WebTranscribed image text: Which one of the following statements is true about a cooperative orientation in supplier relationships? The purpose of which is not to continue the business for which it was established but for purpose of prosecuting and defending suits filed or against the cooperative, settlement and closure of its affairs, distribution of its assets. Undertaking to Change Name in the event that another cooperative has acquired a prior right to the use of the proposed name; 7. After the lapse of the period to file an objection/opposition and no objection/opposition has been filed or after all objections/oppositions have been resolved, the cooperative can file its application for registration. (1) 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. Section 4. Directors, officers and committee members, who are willfully and knowingly vote for or assent to patently unlawful acts or who are guilty of gross negligence or bad faith in directing the affairs of the cooperative or acquire any personal or pecuniary interest in conflict with their duty as such directors, officers or committee members shall be liable jointly and severally for all damages or profits resulting therefrom to the cooperative, members, and other persons. RESPONSIBILITIES, RIGHTS AND PRIVILEGES OF COOPERATIVE. Social Audit validates the support of the cooperative to the seventh cooperative principles on the "Concern Community" and determines whether the cooperative work for the community's sustainable development through policies approved by their members. It is co-owned and controlled by its members. Match the definition in Column B with the word in Column A. "(3) The members of the board of directors shall not hold any other position directly involved in the day to day operation and management of the cooperative. The Plan of Merger or Consolidation jointly prepared by representatives from the constituent cooperatives shall be submitted for approval to the members of each constituent cooperative at separate general/representative assembly meetings duly called for the purpose. Membership and Affiliation. "Where any of the first two conditions set forth in the preceding paragraph is absent, in the case of a contract with a director, such contract may be ratified by a three-fourths (3/4) vote of all the members with voting rights, present and constituting a quorum in a meeting called for the purpose: Provided, That full disclosure of the adverse interest of the directors involved is made at such meeting, and that the contract is fair and reasonable under the circumstances. Which statement is NOT one of these disclosures? Section 1. 9520), Section 1. Section 8. Section 6. "ART. Conversion of Credit Cooperatives to Financial Service Cooperatives. Minimum Capitalization Requirements. Select the list below that contains the correct four phases. "Should such conciliation or mediation proceeding fail, the matter shall be settled through voluntary arbitration: Provided, however, That before any party can validly file a complaint with the Authority for voluntary arbitration, it must first secure a certification from its conciliation and mediation committee and from its conciliation and mediation committee and from the cooperative union or federation to which it belongs that despite all efforts to settle the issues, the same have failed. "(3) Notwithstanding the provisions of any law to the contrary, any sale or conveyance made in contravention of paragraph (2) hereof shall be void. An Elective Officer may be removed by three-fourths (3/4) vote of the regular members present and constituting a quorum in a regular or special general assembly meeting called for the purpose. Section 3. The Authority shall develop a Social Audit Manual that will be used for the purpose. Preferential Right. By conveying all the cooperative assets to Trustee or Trustees who will take charge of liquidation. Section 1. "(4) In areas where there are no available notaries public, the judge, exercising his ex officio capacity as notary public, shall render service, free of charge, to any person or group of persons requiring the administration of oath or the acknowledgment of articles of cooperation and instruments of loan from cooperatives not exceeding Five Hundred Thousand Pesos (P500,000.00). The cooperative's actual performance and accomplishment are compared to its vision, goals, and social responsibility as it relates to the impact not only to the community but to its regular members as the immediate beneficiary of the decisions and actions it promulgated, passed and implemented. 67. Cooperatives have a limited life span. None of the above statements about cooperatives is true. ca Cooperatives cannot legally compete with taxable entities. This problem has been solved! All cooperatives are only concerned on retailing. Legal Basis. Board Resolution authorizing the signatory to sign and file the application; 2. Entrepreneurial and Business Management Course. Registration. Privileges. Certificate of Good Standing issued by the Authority; 4. The purpose or purposes for which it is organized; 4. Applicability - This rule shall apply to cooperatives, which by reason of having numerous and dispersed membership, the conduct of the general assembly meetings becomes extremely difficult; Provided, That the adoption of representative assembly shall be stipulated in the cooperative By-laws, which shall specify the following matters: a. Which of the following is NOT a component of a collaboration system? The Original Certificate of Registration of the absorbed cooperative; 2. - This Act shall be known as the "Philippine Cooperative Code of 2008". Quorum Requirements for Representative Assembly. The Lawphil Project - Arellano Law Foundation. Definition of Terms. 5. Keep an updated and complete registry of all members; b. Membership. 91. 6. Registration Jurisdiction. Articles 72, 73, 74, 75, 76, 77, 78, 79 and 80 of Chapter VIII on Capital, Property, and Funds of the same Code are hereby renumbered and amended to read, as follows: CHAPTER VIII 2021 All rights reserved. Pursuant to the provisions of Art. The Laboratory Cooperative shall include in its Bylaws a program on continuous Capital Build-Up. Transfer of the Statutory Funds to the intended beneficiaries. Section 4. Mandate. Components and Social Audit Indicators. All of the following statements about cooperative federalism are TRUE except: A. 83. New Bedford College keeps all of its records on computers. The combination of two companies that join to form one company is called a: Luca Villanova has a major decision to make about how to increase attendance for the professional soccer team he owns. List of intended beneficiaries of the Statutory Funds; After due evaluation by the Authority, the same shall issues a written authority to the Board of Directors to distributed the assets of the cooperative. Community Involvement and Solidarity. xxx. However, in cases where the issue/s fall within the jurisdiction of the NWRB, the same shall be referred to the said agency and it shall be resolved in accordance with the NWRB regulation. Articles of Cooperation and By-laws; and. Unless otherwise provided in this Code, no public service cooperative shall be registered unless it satisfies the following requirements. 5. Section 17. Coker recently purchased an industrial grade mixer without conferring with her sisters who were upset when they learned that they were all three liable for the payments on the mixer. Lease Agreement, Deed of Donation, Deed of Sale, etc. "(3) The articles of cooperation may also contain any other provisions not inconsistent with this Code or any related law. The registration of an electric cooperative with the Authority under this Code shall be submitted for approval to the members through a referendum, called for the purpose as provided for under Articles 183 and 129 of this Code. 2. In this jurisdiction, the cooperative may avail of the following modes of liquidation: (1) Liquidation by cooperative itself through a Board of Liquidators. Extension Offices - shall refer to the offices of the Authority covering one geo-political region each as their area of jurisdiction. The jurisdiction of the voluntary arbitration shall be exclusive and original and their decisions shall be appealable to the Office of the President. Exception. "If the petition is sufficient in form and substance, the Authority shall issue an order reciting the purpose of the petition and shall fix a date which shall not be less than thirty (30) nor more than sixty (60) days after the entry of the order. Member Economic Participation - Members of the Electric Cooperatives contribute equitably to, and democratically control, the capital of their cooperative. Section 17. The financial audit shall be conducted by an external auditor who satisfies all the following qualifications: "(1) He is independent of the cooperative or any of its subsidiary that he is auditing; and. 4. Multi-purpose cooperatives intending to engage in regular passenger and/or cargo services as an additional activity shall comply with the foregoing requirements: 1. To recommend changes to this IRR from time to time if the need arises. Section 17. true 1. 7. Contents of the Articles of Cooperation. Such other documents that may be required by the NWRB. Cooperatives at other levels are organized in the same democratic manner. 44. Renewal of Franchise and Vehicle Registration. List of all the Creditors and their respective claims against the cooperative; 6. Section 9. Membership in the Electric Cooperatives. C. Cooperatives have the same liabilities as partnerships. Every store is divided into about eight functional teams: An employee is hired provisionally to a store team. 20. Capitalization. (a) It is the easiest way. Section 15. The decision of the Representative Assembly shall be considered a valid cooperative act. ", SEC. (1) A copy of any entry in any book, register or list regularly kept in the course of business in the possession of a cooperative shall, if duly certified in accordance with the rules of evidence, be admissible as evidence of the existence of entry and prima facie evidence of the matters and transactions therein recorded. 14. The rules and procedures on the agenda, time, place and manner of calling, convening, conducting meetings, quorum requirements, voting systems, and other matters relative to the business affairs of the general assembly, board of directors, and committees; 7. Other than the imposition of monetary penalties, the Authority may dissolve/revoke, after due process, the authority of the cooperative to operate as such. However, in cases where the issue/s fall within the jurisdiction of the NDA, DOH-BFAD the same shall be referred to the said agencies and shall be resolved in accordance with their regulations. Section 3. Powers of the General Assembly. The first sentence is true as any person who is competent to serve others can be a part of cooperative societies at any time. Register of Members as Prima Facie Evidence. 128 of RA 9520 hereunder are the procedures in conducting the same: A. BOD Initiated Referendum. Section 3. 17. Amended Article of Cooperation and By-Laws; 3. 42. For purposes of registration with CDA, Transportation Service Cooperatives shall have a minimum paid up capitalization of Fifteen Thousand Pesos (P15,000.00). Section 6. Transportation Service Cooperative organized under the provisions of Executive Order No. 123. Other requirements as may be required by law; and. Only members and its affiliate laboratory cooperative may open savings and/or time deposit accounts. A new Chapter on Electric Cooperatives shall be inserted and shall read, as follows: "ART. "The annual appropriate for the oversight committee shall be charged to the budget of both Houses of Congress in the General Appropriations Act (GAA).". Enforcement/Execution of Decision/Award. Section 13. 11. (1) All Financial Service Cooperative organized for the primary purpose of engaging in savings and credit services and other financial services, and (2) Existing cooperatives with savings and credit facilities which has formally notified the Authority of their intention to exercise enhanced functions and satisfied the requirements of CDA for conversion to Financial Service Cooperative. WebWhich one of the following statements is true about a cooperative orientation in supplier relationships? The BSP, in coordination with the Authority, shall come up with the implementing guidelines on how to credit the owners of the funds. In the discharge of the above-mentioned functions, the Board of Liquidators/Trustees may sue and be sued under the name of the cooperative in order to protects and defend its rights and interests. Books to be Kept Open. In order to attract younger customers to the Lacoste brand of clothing, CEO Robert Siegel made all of the major decisions in product planning, distribution, and promotion. Copyright 2021 Quizack . 4.9 General Manager. The first Condominiums and cooperatives are treated like limited liability companies the waiting state profits! Unless otherwise provided in the By-laws of the Electric Cooperative, quorum shall be five per centum (5%) of all the members entitled to vote. The Plan of Division must include the following: 1. D) Courts never treat cooperatives like a. 3. 27. Such other function as the need arises. 121. "Upon the filing of the application for registration of a cooperative, the bonds of the accountable officers shall be required by the Authority. 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