Philippine Cooperative Code of 2008

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Questions and Answers

What is the primary aim of declaring a policy in the Philippine Cooperative Code of 2008?

To establish a set of rules for cooperative operations

To define the roles of cooperative officers

To determine the tax rates for cooperative enterprises

To promote the interests of cooperative members (correct)

What is the main purpose of a cooperative according to the Philippine Cooperative Code of 2008?

To contribute to the national economy

To provide services to its members (correct)

To promote social welfare in the community

To generate profits for investors

What is the primary focus of Chapter II of the Philippine Cooperative Code of 2008?

Describing cooperative organizational structures

Defining cooperative principles and concepts

Establishing the purposes and objectives of cooperatives (correct)

Outlining the registration process for cooperatives

What is the significance of Article 7 in the Philippine Cooperative Code of 2008?

It defines the objectives and goals of cooperatives Signup and view all the answers

What is the relationship between cooperatives and trade, according to Article 8 of the Philippine Cooperative Code of 2008?

Cooperatives are not in restraint of trade Signup and view all the answers

What is the title of the law that governs the implementation of the Philippine Cooperative Code of 2008?

Republic Act 9520 Signup and view all the answers

What is the primary purpose of Article 54?

To serve as prima facie evidence of membership Signup and view all the answers

What is the main topic of Chapter VI?

Insolvency of cooperatives Signup and view all the answers

What is the main focus of Article 60?

Tax treatment of cooperative Signup and view all the answers

Which article deals with the instrument for salary or wage deduction?

Article 58 Signup and view all the answers

What is the main topic of Article 62?

Tax and other exemptions Signup and view all the answers

What is the number of the article that discusses dissolution by failure to organize and operate?

ART. 68 Signup and view all the answers

What chapter discusses capital, property, and funds?

Chapter VIII Signup and view all the answers

What is the main topic of Article 64?

Voluntary Dissolution Where No Creditors Are Affected Signup and view all the answers

What is the title of the chapter that comes after Chapter VIII?

Chapter IX Signup and view all the answers

What is the main topic of Article 69?

Liquidation of a Cooperative Signup and view all the answers

What is the main topic of Article 71?

Capital Signup and view all the answers

What is the article number that discusses involuntary dissolution?

ART. 66 Signup and view all the answers

What is the article number that discusses rules and regulations on liquidation?

ART. 70 Signup and view all the answers

What is the maximum number of incentive votes a member of a secondary or tertiary cooperative can have, according to the bylaws?

Five (5) Signup and view all the answers

What does the term 'voting by proxy' mean in the context of cooperatives?

Allowing a delegate to vote in behalf of another delegate Signup and view all the answers

What is the minimum number of members required to compose the board of directors of a cooperative?

Five (5) Signup and view all the answers

What is the highest policy-making body of the cooperative?

The General Assembly Signup and view all the answers

What is the minimum vote required for the General Assembly to delegate some of its powers to a smaller body of the cooperative?

Three-fourths (3/4) vote Signup and view all the answers

What is the term of office of the board of directors of a cooperative?

Two (2) years Signup and view all the answers

What is the primary responsibility of the board of directors of a cooperative?

Strategic planning, direction-setting, and policy-formulation Signup and view all the answers

What is the purpose of the regular meeting held annually by the General Assembly?

To hold an annual evaluation of the cooperative's performance Signup and view all the answers

Who are the members of the General Assembly?

All members of the cooperative with voting rights Signup and view all the answers

Who is eligible to be elected as a director of a cooperative?

Any member of the cooperative who has the right to vote Signup and view all the answers

Under what circumstances can a financing institution appoint a director or committee member to a cooperative?

When the cooperative is seeking technical assistance Signup and view all the answers

What is the exclusive power of the General Assembly?

To approve amendments to the articles of cooperation and bylaws Signup and view all the answers

What are the powers and responsibilities of a director or committee member appointed by a financing institution?

To provide technical assistance as required by the cooperative Signup and view all the answers

How often should the regular meeting of the General Assembly be held?

Annually Signup and view all the answers

What is the quorum required for the General Assembly to conduct its business?

Present and constituting a quorum Signup and view all the answers

How should the notice of regular meetings be sent to all members of record?

In writing, by posting or publication, or through other electronic means Signup and view all the answers

Study Notes

Voting Rights and Board of Directors

Members of secondary or tertiary cooperatives have one basic vote and as many incentive votes as provided for in the bylaws, but not exceeding five votes.
The votes cast by delegates are deemed as votes cast by the members themselves.
Bylaws may provide for voting by proxy, allowing a delegate to represent or vote on behalf of another delegate.

Board of Directors

The board of directors shall be composed of not less than five nor more than fifteen members elected by the general assembly for a term of two years.
The board of directors shall be responsible for strategic planning, direction-setting, and policy formulation activities of the cooperative.

Directors

Any member of a cooperative who has the right to vote and possesses all the qualifications and none of the disqualifications provided in the laws or bylaws shall be eligible for election as director.
The cooperative may admit as directors or committee members one appointed by any financing institution from which the cooperative received financial assistance, solely to provide technical knowledge.

General Assembly

The general assembly shall be composed of members who are entitled to vote under the articles of cooperation and bylaws of the cooperative.
The general assembly shall be the highest policy-making body of the cooperative and shall exercise such powers as are stated in this Code, in the articles of cooperation, and in the bylaws of the cooperative.

Powers of the General Assembly

The general assembly has the exclusive power to:
- Determine and approve amendments to the articles of cooperation and bylaws.
- Elect or appoint the members of the board of directors and remove them for cause.
- Approve developmental plans of the cooperative.

Meetings

A regular meeting shall be held annually by the general assembly on a date fixed in the bylaws, or if not so fixed, on any date within ninety days after the close of each fiscal year.
Notice of regular meetings shall be sent in writing, by posting or publication, or through other electronic means to all members of record.

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Description

This quiz covers the Philippine Cooperative Code of 2008, including its implementing rules and regulations, revised standard chart of accounts, and general concepts and principles.