Is a Nominee Arrangement Permissible in Cooperative Asset Ownership?

By Radhyca Nanda Pratama

09 Mar 2024 07:00 WIB 09 March 2024 07:00 WIB 8 minutes reading time: 8 minutes 73 read

This article discusses Nominee Arrangements in Cooperative Asset Ownership, highlighting the discrepancy between regulations concerning the recording of cooperative-owned assets and the prevailing practices...

Is a Nominee Arrangement Permissible in Cooperative Asset Ownership?

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Table of Contents

Cooperative Business Entity
Nominee Arrangement in Cooperatives

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Legal Literacy - This article explains the Nominee Arrangement in Cooperative Asset Ownership

Cooperative Business Entity

A cooperative is a form of legal entity whose existence is recognized through Law No. 25/1992 concerning Cooperatives, as last amended by Law No. 6/2023 concerning the Stipulation of PERPPU No. 2 of 2022 concerning Job Creation into Law (Cooperative Law). In business activities, the cooperative form of business entity is often underestimated by business actors. This is because business actors tend to prefer the Limited Liability Company (PT) form of business entity over cooperatives.

One of the consequences of recognizing a cooperative as a legal entity is that it has its own assets (wealth), which means that these assets are separate from the assets of the founders, administrators, or members. In line with the statement put forward by the author, juridically this is in accordance with the formulation of Article 1 number 26 of the Regulation of the Minister of Cooperatives and Small and Medium Enterprises No. 8 of 2023 concerning Savings and Loans by Cooperatives (PMKUKM No. 8/2023) which states that,assets are wealth that is owned and managed by the Cooperative to carry out business operations in the form of current assets and/or fixed assets.”

The phrase “fixed assets” in Article a quo is interpreted to mean that fixed assets are also defined as wealth in the form of immovable objects whose nature and form do not change. One example of an immovable object is land. The consideration is that this is in accordance with the basic rules that apply in the Roman legal system, which has established land as an immovable object (Herlien Budiono, 2016: 228).

Based on the provisions of Article 22 paragraph (7) letter a of PMKUKM No. 8/2023 jo. SE Deputy for Cooperatives No. 06/2022 concerning the Obligation to Record Cooperative Assets has imposed an obligation on cooperatives to record the assets owned by the cooperative in the name of the cooperative legal entity. Judging from the nature of the norm, the rule regarding the obligation to record cooperative assets is categorized as an imperative regulation (dwingend recht).

The nature of the norm contained in Article 22 paragraph (7) letter a of PMKUKM a quo is in line with the character dwingend recht in Book II concerning Property Law in the Civil Code which is closed. This means that the provisions regarding the obligation to record cooperative assets may not be deviated from and/or violated. In addition, the provisions of Article 109 PMKUKM a quo regulate that if a cooperative violates the provisions a quo Administrative Sanctions will be imposed.