Article V Definitions of Terms

Question 1

(a) shall refer to the principal place of business of cooperative where the cooperative conducts its business as provided for in their articles of cooperation and by-laws.

Answer 1

Area of Business Operation

Question 2

(b)shall refer to the area where the cooperative members come from as provided for in their articles of cooperation and by-laws.

Answer 2

Area of Operation

Question 3

(c) shall refer to the Cooperative Development Authority.

Answer 3

Authority

Question 4

(d) shall refer to the condition where members associate themselves to attain their common goals and objectives which may either be residential, occupational, associational, and institutional.

Answer 4

Bond of Membership

Question 5

(e) shall refer to any business activities or livelihood engaged in by the cooperative where such cooperative generates savings.

Answer 5

Business Transaction

Question 6

(f) shall refer to the autonomous and duly registered association of persons, with a common of interest, who have voluntarily joined together to achieve their social, economic, and cultural needs and aspirations by making equitable contributions to the capital, required, patronizing their products and services and accepting a fair share of the risks and benefits of the undertaking in accordance with universally accepted cooperative principles.

Answer 6

Cooperative

Question 7

(g) shall refer to a cooperative the members of which are primary cooperatives doing the same line of business.

Answer 7

Federation

Question 8

(h) shall refer to the cooperative’s area of operation covering two or more adjacent regions.

Answer 8

Inter-regional

Question 9

(i) shall refer to a cooperative the member of which are natural persons except electric cooperative, water service cooperative and other cooperatives which the implementing rules and regulations of RA9520 or the authority may allow.

Answer 9

Primary Cooperative

Question 10

(j) shall refer to the operative act of the Authority granting judicial personality to proposed cooperative and is evidenced by the Certificate of Registration.

Answer 10

Registration

Question 11

(k)shall refer to a cooperative the members where are primary cooperatives.

Answer 11

Secondary Cooperative

Question 12

(l) shall refer to a unit of capital in primary cooperative the par value which is fixed at any figure not more than One Thousand Pesos (1,000.00) and should be divisible by one peso may be divided in to common share capital and preferred share capital.

Answer 12

Share

Question 13

(m) shall refer to the money paid of required to be paid by the members for the conduct of the operation of the cooperative

Answer 13

Share Capital

Question 14

(n) shall refer to a cooperative the members of which are secondaries

Answer 14

Tertiary Cooperative

Question 15

(o) shall refer to a cooperative the member of which are registered cooperatives and/or federations organized purposely to represent the interest and welfare of all types of cooperatives at the provincial, city, regional, and national level.

Answer 15

Union