Cooperatives Flashcards
what are the main 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
In _____ cooperatives, members have a voting right of ____ per member
Primary, One Vote
At least part of the capital of the cooperative should be what?
Common property
Part of the reserves from the surplus should be?
Indivisible
Cooperatives are dependent
False they are independent and autonomous
Do cooperatives offer training to their members?
Yes
What does the CDA stand for?
Cooperative Development Authority
What are the requirements when filing the articles of cooperation?
- It shall be filed to the CDA
- Signed by the organizers (If natural persons)
- Signed by the chairpersons or secretaries (if juridical person)
If the articles of cooperation are signed by their respective signees, it should be before the?
Notary Public
What should be included in the articles of cooperation
- Name
- Purpose
- Term
- Area of operation and postal address of the principal office
- Name, nationalities, pd of the registrants
- Common Bond
- List of names of the directors
- Amount of its share capital
- Type of Cooperative (P, S, T)
Every group of individuals or cooperative intending to form a cooperative shall submit to the CDA a?
general statement and economic survey
What is a necessity of the staff in a cooperative staffing pattern?
a bookkeeper
What is included in the economic survey
- Area of Operation
- Size of membership
- other pertinent data
In a primary cooperative, how many members are required?
15 or more natural persons
What are the requirements of a natural person who wants to be a member of a primary cooperative
- Filipino
- Legal Age
- Having a common bond of interest
- Are actually residing or working in the intended area of operation
What should prospective members take before becoming a member?
A Pre-membership Education Seminar (PMES)
A single purpose cooperative could be a multi purpose cooperative only after how many years?
at least 2
What is amount required for a single purpose coop to transform into a multi purpose coop?
Whichever is higher between, 100,000 paid up capital or the amount required in the feasibility study
What is the minimum subscription required?
25% of authorized share capital
The 25% requirement of subscription only applies to?
common shares, and not preferred shares
If preferred shares are included in the bylaws, it shall
not exceed 25% of the total authorize share capital
can fractional shares be issued by the cooperative
NO
What is the minimum paid-up capital required?
25% of the total subscription but not less than 15,000 in amount
Corporations, compared to cooperatives have a minimum amount of ____ paid in capital
5,000
CDA shall re-assess the minimum required paid up capital every ?
5 years
When does the cooperative gain juridical personality
upon issuance of the certificate of registration under its official seal
Applications for registration shall be disposed of within a period of? What happens if there is no decision within that period?
60 days; The registration is considered accepted unless the cause of the delay is attributable to the applicant
In case of denial, the applicant can appeal to whom? within how many days? starting from what day?
The office of the president; 90 days; from the receipt of the notice of denial
Failure of the Office of the president to act on the appeal for registration within ___ days from the filing means?
90 days; acceptance of the appeal
What words should be included in the name of the cooperative?
Cooperative, Kooperatiba, or Cooperativa
What words in the name of cooperative are discouraged? Forbidden?
Development and integrated; Inc, Corp, Company, Partnership
As a general rule federation and union in the name is prohibited? T or F
True
When can the cooperative use the words federation and union in their name?
When the members came from such institution that bears that name
What is the minimum number of members and pai up capital of secondary and tertiary cooperatives?
Secondary:
1. Federation: 10: 500,000
2. Union: 15: N/A
Tertiary:
1. Federation: 10: 5,000,000
2. Union: 15: N/A
How much is the registration fee of the proposed federation?
1/10 of 1% of the authorized share capital or the amount in the schedule of fees, whichever is higher
Can you amend the articles of cooperation and by laws? How?
Yes. 2/3 vote of all the members with voting rights
What is the term for cooperatives?
Not exceeding 50 years from the date of registration. Can be extended not exceeding 50 years. Extension cannot be filed before the last 5 years
Can a cooperative be divided?
Yes. into two or more as long as 3/4 of all the members present in the meeting agree.
Can a cooperative be merged?
Yes. Two or more cooperatives can be merged as long its approved by 3/4 of each cooperative at separate meetings for that purpose
Who owns the products from producer cooperatives?
The cooperative and its members
Primary cooperatives require members to be natural persons except
Electric Cooperative, water service cooperative, and other cooepratives
which shall refer to a cooperative the members of which are registered
cooperatives and/or federation
Union
which refers to a cooperative the members of which are primary
cooperatives doing the same line of busines
Federation
one who has complied with all the membership requirements and entitle to all the rights and privileges of membership
Regular member
is one who has no right to vote nor be voted upon and shall
be entitled only to such rights and privileges as the by-laws may provid
associate member
When can an associate member become a regular member?
When he has patronized the cooperative for 2 years, meets the minimum requirements of a regular member, and signifies his intent to join
when can a officer or employee of the CDA become a member of a cooperative?
when the cooperative is organized by the purpose of the employees of CDA
When can an elective official of the government become officers and directors of cooperative?
When a party list representative is an officer of a cooperative they are representing
What can’t an officer or employee of the CDA become in a cooperative?
Any position in a cooperative
Withdrawal of a membership shall ensue after how many days?
60 days with valid reason and given to the board of directors
In terms of monetary contributions, what is entitled to be given to dissenting members?
refund of his share capital contribution and all other interests in the
cooperative
What situation could warrant a non-return or refund of a dissenting member’s capital contribution?
If the refund would result to the cooperative’s asset to be less than their debts and liabilities exclusive his share capital contribution
What can be a valid ground for termination for primary cooperatives? what about secondary and tertiary cooperatives?
Primary Cooperatives: Death or Insanity
Secondary and Tertiary Cooperatives: Insolvency or Dissolution
What type of cooperative is the exception for termination by death or insanity? What is the procedure for it?
Agrarian Reform Cooperative; If a member is terminated due to the above ,the next of kin could shoulder the duties and responsibilities.