Podcast
Questions and Answers
What documentation is required for New Electric Cooperatives as per the text?
What documentation is required for New Electric Cooperatives as per the text?
- Certified bank statements for the past two years
- List of names of shareholders and their addresses
- Duly-notarized Articles of Cooperation (correct)
- Audited financial statements for the past three years
Which statement accurately reflects the requirement regarding the Treasurer's sworn statement for subscriber-elected Treasurers?
Which statement accurately reflects the requirement regarding the Treasurer's sworn statement for subscriber-elected Treasurers?
- Subscription must be fully paid before submitting the statement.
- At least 50% of the authorized share capital must be subscribed.
- At least 50% of the total subscription must be paid. (correct)
- Paid-up share capital cannot be less than Php10,000.00.
What is the significance of the Sworn Statement of the Treasurer mentioned in the text?
What is the significance of the Sworn Statement of the Treasurer mentioned in the text?
- To verify the compliance with share capital requirements (correct)
- To confirm the number of Board of Directors present
- To ensure all financial transactions are audited
- To certify membership approval by existing cooperatives
What is needed to be submitted within six months from registration according to the text?
What is needed to be submitted within six months from registration according to the text?
Which document must have the signature of all member cooperatives' representatives/cooperators?
Which document must have the signature of all member cooperatives' representatives/cooperators?
What does the Treasurer's Affidavit need to state according to the text?
What does the Treasurer's Affidavit need to state according to the text?
What is a key characteristic of cooperatives in terms of membership?
What is a key characteristic of cooperatives in terms of membership?
How are decisions made within cooperatives according to the principles mentioned?
How are decisions made within cooperatives according to the principles mentioned?
What is the voting right principle in primary cooperatives as per the principles outlined?
What is the voting right principle in primary cooperatives as per the principles outlined?
What role do selected representatives, directors, and officers play in cooperatives?
What role do selected representatives, directors, and officers play in cooperatives?
What does 'Member Economic Participation' require from cooperative members?
What does 'Member Economic Participation' require from cooperative members?
Which aspect is common to all cooperatives at different levels as per the mentioned principles?
Which aspect is common to all cooperatives at different levels as per the mentioned principles?
According to the cooperative principles, how is capital in a cooperative controlled?
According to the cooperative principles, how is capital in a cooperative controlled?
How are surpluses allocated in a cooperative?
How are surpluses allocated in a cooperative?
What is the principle regarding the autonomy and independence of cooperatives?
What is the principle regarding the autonomy and independence of cooperatives?
What is the principle regarding education and training in cooperatives?
What is the principle regarding education and training in cooperatives?
How are voting rights distributed in primary cooperatives?
How are voting rights distributed in primary cooperatives?
How are cooperatives at other levels organized?
How are cooperatives at other levels organized?
Study Notes
Cooperative Registration Requirements
- Required documents for cooperative registration include:
- By-laws with signatures of all member cooperatives representatives/cooperators
- Duly-notarized Treasurer's Affidavit stating total amount received from members' share capital contributions, membership fees, donations, or subsidies
- Duly-audited financial statements for the past two years
- List of incumbent Board of Directors and their addresses certified by the Board Secretary and attested by the Chairperson
- Sworn Statement of the Treasurer on authorized share capital, subscribed share capital, paid-up share capital of members, and paid-up share capital received by the Treasurer
New Electric Cooperatives Requirements
- Additional requirements for new electric cooperatives include:
- Duly-notarized Articles of Cooperation
- By-laws
- General Assembly Resolution of each member cooperative stating approved membership and paid-up share capital contributions
- Sworn Statement of the Treasurer elected by the subscribers showing at least 25% of authorized share capital subscribed and 25% of total subscription paid
- Minimum paid-up share capital of Fifteen Thousand Pesos (Php15,000.00)
Cooperative Principles
- Voluntary and Open Membership: cooperatives are voluntary organizations open to all persons without gender, social, racial, cultural, political, or religious discrimination
- Democratic Member Control: cooperatives are democratic organizations controlled by their members who actively participate in setting policies and making decisions
- Member Economic Participation: members contribute equitably to, and democratically control, the capital of their cooperative
- Autonomy and Independence: cooperatives are autonomous, self-help organizations controlled by their members
- Education, Training, and Information: cooperatives provide education and training for their members, representatives, managers, and employees to contribute to cooperative development
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your understanding of cooperative principles such as democratic control, equal voting rights, and member economic participation. Explore the accountability of representatives, directors, and officers to the cooperative membership.
