Cooperative Responsibilities and Rights Quiz

Questions and Answers

Receiving notices and communications

Maintaining the cooperative in accordance with accounting practices

Financial statement

Employee job contracts Signup and view all the answers

Board of directors and committee meetings Signup and view all the answers

To review books and records of account periodically and during audits or inspections. Signup and view all the answers

Upon the capital, deposits, or interest of a member for any debt due to the cooperative. Signup and view all the answers

Imposition of fines and penalties, and revocation of authority to operate as a cooperative. Signup and view all the answers

To serve as prima facie evidence of membership details and dates of entry and exit. Signup and view all the answers

Published annually and kept posted in a conspicuous place in the principal office. Signup and view all the answers

Study Notes

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

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.

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.

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.