COOPERATIVES Flashcards
Minimum number of natural persons required to organize a primary cooperative
15 persons
What seminar must be completed by a prospective member of a primary cooperative?
Pre-Membership Education Seminar
A single-purpose cooperative may transform into a multi-purpose cooperative and may create subsidiaries only after at least ________ of operation
2 years
A cooperative may register for a term not exceeding how many years?
50 years
A cooperative may apply fr extension of term but such extension cannot be made earlier than ____ years prior to the original or subsequent expiry date/s
5
The minimum subscription of the authorized capital stock of a cooperative is?
25% of the ACS
The minimum paid-up share capital of a cooperative shall be 25% of the total subscription but not less than:
15,000
CDA shall periodaically assess the required paid-up share capital and may increase every ____ years
5
All applications for registration shall be finally disposed by the CDA within a period of _____ days from the filing therof, otherwise the application is deemed approved
60
A certificate of registration issued by the CDA under its official seal shall be __________ evidence that the cooperative therein mentioned is duly registred
Conclusive
The articles of cooperation and by laws of the cooperative may be amended by ____ vote of all members with voting rights
2/3
Any registered cooperative may resolve to divide itself into 2 or more cooperatives by a resolution approved by a vote of ____ of all members with voting rights
3/4
Any registered cooperative may resolve to merge or consolidate with another cooperative by a resolution approved by a vote of ____ of all members with voting rights
3/4
Any merger or consolidation of cooperatives shall be effective upon:
The issuance of the certificate of merger and consolidation by the CDA
It is a cooperative that promotes and undertakes savings and lending services among its members
Credit
It is a cooperative in which the primary purpose is to procure and distribute commodities to members and non-members
Consumers
It is a cooperative that undertakes joint procedures whether agricultural or industrial
Producers
It is a cooperative which is engaged in medical and dental care, hospitalization, transportation, insurance, housing, labor, electric light and power, communication, professional and other services.
Service
It is a cooperative which combines 2 or more of the business activities of the different types of cooperatives
Multipurpose
It is a cooperative which promotes and advocates cooperativism
Advocacy
It is a cooperative which is organized by marginal farmers majority of which are agrarian reform beneficiaries
Agrarian Reform
It is cooperative which is organized for the primary purpose of providing a wide range of financial services to cooperatives and their members
Cooperative Bank
It is a cooperative whose members are engaged in the production of fresh milk which may be processed and/or marketed as dairy products
Dairy
It is a cooperative organized for the primary purpose of owning and operating licensed educational institutions
Education
It is a cooperative which is organized for the primary purpose of undertaking power generations, utilizing renewable energy sources, including hybrid systems, acquisition and operation of subtransmission or distribution to its household members
Electric
It is a cooperative which is organized for the primary purpose of engaging in savings and credit services and other financial services
Financial Services
It is a cooperative which is organized to own, operate and manage water systems for the provision and distribution of portable water for its members and their households
Water Service
A Housing Cooperative is ____ by its members
Co-owned and controlled
A cooperative in which the members are natural persons
Primary
2 kinds of membership in a cooperative
Regular and Associate
An associate who meets the minimum requirements of regular membership continues to patronize the cooperative for ____ years, and signifies his/her intention to remain a member shall be considered a regular member
2
A cooperative organized by minors shall be considered a _____ cooperative
Laboratory
3 Exclusive Powers of General Assembly which CANNOT be delegated
- To determine and approve amendments to the articles of cooperation
- To elect or appoint the members of the board of directors and remove them for a cause
- To approve developmental plans of the cooperative
Only for the purposes of prompt and intelligent decision making, the GA may by a ______ vote of all its members with voting rights, delegate some of its powers to a smaller body of the cooperative
3/4
If not so fixed, the annual meeting of the GA must be held within how many days after the close of fiscal year?
90 days
Notice in writing for a special meeting of the GA must be sent ______ prior to the meeting to all members entitled to vote
One week
Quorum in cooperative banks
1/2 plus 1
Quorum in cooperative banks in which to amend the Articles and the By laws
3/4
Quorum in Electric Cooperatives
5% of all members entitled to vote, unless the by laws provides otherwise
Quorum in Cooperatives (In General)
at least 25 % of all the members entitled to vote
Cooperatives BOD Composition
not less than 5 but not more than 15 elected by the GA
Terms of Cooperatives BOD
2 years
