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Cooperative Identity and Principles

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Questions and Answers

What is the primary purpose of a cooperative, according to the definition provided?

To generate profit for its members

To achieve a lawful common social or economic end (correct)

To maximize individual benefits

To compete with other cooperatives

According to the International Cooperative Alliance, what is the nature of the enterprise in a cooperative?

Individually-owned and autocratically-controlled

Government-controlled and centrally planned

Jointly-owned and democratically-controlled (correct)

Privately-owned and competitively controlled

What is a key requirement for individuals to join a cooperative?

Having diverse interests and aspirations

Voluntarily joining and having a common bond of interest (correct)

Being wealthy and influential

Belonging to a specific cultural or ethnic group

What is the role of individuals in a cooperative, according to the definition from the new Cooperative Code of 2008?

Making equitable contributions to the capital, patronizing products and services, and accepting risks and benefits Signup and view all the answers

What distinguishes cooperatives from other types of enterprises based on the provided definitions?

Democratic control by members and common bond of interest Signup and view all the answers

What is the main requirement for an enterprise to be called and operate as a cooperative?

Registering with the Cooperative Development Authority Signup and view all the answers

What is the main benefit of being a regular member of a cooperative?

Having the right to vote and be voted upon Signup and view all the answers

What is the purpose of setting up a maximum in buying shares in a cooperative?

To protect cooperative organizations from individuals who have the capacity to provide Signup and view all the answers

What is the role of the Pre-Membership Education Seminar (PMES) in becoming a member of a cooperative?

It educates individuals about the cooperative and its requirements Signup and view all the answers

Who owns the Cooperative Bank mentioned in the text?

Primary and/or secondary members of the cooperative Signup and view all the answers