Podcast
Questions and Answers
What is the maximum term length for members of the Board of Trustees?
What is the maximum term length for members of the Board of Trustees?
Which action requires a 60-day notice for termination?
Which action requires a 60-day notice for termination?
What is required to be submitted for the organization and registration of a cooperative?
What is required to be submitted for the organization and registration of a cooperative?
Who is disqualified from being an officer of a cooperative?
Who is disqualified from being an officer of a cooperative?
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What composition percentage is required for a quorum in the General Assembly for cooperatives?
What composition percentage is required for a quorum in the General Assembly for cooperatives?
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What is not a function of the Board of Trustees?
What is not a function of the Board of Trustees?
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What kind of meeting must be held 90 days after the close of the fiscal year in a cooperative?
What kind of meeting must be held 90 days after the close of the fiscal year in a cooperative?
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Which body is the highest policy-making body in a cooperative?
Which body is the highest policy-making body in a cooperative?
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What requirement must officers fulfill before they can be removed from their position?
What requirement must officers fulfill before they can be removed from their position?
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Which committee is not listed among the committees of a cooperative?
Which committee is not listed among the committees of a cooperative?
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Study Notes
Midterms
- Attorney Precious Swelan Santiago is relevant to business laws and regulations
- PDIC provides technical assistance to cooperatives
- Exemption from pre-qualifying bid requirements is possible for cooperatives
- Legal representation is necessary for cooperatives
- Blanket loans are a type of loan relevant to cooperatives
Organization and Registration
- A minimum of 5-15 natural persons are required to form a primary cooperative
- An Economic Survey is required for cooperative registration
- Articles of Cooperation and a Certificate of Cooperation are necessary documents
- Registration requires 9 specific steps, including a Pre-Membership Education Seminar
Membership
- There are two types of memberships: regular and associate
- Members are liable to the extent of their contribution to share capital
- Membership can be terminated with a 60-day notice
- Members have the right to examine records of the cooperative
General Assembly
- The General Assembly is the highest policy-making body of a cooperative
- The Assembly is composed of members entitled to vote
- Regular meetings are held 90 days after the close of the fiscal year
- Special meetings require a 1-week notice and can be petitioned by 10% of members
- A quorum requires 25% of all members entitled to vote
- Each member has one vote, with a maximum of four incentive votes
Board of Trustees
- The Board of Trustees consists of 5-15 members elected for a 2-year term
- The Board is responsible for strategic planning, direction-setting, and policy-formulation
- Regular meetings are held once a month, with special meetings requiring a 1-week notice
Trustees
- Trustees cannot hold positions directly involved in the operation and management of the cooperative
- Trustees need not be members if appointed by a financing institution
- Trustees with conflicts of interest or engaged in similar businesses are disqualified
Officers
- Officers serve during good behavior and can only be removed for cause
- Officers with conflicts of interest or 3rd degree relationships are disqualified
- Officers are required to post a bond
Committees
- There are five committees: Executive, Audit, Election, Mediation and Conciliation, and Ethics
Liabilities
- Self-dealing can be ratified by ¾ votes of members
- Disloyalty, illegal use of confidential information, and secret profits are liabilities
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