Identification

Question 1

FIRST LEVEL of co-operative under this Act formed either by individual or by Groups

Answer 1

Primary Co-operative

Question 2

PRESENT AMONG PEOPLE BELONGING to the same club or organization, same profession, or same labor union.

Answer 2

Associational

Question 3

MEMBERS WORK in the same industrial plant, same government institution

Answer 3

Institutional

Question 4

MEMBERS LIVE or work in the same barangay, city, municipality

Answer 4

Residential

Question 5

members belong to the SAME OCCUPATION or industry.

Answer 5

Occupational

Question 6

Is the INTENDED COOP’S feasibility study.

Answer 6

Economic Survey

Question 7

Cooperative have LIMITED LIABILITY, meaning the financial liability of a cooperative does not exceed its subscribed share capital.

Answer 7

Liability of Cooperatives

Question 8

Cooperatives CAN EXIST FOR MAXIMUM of 50 years at any one grant of juridical existence.

Answer 8

Term of Existence of Cooperatives

Question 9

LAY DOWN THE RULES by which the cooperative will and must operate.

Answer 9

By-laws

Question 10

Is the OPERATIVE ACT that gives the cooperative its juridical personality

Answer 10

Registration

Question 11

PERSON SEEKING the formation of the corporation (spending, therefore, and talking to potential investors) is called a PROMOTER.

Answer 11

Promoter’s Contracts

Question 12

BREAKING UP of a Cooperative into two or more independent units to form new Cooperatives.

Answer 12

Division of Cooperatives

Question 13

MEANS THE FUSION into one of two or more cooperatives.

Answer 13

Merger

Question 14

IT HAPPENS when two or more cooperatives become one and altogether new cooperative.

Answer 14

Consolidation

Question 15

ASSOCIATION COMPOSED of primary cooperatives and secondary cooperatives with either single or multipurpose business activities.

Answer 15

Federations

Question 16

ORGANIZATION OF REGISTERED cooperatives and federations formed to represent the interest and welfare of all types of cooperatives at the provincial, city, regional, and national levels

Answer 16

Cooperative Union

Question 17

Designed to engaged in EDUCATION AND ADVOCACY

Answer 17

Cooperative Union

Question 18

Designed to engage in BUSINESS IN FAVOR of cooperative members to promote growth and survival

Answer 18

Cooperative Federation

Question 19

ENTITLED TO ALL RIGHTS and privileges of membership.

Answer 19

Regular member

Question 20

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 provide.

Answer 20

Associate member

Question 21

shares that are SOLD TO REGULAR MEMBERS. Common shares are voting shares.

Answer 21

Common shares

Question 22

shares that are sold to ASSOCIATE MEMBERS. Preferred shares are nonvoting shares.

Answer 22

Preferred shares

Question 23

cooperative ORGANIZED BY MINORS shall be considered a laboratory cooperative and must be affiliated with a registered cooperative

Answer 23

Laboratory Cooperatives

Question 24

SHALL BE DEEMED a member after APPROVAL of his membership by the board of directors

Answer 24

Application for Membership

Question 25

A MEMBER SHALL BE LIABLE for the debts of the cooperative to the extent of his contribution to the share capital of the cooperation.

Answer 25

Liability of Members

Question 26

A member of a cooperative may, for ANY VALID REASON, withdraw his membership from the cooperative by giving a sixty (60) day notice to the board of directors.

Answer 26

Termination of Membership

Question 27

ALL SUMS COMPUTED in accordance with the bylaws to be due from a cooperative to a former member shall be paid to him either by the cooperative or by the approved transferee,

Answer 27

Refund of Interest