18 Questions
What documentation is required for New Electric Cooperatives as per the text?
Duly-notarized Articles of Cooperation
Which statement accurately reflects the requirement regarding the Treasurer's sworn statement for subscriber-elected Treasurers?
At least 50% of the total subscription must be paid.
What is the significance of the Sworn Statement of the Treasurer mentioned in the text?
To verify the compliance with share capital requirements
What is needed to be submitted within six months from registration according to the text?
Surety Bond of Accountable Officers
Which document must have the signature of all member cooperatives' representatives/cooperators?
By-laws
What does the Treasurer's Affidavit need to state according to the text?
Total amount received from share capital contributions
What is a key characteristic of cooperatives in terms of membership?
Open to anyone regardless of gender or race
How are decisions made within cooperatives according to the principles mentioned?
By members who equally participate in setting policies
What is the voting right principle in primary cooperatives as per the principles outlined?
Equal voting rights of one-member, one-vote
What role do selected representatives, directors, and officers play in cooperatives?
They are accountable to the membership for their actions
What does 'Member Economic Participation' require from cooperative members?
Equal contribution to and control of cooperative capital
Which aspect is common to all cooperatives at different levels as per the mentioned principles?
'One-member, one-vote' democratic organization
According to the cooperative principles, how is capital in a cooperative controlled?
Democratically by the members
How are surpluses allocated in a cooperative?
Proportionally to members based on their patronage
What is the principle regarding the autonomy and independence of cooperatives?
Cooperatives are autonomous and maintain their own control
What is the principle regarding education and training in cooperatives?
Education and training are provided to all members, representatives, managers, and employees
How are voting rights distributed in primary cooperatives?
Voting rights are distributed equally among members
How are cooperatives at other levels organized?
In a democratic manner
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
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.
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