mikrofonden Väst, please contact firstname.lastname@example.org for more information.
– Mikrofonden Väst –
(KGF Social Ekonomi Västra Götaland)
You can download this text here: Eng Social Ekonomi
Ever since the beginning in 2006 the business has developed and profited social economy businesses in Västra Götaland. We have recently expanded our business beyond guarantees and can now invest broadly; placing member share capital, share capital, micro loans, soft loans etc.
The Social Economy
Social economy is originally a EU term. In Sweden we are more used to talking about the civil society or the non-profit sector. Not until lately, have we realised the importance of these organisations’ importance for growth and entrepreneurship. In 1991 the government delivered the following definition of social economy:
“organised businesses that primarily have social aims, are founded on democratic values and are organisationally independent of the public sector. These social and financial businesses are mainly run by associations, cooperatives, foundations and similar compositions. Businesses within the social economy sector put the benefit of the general public or the members before profit.”
The Extent of the Social Economy’s
6% of all companies in Västra Götaland are social economy businesses. There are approximately 20 000 active associations within the region. 4,2 % of the region’s employees are employed within that sector. In Sweden social economy has a turnover of 140 billion SEK. Furthermore, there is a large part of volunteers within the sector that do not show up in the statistics.
Kreditgarantiföreningen social ekonomi VG in the region of Västra Götaland
The purpose of KGF Social Ekonomi VG in our region is to increase entrepreneurship and the growth of new and excisting cooperatives and organisations within social economy.
This is made possible because of a unique combination of advice and engagement in a network and of course also because of the possibility of getting funding for developing ideas. Associations with the potential to develop can improve their quality and their financial ability.
We estimate that market for credit guarantees and other funding methods within the social economy sector in Västra Götaland is more than sufficient for us to extend further (see heading “The Extent of the Social Economy”. Under the condition that we gain access to more capital we should, within three years and in cooperation with other parties, be able to meet 10 million SEK of the demand and within five years 20-30 million SEK. The limiting factor has been our lack capital and not the market.
We can see a large demand for funding as well as a large demand for knowledge of funding within social economy both among associations and banks.
In the rural areas there is a call for support for the starts of service businesses in the countryside. This need is also largely present in hives off in the public sector (employee cooperatives). The region’s associations, for example its sport, culture and associations for immigrants have a need for funding support when, for example, buying or building premises and also liquidity support when running EU projects and so on. KGF Social Ekonomi VG has a number of guarantees and financial solutions to social economy cooperatives and social business.
A large part of the demand of credit guarantees and funding can be found among associations and cooperatives in the excluded suburbs. More smaller, newly founded cooperatives and similar business can be reached through the co-operation with Coompanion. Guarantees are also becoming necessary for rents which is a new big city trend. Business such as elderly care homes and home care companies also need help when starting up and developing their business.
We can see that a need for funding exists among social businesses as their members struggle to receive a loan or in associations participating in projects. For example, EU projects require that you first pay invoices and salaries and thereafter request the money from the EU. The associations will then receive that money after a month. This requires a good liquidity. If using bank loans or credit guarantees KGF Social Ekonomi VG can provide guarantees.
Cooperatives and associations who show a positive growth after 1-2 years also have a need to extend their liquidity in order to not hinder the growth. The last years, many new cooperatives have been starting, and now they are in an expansion phase.
Investment heavy sectors such as car cooperatives, windpower cooperatives, broadband cooperatives could also be of interest, in relation to our financial capacity.
We would like to call KGF Social Ekonomi Västra Götaland a financial catalyst of social economy. KGF Social Ekonomi VG also functions as a knowledge bank and creates awareness in financial queries.
Region Västra Götaland has since the beginning co-funded the business and the Swedish Agency For Economic and Regional Growth has been a co-funder for several years. This has allowed for marketing and information campaigns, the handling of cases, funding and follow-ups of those granted credit guarantees and financial cases.
KGF Social Ekonomi VG has throughout the years been financially involved in twenty-one businesses, mainly cooperatives. Twice as many have received advice and guidelines from KGF Social Ekonomi VG. Thereby making a great impact on the growth of social economy in Västra Götaland. The business has been refined and developed during these years; administrative routines as been established, the work of Board of Directors has been specified, the assessment method for funding cases has evolved and become more professional.
The twenty-one businesses that we have funded have mainly been cooperatives such as social businesses. A number of these have been fairly new and our support facilitated the development and growth. A large segment has been cooperatives with sustainable objectives (the environment). The businesses have had 3-30 employees, a yearly turnover ranging from 200 000 SEK to 9,5 million SEK – the average number of employees being approximately 5 and the average turnover being approximately 3 million SEK.
Opportunities and risks in a ten-year term
Social economy and newly founded cooperatives have excellent chances of growing strong if their funding abilities increased. Everything points towards new initiatives in for example social welfare being an opportunity for cooperative businesses. This part of the commercial world has trouble getting risk capital and so the danger is that it can limit the growth of social economy.
The business and organisation
KGF Social Ekonomi VG is aimed towards all enterprising people, companies and organisations in Västra Götaland who want to support the development of social economy. We have sub-regional presence in Sjuhärad, Skaraborg, the area of Göteborg and Fyrbodal/Dalsland. The association was established with the ambition to further the financial development of social economy.
KGF Social Ekonomi Västra Götaland’s structure and business is border-crossing in many ways:
– We are present all over the region with strong regional and local roots.
– We gather businesses of all sizes and from all areas of social economy business.
KGF Social Ekonomi VG has 46 partners, primarily established and new cooperatives, regional development councils and banks, see attachment. KGF Social Ekonomi VG:
- is an economic association (one vote per member). Several partners have with contributed institutional capital in addition to member share capital.
- has a wide ownership from different parts of the region and areas of social economy.
- is a cooperative
Active board of directors
Today the Board of KGF Social Ekonomi Västra Götaland consists of six members and two alternate members. The members of the Board of Directors have a wide range of competence and have deep roots in the region and in its social economy sector. The members have banking and funding experience and have experience of starting and establishing cooperatives as well as knowledge in economics and business development. See attachment.
The Board elects a business manager who is responsible for the everyday running of the business. The manager’s main task is to function as a nexus in the organisation and to ensure that all guarantee and funding cases are carried out satisfactory. Furthermore, the manager should make sure that the business develops and is marketed efficiently.
Networks of the sub-regional divisions and co-operation
Thanks to the co-operation with four local cooperative development centres present in the region, Coompanion Skaraborg, Sjuhärad, Fyrbodal and Göteborg local roots and understanding are established. This results in good knowledge about the applicants leading to a decreased risk of loss.
The members of the association and Board are the most important tools for a successful business.
KGF Social Ekonomi Västra Götaland has a small formal organisation that operates in an environment with many players. A collaboration is implemented between the four local cooperative development centres, Coompanion in Västra Götaland, for advice and business development.
A number of small funding cases and been co-funded by KGF Social Ekonomi VG in co-operation with Almi and Stiftelsen Kooperativt Nyföretagande. It is an efficient way for the client and reduces our risk. There is also a close co-operation with Ekobanken with regards to bank loans and group savings.
Guarantee and funding business
The business manager is responsible for ensuring that the required material for assessment of the funding cases is collected in collaboration with the client. Material for assessment is compiled so that the association can make a decision, the Board will base their decision on a so-called Credit memo (see attachment).
The Board elects a preparation committee that prepares and gives a suggestion to the Board as to how they should decide. However, the Board of Directors make the final decision.
The routine regarding guarantees is that Mikrofonden för Social ekonomi och Lokal utveckling (a national organisation owned by for Ekobanken, Hela Sverige ska leva and Coompanion) provides a guarantee to the bank that wants a guarantee for the applicant’s loan and KGF Social Ekonomi VG places the responding amount in Mikrofonden as a security. The borrower pays a yearly fee to KGF Social Ekonomi VG. The procedure is used since Mikrofonden is registered at the Swedish Financial Supervisory Authority. This allows us to minimize our expenses for administering our funding (being registered at the Swedish Financial Supervisory Authority costs money).
When it comes to other funding methods such as placing member share capital and institutional capital as well as share capital the investments are made directly from KGF Social Ekonomi VG to the applicant.
What makes KGF Social Ekonomi Västra Götaland special is the Board’s unique and close knowledge and understanding of the target group, i.e. associations, cooperatives, village action groups, foundations, orders and so on. It allows this sector to obtain bank loans more easily.
Grounds of Assessment
When assessing the applicant the following is examined:
– The business’ sustainability and ability to conduct business
– The business’ financial results and position
– The business’ role in the social economy, community for close society and networks
– The team behind the business, knowledge and competence etc.
Our involvement can only be reach 60% of the total need. The rest will be handled by other parties such as co-operations with Almi, members of the applicant’s organisation and/or company mortgage.
What happens if…
If things go badly and the business cannot pay according to the agreed terms it could result in KGF Social Ekonomi VG being affected by a credit loss. During six years an incredibly small share has been lost (approximately 3% of the capital) in one of twenty-one involvements.
The development of the business
Our base capital is 1,2 million SEK and this capital has been used in twenty-one different investments during the years. The involvements have ranged between 25 000 SEK to 300 000 SEK.
Share offer in KGF Social Ekonomi Västra Götaland
Shares in the association can consist of member share capital or institutional capital (see attachment). Moreover, share issues may be decided upon.
The financial objective of the different parties can be summarised accordingly:
For KGF Social Ekonomi VG: The association does not seek profit for itself. A positive result is necessary to consolidate a strong financial position and to grow reserves.
For members: Financial returns shall not be computed on member shares. However, shares may be expected to create value for members in other ways.
For institutional shareholders: Institutional capital shares may be expected to provide financial returns in line with treasury bills as the association matures, though not in the near future.
Clients: The client should pay a yearly fee to the organisation.
All: The big profit is in capital assets and securities as well as the soft value assets.
Expanded business and future change of name
During 2011 our members decided at a meeting to expand our business. Apart from acting as a guarantor we now also also offer other forms of funding. For example we shall be investing in institutional and member share capital of associations, invest in shares, limited social economy companies and other forms of funding. This expansion makes us more flexible in solving an association’s need for capital. Consequently, we will change the name of our business during 2012-2013 so that it better reflects the extended funding of social economy possibilities.
Information campaigns and guidance
Throughout the years the business has continuously informed associations and cooperatives about funding possibilities. This include more than giving information regarding guarantees and investment opportunities. It also involves inspiring and sharing knowledge about how associations, cooperatives and village action groups and others could fund their business. We meet business through the cooperation with Coompanion and through meetings, informative gatherings and seminars. Ekobanken also helps in spreading information about our business. They have a regional representative who during the year has made us aware of numerous cases. Information about us is also sent out via email to thousands of recipients six times a year (in collaboration with Coompanion). We also give guidance to associations in respect to other funding options such as Almi, to share resources, what to think of when meeting the bank etc. Information and guidance is just as important, if not more so, than providing guarantees and funding as it reaches out to a larger crowd and solves more obstacles for social economy businesses.
Questions? Contact Jan Svensson, business manager KGF Social Ekonomi VG, phone +46 (0)31-744 01 69, email: email@example.com.
Social Ekonomi Västra Götaland
Organisation number: 769613-7848
411 13 Göteborg
Phone: +46 (0)31-744 01 60
Earlier investments and issued guarantees:
Hålanda förskola economic association (cooperative pre-school)
Vägen Ut! Kooperativen loan 1 (social business syndicate)
Dansbyrån loan 1 (collaboration of manufacturers)
Getaware/Camino (employee cooperative)
Förskolan Myran (cooperative pre-school)
Skaraborg Ved och Energi (social business)
Vägen Ut! Kooperativen economic association loan 2 (social business syndicate)
Smart Travel economic association loan 1 (employee cooperative)
Smart Travel economic association loan 2 (employee cooperative)
Västsvensk Byggkonst (collaboration of organisations)
Cum pane economic association (employee cooperative)
Dansbyrån loan 2 (collaboration of manufacturers)
Issued investments and current guarantees as of December 31, 2011
Kaprifolkött economic association (company collaboration) 75 000 SEK
Consumentor economic association (employee cooperative) 25 000 SEK
Gudagott economic association (employee cooperative) 25 000 SEK
Påslakanet AB (a social business’ subsidiary) 25 000 SEK
Reposition economic association (employee cooperative) 25 000 SEK
Sol & Måne economic association (cooperative pre-school) 40 000 SEK
Rabash economic association (employee cooperative) 25 000 SEK
Berghemmet economic association (employee cooperative) 25 000 SEK
Vedugnsbageriet Sandhult (employee cooperative) 100 000 SEK
A total of 365 000 SEK has been issued of which 265 000 SEK is on a local level and an additional 100 000 SEK through Mikrofonden för Social Ekonomi och Lokal Utveckling.
See our website for more information about our clients, www.kgfsocialekonomi.se
Fiftyfive members have paid for shares in the association as of December 31 2015 and they consisted of associations, cooperatives and banks.
Karins Döttrars Väv- och konsthantverkskooperativ
Hela Sverige ska leva Fyrbodal
Hela Sveriga ska leva Sjuhärad
Vägen Ut! kooperativen
Villa Vägen Ut! Solberg TCD Göteborg Säve ek. för.
Hotell Le Mat B&B
Bergsjöns Kultur & Mediaverkstad
Coop Medlem Väst (former Konsumentföreningen Väst)
HSB Nordvästra Götaland
Kooperativet Greta ek. för.
Kooperativ Handel Fram
Social Ekonomi Sjuhärad
Göteborgs Smartest Travel
Cum Pane Ekologisk Bakverkstad
Förskolan i Åmål
Dansbyrån i Göteborg
Le Mat Fastighet AB (svb) (former Påslakanet Fastighet AB)
Vedugnsbageriet i Sandhult
ReMade4U ek. för.
Studieförbundet Vuxenskolan VG
Frippe och Frida
Bengtsfors Utvecklings AB
2015 Amount in SEK
The following organisations have contributed towards institutional capital:
Coompanion Sjuhärad 50 000
Vägen Ut! kooperativen 30 000
Sparbanken Tanum 200 000
Karins Döttrars Väv- och konsthantverkskooperativ 10 000
Coop Medlem Väst 200 000
HSB Göteborg 150 000
Kooperativet Greta 1 000
Villa Vägen ut! Karin, KSPT i Göteborg ek. för. 10 000
Folksam 25 000
Västra Götalandsregionen 300 000
Coompanion Göteborgsregionen 105 000
Konsumentföreningen Bohuslän-Älvsborg 200 000
Coompanion Fyrbodal 35 000
Göteborgsregionens Länsbygderåd 1 000
Hela Sverige ska Leva Fyrbodal 5 000
Coompanion Skaraborg 50 000
Bengtsfors Utvecklings AB 199 000
Hela Sverige ska leva Sjuhärad 10 000
Total 1 581 000
The Board of Directors of KGF Social Ekonomi Västra Götaland,
Appointed at the annual meeting 2012-04-23
Members of the Board:
Claes Bergqvist Sjuhärad, Länsbygderådet, Chairman
Sven Bartilsson Göteborg, Coompanion, Vice Chairman
Mats Mellblom Skaraborg, Coompanion Skaraborg
Björn Johansson Bohuslän, Konsumentföreningen Bohuslän,
Camilla Olsson Bohuslän, Studieförbundet Vuxenskolan
Elisabet Mattson Göteborg, Kooperativet Greta
Rosie Rothstein Göteborg, Region of Västra Götaland, SER
Ingrid Westerfors Göteborg, Ekobanken
Auktoriserad revisor Bengt Pettersson, KPMG
Lotta Forslind, Coompanion Fyrbodal, alternate auditor and lay auditor
Ulla Herlitz, Ekobanken
Pernilla Svebo Lindgren, Vägen ut! kooperativen
Maria VE Johansson, Region of Västra Götaland (Counsel of Social Economy)
The business management consists:
Göteborg (Jan Svensson, verksamhetsledare), Fyrbodal (Ann Uggla Flodin), Sjuhärad (Anders Lindauer), Skaraborg (Maria Henriksson)
Representive to the Board and business manager is Jan Svensson.
Our products and services
Approx annual fee of 3.5 %
Institutional capital/member share capital
Approx annual fee/revenue of 3.5 %
Share capital Aktiekapital
The goal is to have a yearly revenue of more than a 3,5%
Interest of 3.5 %
The task of handling guarantees, applications and so on is funded by the Region of Västra Götaland and the Swedish Agency for Economic and Social Growth.
Kreditgarantiförening Social Ekonomi VGR ekonomisk förening.
By-laws passed at annual meeting on April 27 2011
§ 1 NAME
The name of the association shall be Kreditgarantiförening Social Ekonomi VGR ekonomisk förening.
§ 2 PURPOSE
The association has the following purposes:
To benefit its members’ financial interest through the existence of an economic association (association of the credit market) that inter alia provides guarantees for bank loans and other credits used in the members’ business. To provide loans, funding by placing institutional capital, buying share capital in the members’ business or other types of funding. To support the members with guidance and information with regards to management questions andto manage what is needed to run a coherent and consistent business.
Members participate in the business by using or contribute to the association’s services.
§ 3 LOCATION.
The Board of Directors shall be located in the municipality of Göteborg. The association will mainly be operating in the region of Västra Götaland.
§ 4 MEMBERSHIP
Members in the association may be physical and legal entities who conduct, wish to support, or who intend to conduct a business within the relevant area of business, primarily social economy. Other entities can be found to benefit the business of the association and be elected as members. The applicant shall comply to the by-laws and decisions of the association and contribute towards the purpose of the association.
Membership applications shall be made in writing to the Board of Directors.
§ 5 AQUISTION OF SHARES
If the shares of a member have been acquired through property settlements, inheritance or testament this shall be reported to the Board of Directors within six months of the acquisition. The same applies when a non-member acquires shares through a transfer.
Regarding the conditions for membership upon registering article 4 applies.
If membership is granted the acquiring part replaces the member. Otherwise, the member is regarded to have given notice to leave the association at the time of the conflict according to the first paragraph expired. In the latter situation the acquiring part has the right to redeem the same amount of invested shares and part of the profit as the resigning member is entitled to.
§ 6 SHARES
1. Member share capital
The compulsory contribution in shares is 1000 SEK. The members can thereafter contribute with more shares (voluntary shares).
A share shall be paid in cash directly after joining the association. Additional shares of the member shall be paid in cash upon demand.
Annual meetings may according to article 23 decide to transfer own capital to the member share capital through share issues. When occurring the compulsory share contribution shall be in accordance to this article and the issued sum of the member’s total share capital.
2. Institutional capital
The Board of Director’s can decide that members and non-members alike may add capital as in institutional capital.
If there exist institutional capital investments the annual meeting shall determine dividend payments on such investments to the extent that financial resources are available for the purpose. Dividend payments shall be made in accordance with the certificate of institutional share ownership at the highest applicable rate.
The specified dividend is due for payment within two weeks of the decision. The Board of Directors own the decision of whom may contribute with and the sum of institutional capital as well as additional conditions aside from those listed above that are to be applied in each individual case when referring to this article.
The term of institutional capital investment is unlimited. After a period of five years and dependant upon the own capital of the association the annual meeting may decide to let the owner of institutional capital redeem the investment.
§ 7 NOTICE
Notice to leave the association shall be given in writing.
§ 8 SUSPENSION
Members clearly in contravention of the by-laws of the association, not adhering with decisions arrived at by due process or otherwise working against the interests of the association and its purpose may be suspended from the Board. A suspended member may defer the issue of suspension to the annual meeting by reporting their intent to the Board within one month of a notice of suspension being sent to them.
A suspended member immediately relinquishes the right to participate in deliberations and decisions on matters of association affairs.
§ 9 RESIGNATION
Resignation from the association occurs at the end of the financial year that ends at the earliest one month after the circumstance that lead to the resignation occurred.
§ 10 REPAYMENT OF SHARES ETC.
A member who has resigned has the right to repayment of his share capital and dividend payments decided upon in accordance with chapter 4, article 1 Statutes of economic associations). Referring to the association’s membership in a credit market association, other similar organisations, or the association’s own registration with the Swedish Financial Supervisory Authority (Finansinspektionen), repayment of share capital may only be realised when allowed according to prescriptions in the Statute on capital requirements and large exposures for credit institutes and securities companies.
A member participating in the association with voluntary contributions retains the right to repayment of such contributions without resignation. Rules governing termination of memberships, resignation and repayment of share capital apply in applicable parts to termination for the purpose of repayment of surplus amounts and to the repayment thereof.
§ 11 FEES
1. Service fee
The association may charge service fees to cover the costs for the services offered by the association to its members. The service fee is charged according to an interest decided by the Board of Directors on a yearly basis but shall not be higher than 1/10 of the price base amount.
2. Specific fee
If there are particular reasons the annual meeting may decide to also charge an extra fee. Such a fee shall only cover a specific, well-defined case.
§ 12 BOARD OF DIRECTORS
The Board of Directors of associations shall consist of at least five but no more than nine members and no more than nine alternates members. The period of office shall be two years for members, and is to be set up so that almost half of the members are due to resign at each annual meeting, and one year for alternate members. The Board of Directors constitute quorum when at the least half of its members are present.
The annual meeting elects the members of the Board. Furthermore, they appoint the Chairman of the Board and the Vice Chairman of the Board among the elected members of the Board.
The Board may appoint one or more bodies to fulfil specific assignments. The Board shall each year decide its rule of procedure. Moreover, the Board shall set out the rules of procedure for the appointed body and for the Chief Executive Officer is one has been appointed.
§ 13 CHIEF EXECUTIVE OFFICER
The Board may appoint a Chief Executive Officer. The Chief Executive Officer does not have to be a member of the association.
§ 14 SIGNING AUTHORITY
Apart from the Board of the association the Board may select a person or persons to have the authority to sign for the association.
§ 15 FINANCIAL YEAR
The financial year of associations is a calendar year.
§ 16 ANNUAL REPORT ÅRSREDOVISNING
The Board shall hand over accounting documents by March 31 to the auditor of the association.
§ 17 AUDITOR
Each year the annual meeting shall appoint one or two auditors and have possibility to appoint one alternate auditor for the period until the annual meeting of the subsequent financial year.
§ 18 AUDITOR’S REPORT
The auditor shall give the auditor’s report no later than April 30.
§ 19 ANNUAL MEETING OF THE ASSOCIATION
The annual meeting is held within the business of the association. The general annual meeting shall be held no later than during the month of July of each financial year. Special meetings shall be held when considered necessary by the Board but also when the auditor or half of the members who have a right to vote demand a meeting in writing.
Notice of meeting shall be given in writing by post or email to each member at the earliest four but no later than two weeks prior to the meeting.
§ 20 PROPOSALS
Proposal by member should be given in writing no later than one month prior to the annual meeting.
§ 21 AGENDA OF THE ANNUAL MEETING
The following topics shall be raised at the annual meeting.
1. election of Chairperson of the meeting,
2. chairperson’s reporting of secretary,
3. establishment of the electoral roll,
4. election of two people to attest the protocol together with the Chairperson
5. matter of the notice of meeting being given in accordance to the by-laws
6. the annual report of the Board,
7. the auditor’s report,
8. ruling on the consolidated income statement and balance sheet,
9. decision regarding the association’s profit or loss according to the compiled balance sheet
10. decision regarding freedom of responsibility of the Board Members and the Chief Executive Officer,
11. establishment of the allowances for the Board Members and auditors,
12. establishment of the number of Board Members and alternate,
13. election of Board Members and alternate members,
14. election of Chairperson and Vice Chairperson,
15. election of auditor and possible alternate,
16. proposals brought forward by the Board or member of the association,
17. election of election committee,
18. Other matters
§ 22 MESSAGES
Other messages than notices of meeting shall be given in writing or by email.
§ 23 DISTRIBUTION OF SURPLUSES
Pursuant to restrictions described in chapter 10 of the Statutes of economic associations, it is the responsibility of the Board of the association to determine compensation in the form of settlements, returns or similar payments. Such compensation shall be computed on the basis of membership participation in association affairs. Payment of compensation may only be realised subsequent to shareholder meeting confirmation of the statement and balance sheet for the relevant year.
The annual meeting shall determine dividend payments of reported results on the advice of the board. Such payments may be computed on the basis of members’ participation in association affairs or on the basis of member share capital or institutional capital contributions, pursuant to restrictions described in Chapter 10 of the Statutes of economic associations). The particular character of institutional capital contributions shall considered in the determination of payments.
Dividend payments may, by the annual meeting, be designated for funding and stock issue in the association.
§ 24 CHANGE OF BY-LAWS
When changing these by-laws section 7, article 14 and 15 of Statutes of economic associations is to be applied.
§ 25 RETAINED ASSETS UPON LIQUIDATION
Retained assets at liquidation shall primarily be used for the repayment of institutional capital. Thereafter, member share capital contributions and voluntary contributions shall be repaid in accordance with article 6. Any remaining assets shall be distributed among members in proportion to their combined institutional share, member share and voluntary contributions computed at the time of liquidation.
§ 26 OTHER MATTERS
Regarding the other matters relevant to the association the Statutes of economic associations is applicable.