Cooperative Responsibilities and Rights Quiz

What is the official postal address used for in a cooperative?

What is the responsibility of the accountant or bookkeeper of a cooperative?

Which document should be accessible to members and Authority representatives for inspection at the cooperative's official address?

Which document is not required to be accessible at the cooperative's official address?

Which meetings' minutes books should be accessible for inspection at the cooperative's official address?

What is the responsibility of the audit committee in a cooperative?

What is the primary lien of a cooperative?

What is the consequence of a cooperative's failure to file required reports?

What is the role of the register or list of members shares kept by a registered cooperative?

What should be done with the audited financial statements of a cooperative?

Cooperative Governance and Operations

The official postal address of a cooperative is used as the registered office where all official documents and notices are served.

Cooperative Finances and Reporting

The accountant or bookkeeper of a cooperative is responsible for keeping records of all transactions, including receipts and payments.
The register or list of members' shares kept by a registered cooperative is used to record the ownership and value of shares held by each member.

Cooperative Records and Inspections

The following documents should be accessible to members and Authority representatives for inspection at the cooperative's official address:
- Minutes books of general meetings and committee meetings
- Audited financial statements
The following document is not required to be accessible at the cooperative's official address:
- Accounts and receipts of individual members
The audit committee is responsible for reviewing the cooperative's financial statements and reporting any discrepancies or irregularities.

Cooperative Compliance and Consequences

A cooperative's failure to file required reports may result in legal action, fines, or deregistration.
The primary lien of a cooperative is on the shares or interests of its members.
Audited financial statements of a cooperative should be made available to members and Authority representatives for inspection at the cooperative's official address.

Test your knowledge of the responsibilities, rights, and privileges of cooperatives as outlined in Chapter VI. This quiz covers topics such as official postal address requirements and documentation accessibility for inspection.