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98 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Cooperative Principles |
Voluntary and Open Membership Democrative Member Control Member Economic Participation Autonomy and Independence Education, Training and Information Cooperation Among Cooperatives Concern for Community |
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Primary objective of every cooperative |
To help improve the quality of life of its members |
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Liability of Cooperatives |
Limited liability |
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Life of Cooperatives |
50 years renewable for another 50 years, in no case that the extension be made earlier than 5 years prior to end of original life |
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When shall cooperatives acquire juridical personality? |
From the date the Authority issues a certificate of registration |
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How many organizers in primary cooperatives? |
15 or more natural persons |
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Qualifications of organizers of primary cooperatives |
-filipino citizens -legal age -having common bond of interest -actually residing or working in the intended area of operation -prospective member must have completed a Pre-Membership Education Seminar (PMES) |
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When can newly organized cooperative may be registered as multipurpose cooperative? |
Only after compliance with the minimum requirements for multipurpose cooperatives |
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When can a single-purpose cooperative may transform into a multipurpose? |
Only after at least 2 years of operations |
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Sworn statement of the Treasurer of cooperative must show? |
That at least 25% of authorized share capital has been subscribed and at least 25% of total subscription has been paid, no case shall the paid up capital be less than P15,000 |
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Every cooperative shall have an official postal address to which all notices and communications shall be sent |
True |
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When shall the by laws be filed? |
At the same time as the articles of coopearation |
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All applications for registration shall be finally disposed of by the Authority (Cooperative Development Authority), when? |
Within 60 days from the filing thereof, otherwise application is deemed approved |
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An appeal shall lie with the Office of the President in case of denial of application for registration by CDA within? |
Within 90 days from receipt of notice of denial |
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The Office of the President shall act on the appeal on? |
Within 90 days from the filing thereof, otherwise deemed approved |
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A cooperative that promotes and undertakes savings and lending servives among its members |
Credit Cooperative |
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One of its primary purpose is to procure and distribute commodities to members and non-members |
Consumers Cooperative |
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One that undertakes joint production whether agricultural or industrial |
Producers Cooperative |
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One which combines 2 or more of the business activities |
Multipurpose Cooperative |
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One organized for the primary purpose of providing a wide range of financial services to cooperatives and their members |
Cooperative Bank |
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One organized for undertaking power generations |
Electric Cooperative |
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The members of which are natural persons |
Primary Cooperative |
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The members of which are primaries |
Secondary Cooperative |
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The members of which are secondary cooperatives |
Tertiary Cooperatives |
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How may a federation of cooperatives be registered? |
By carrying out the formalities for registration of a cooperative |
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Means the full membership of the cooperative duly assembled for the purpose of exercising all the rights and performing all the obligations pertaining to cooperatives |
General Assembly |
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In case the cooperatives have numerous and dispersed membership, the general assembly may be composed of? |
Delegates elected by each sector of the cooperatives |
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A member who has complied with all the membership requirements and entitled to all the rights and privileges of membership |
Regular member |
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Who can be considered as a regular member? |
-associate who meets the minimum requirements of regular membership -continues to patronize the cooperative for 2 years -signifies his intention to remain a member |
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One can become a regular member when he continues to patronize the cooperative for how many years? |
2 years |
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A member who has no right to vote nor be voted and shall be entitled only to such rights and privileges as the bylaws may provide |
Associate Member |
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A cooperative organized by minors |
Laboratory Cooperatives |
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Laboratory cooperatives must be affiliated with? |
A registered cooperative |
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An applicant shall be deemed a member after appproval by? |
Board of Directors |
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In case of denial of membership, an appeal may be made to? |
The General Assembly |
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Term of appeal and grievance committee |
1 year |
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Appeal and grievance committee shalk decide appeals on membership within? |
Within 30 days upon receipt thereof, otherwise deemed approved |
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A member may withdraw his membership by giving a? |
60 day notice to board of directors |
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A withdawal member shall be entitled to a refund of his share capital contribution and all other interests in the cooperative. No payment shall be made when? |
Assets is less than Liabilities excluding his share of capital contribution |
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Valid grounds for termination of membership |
Primary- Death or Insanity Secondary/Tertiary- Insolvency and Dissolution |
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In case of death or insanity of an agrarian reform beneficiary-member, who may assume the duties and responsibilities of the original member |
Next-of-kin |
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Composition of General Assembly |
Members who are entitled to vote |
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The highest policy-making body of the cooperative |
General Assembly |
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Exclusive powers of the General Assembly which cannot be delegate |
1. Determine and approve amendments to the articles of cooperation and bylaws 2. To elect or appoint the members of the BOD and to remove them for cause 3. To approve developmental plans of the cooperative. |
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Regular meeting of General Assembly shall be made when |
Annually, on a date fixed by laws; if none, within 90 days after the close of each fiscal year |
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Notice of Regular Meeting of General Assembly |
In writing or other electronic means |
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When shall the special meeting of General assembly be held? |
At any time by majority vote of BOD |
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Notice of special meeting of general assembly |
In writing, sent 1 week prior to meeting |
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A special meeting of general assembly shall be called by the BOD after compliance with the required notice from at least? |
At least 10% of the total voting members |
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Is proxy allowed during meeting of general assembly? |
Yes, only for secondary/tertiary cooperative |
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When shall the regular meeting of BOD be held? |
At least once a month |
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Notice of Regular Meetings of BOD |
Any form of notice allowed |
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When shall a special meeting of BOD be held? |
Anytime upon call of the chairperson ot majority of BOD |
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Notice of special meeting of BOD |
In writing, sent to all BOD at least 1 week prior to meeting |
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Is proxy allowed during meeting of BOD? |
No |
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Quorum of General Assembly |
Ordinary Coop- 25% of all voting members Cooperative Bank- 50% + 1 of all members Electric Coop- 5% of all members |
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Quorum of BOD |
Majority of members of BOD |
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Voting system |
-Primary Coop- each member 1 vote -Cooperative Bank in general assembly meetings- proportionate to the number of their paid-up shares -Secondary/Tertiary Coop- each member 1 vote + incentive votes not exceeding 5 votes (1-5) |
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Action which requires vote of 2/3 of all voting members |
Amendment of Articles of Cooperation and Bylaws |
A |
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Actions which require vote of 3/4 of all voting members |
DDDMRS -Division of Cooperatives -Delegation of GA some of its powers to smaller body -Disloyalty of Director (ratification) -Merger and Consolidation -Removal of elective officer -Self-dealing director, officer, committee members |
DDDMRS |
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Actions which require votes of majority of BOD and 3/4 of all voting members |
-Voluntary Dissolution where no creditors are affected -Voluntary Dissolution where creditors are affected- +verified by its chairperson of BOD |
VV |
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Actions which require vote of majority of BOD |
TCFPE -Termination of membership -Calling of special meeting of general assembly -Filing of vacancy other than expiration if still have quorum -Placing elected officer under preventive suspension -Executive Committee delegation of powers |
TCFPE |
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Action which require vote of chairperson or majority of BOD |
Calling of special meeting of BOD |
Csb |
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Action which requires vote of majority of members |
Compensation grant to director |
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Composition of BOD of cooperative |
5-15 members |
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Term of BOD of cooperative |
2 years |
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The cooperative may admit as directors or committee member, one appointed by any financing institution to provide technical assistance required by the cooperative. He may not be a member of cooperative and shall have no powers and rights. |
True |
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Disqualifications of BOD provided in the laws |
-engaged in a business similar to that of the cooperative or who has a conflict of interest -no director shall hold any other position directly involved in the day to day operations and management of cooperative |
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Filing of vacancy in BOD by the GA in a regular or special meeting |
-Expiration of term -Other than expiration when the remaining BOD no longer constitute quorum |
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Filing of vacancy in BOD by the Remaining BOD |
Other than expiration when the remaining BOD still constitute quorum |
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Threefold duties of BOD, Officers and committee members |
Duty of Obedience Duty of Loyalty Dutt of Diligence |
OLD |
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Liabilities for violation of the threefold duties |
Jointly and severally for all damages and shall be accountable for double the profits which would have accrued to the cooperative |
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Directors are not entitled to compensation except for? |
Reasonable per diems |
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No additional compensation other than per diem shall be paid during the first year of existence of any cooperative |
True |
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Cases when directors and officers are not entitled to per diem |
1. Cooperative reported a net loss in the preceeding calendar year 2. Dividend rate < Official Inflation rate for the same year |
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When shall the cooperative file regular reports of its program of activities to CDA? |
Within 120 days from the end of calendar year |
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What is fiscal year of every ccoperative? |
Calendar year except as provided in the bylaws |
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When shall the CDA send notice of non-compliance and the commensurate fines and penalties in case the cooperative fails to file the reports required? |
Within 15 days from the expiration of the prescribed 120 days period |
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Every director, officer, and employee handling funds shall be covered by? |
Surety bond renewable annually |
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In satisfaction of a debt to the cooperative, a member may execute an instrument authorizing his employer to deduct from his salary. Deduction shall be remitted by employer within? |
Within 10 days after the end of payroll month to the cooperative |
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Responsibilities of employer in deduction of salary in satisfaction of debt to cooperative shall be mandatory |
True |
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A cooperative shall have primary lien upon the capital or interest of a member for any debt due to cooperative from such member |
True |
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Notice of meeting in case of voluntary dissolution where no creditors are affected shall be published for? And sent to members at least? |
-3 consecutive weeks in a newspaper published in the locality of principal office; if none, general circulation in the Philippines - at least 30 days prior to meeting |
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Where the dissolution may prejudice the rights of any creditor, the petition for dissolution shall be filed with CDA. CDA shall issue order reciting the purpose of dissolution and fix a date which shall not be? |
Not be less than 30 days nor more than 60 days after the entry of the order (30 days-60 days) |
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A copy of order shall be published at least? |
At least once a week for 3 consecutive weeks in a newspaper and posted for 3 consecutive weeks in 3 public places |
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How may days can you file notice of objections to dissolution? |
5 days |
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Grounds for involuntary dissolution by order of competent court |
-Violation of any law, regualtion or provision of its bylaws -Insolvency |
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When shall a cooperative deemed dissolved? |
-not commenced business within 2 years after issuance of certificate of registration -not carried on its business for 2 consecutive years |
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A cooperative shall to continue to exist after how many years after it is dissolved? |
3 years |
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Any asset distributable to any creditor or member who is unknown or cannot be found shall be given to? |
Federation or Union to which the cooperative is affiliater with |
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A cooperative shall only distribute its assets upon lawful dissolution and after payment of all its debts and liabilities except? |
Decrease of Share Capital |
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No member of primary cooperative shall hold what amount of share capital? |
More than 10% of the share capital |
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No member shall transfer his shares in the cooperative unless? |
- held for not less than 1 year - assignment made to the cooperative - BOD approved such assignment |
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Par value of share of cooperative shall not exceed? |
P1000 |
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Annual audit in cooperatives |
Financial audit- external auditor Social audit- social auditor accredited by CDA |
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Remedies of members for refusal of officer to examine copy of excerpts from records of cooperative |
-Damages -Criminal case; imprisonment (1-5 years) or fine (not more than P50,000) |
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Net surplus shall not be construed as profit |
True |
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Order of Distribution of Net surplus |
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