COC SECTION 5. DEFINITION OF TERMS

Question 1

refers to the Cooperative Development Authority

Answer 1

AUTHORITY

Question 2

refers to the certificate, in lieu of the (then) Certificate of Goof Standing, issued to all types of cooperatives after compliance with the rules of the Authority.

Answer 2

CERTIFICATE OF COMPLIANCE

Question 3

refers to the operating of business operation and activities of a cooperative, covering twelve (12) month period. Calendar may be adopted as the fiscal period.

Answer 3

FISCAL YEAR

Question 4

refers to any purpose that is not contrary to law, morals, and public policy.

Answer 4

LEGITIMATE PURPOSE

Question 5

refers to the fiscal year immediately preceding the date of issuance of a COC.

Answer 5

PRECEDING FISCAL YEAR