Chapter 4 Flashcards
(21 cards)
I.The direction and management of the affairs of a cooperative shall be vested in a board of directors which shall be composed of not less than 5 nor more than 15 members elected by the general assembly for a term of 1 year and shall hold office until their successors are duly elected and qualified, or until duly removed for cause.
II. The bylaws of a cooperative other than a primary may provide for voting by proxy.
Both are true
I. The board of directors shall be responsible for the strategic planning, direction-setting, and policy-formulation activities of the cooperatives.
II. Any member of a cooperative who under the bylaws of the cooperative, has the right to vote and who possesses all the qualifications and none of the disqualifications provided in the laws or bylaws shall be eligible for election as director.
Both are true
I. The members of both the audit and election committee shall be elected by the board of directors and the rest shall be appointed by the general assembly.
II. The audit committee shall be indirectly accountable and responsible to the general assembly.
Both are false
I. Directors, officers, and committee members, who willfully and knowingly vote for or assent to patently unlawful acts or who are guilty of gross negligence or bad faith in directing the affairs of the cooperative or acquire any personal or pecuniary interest in conflict with their duty as such directors, officers or committee members shall be liable jointly for all damages or profits resulting therefrom to the cooperative, members, and other persons.
II. When a director, officer, or committee member attempts to acquire or acquires, in violation of his duty, any interest or equity adverse to the cooperative in respect to any matter which has been reposed in him in confidence, he shall, as a trustee for the cooperative, be liable for damages and shall be accountable for triple the profits which otherwise would have accrued to the cooperative.
Both are true
The general assembly shall have the following exclusive powers which cannot be delegated, except:
A. To determine and approve amendments to the articles of cooperation and bylaws
B. To elect or appoint the members of the board of directors, and to remove them for cause.
C. To approve developmental plans of the cooperative.
D. To approve merger and consolidation.
C. To approve developmental plans of the cooperative.
I. The general assembly may by a 3/4 vote of all its members with voting rights, present and constituting a quorum, delegate some of its powers to a smaller body of the cooperative.
II. A regular meeting of the board of directors 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 (90) days after the close of each fiscal year.
A. Only I is true
I. A special meeting of the general assembly may be called at any time by a majority vote of the board of directors or as provided for in the bylaws.
II. Notice of any meeting may be waived, expressly or impliedly, by any member.
Both are true
I. A quorum shall consist of at least 25% of all the members entitled to vote.
II. The quorum requirement for general assembly meetings in case of cooperative banks, whether special or regular, shall be one half plus one of the number of voting shares of all the members in good standing.
Both are true
I. In the absence of any provisions in the bylaws fixing their compensation, the directors shall not receive any compensation except for reasonable per diems.
II. Any compensation other than per diems may be granted to directors by a majority vote of the members with voting rights at a regular special general assembly meeting specifically called for the purpose.
Both are true
I. The compensation of officers of the cooperative as well as the members of the committees created pursuant to this Code or its bylaws may be fixed in the bylaws.
II. Unless already fixed in the bylaws, the compensation of all other employees shall be determined by the board of directors.
Both are true
A contract entered into by the cooperative with 1 or more of its directors, officers, and committee members is voidable, at the option of the cooperative, unless all the following conditions are present. Which is the exception?
A. That the presence of such director in the board meeting wherein the contract was approved was not necessary to constitute a quorum for such meeting.
B. That the contract though voidable is not unenforceable.
C. That the vote of such director was not necessary for the approval of the contract.
D. That in the case of an officer or committee member, the contract with the officer or committee member has been previously authorized by the general assembly or by the board of directors.
B. That the contract though voidable is not unenforceable.
(This is not a required condition.)
I. All complaints for the removal of any elected officer shall be filed with the CDA.
II. An elective officer may be removed by majority votes of the regular members, present and constituting a quorum, in a regular or special general assembly meeting called for the purpose.
Only II is true
I. The general assembly shall be composed of such members who are entitled to vote under the articles of cooperation and bylaws of the cooperative.
II. The general assembly shall be the highest policy-making body of the cooperative.
Both are true
I. A majority of the members of the Board shall constitute a quorum for the conduct of business, unless the bylaws provide otherwise.
II. Directors can attend or vote by proxy at board meetings.
Only I is true
I. Any vacancy in the board of directors, other than by expiration of term, may be filled by the vote of at least 2/3 of the remaining directors, if still constituting a quorum.
II. The board of directors shall elect from among themselves the chairperson and vice-chairperson, and elect or appoint other officers of the cooperative from outside of the board in accordance with their bylaws.
Both are true
I. In the case of electric cooperatives registered under the Philippine Cooperative Code, a quorum, unless otherwise provided in the bylaws, shall consist of 10% of all the members entitled to vote.
II. Each member of a primary cooperative shall have only 1 vote.
Both are true
It means allowing a delegate of a cooperative to represent or vote in behalf of another delegate of the same cooperative.
Voting by Proxy
I. The cooperative may admit as directors, or committee member one appointed by any financing institution from which the cooperative received financial assistance solely to provide technical knowledge not available within its membership.
II. The members of the board of directors shall not hold any other position directly involved in the day to day operation and management of the cooperative.
Both are true
I. The bylaws may create an executive committee to be appointed by the board of directors with such powers and duties as may be delegated to it in the bylaws or by a majority vote of all the members of the board of directors.
II. The bylaws shall provide for the creation of an audit, election, mediation and conciliation, ethics, and such other committees as may be necessary for the conduct of the affairs of the cooperative.
Both are true
I. Any person engaged in a business similar to that of the cooperative or who in any way has a conflict of interest with it, is disqualified from election as a director of said cooperative.
II. The members of the board of directors may hold other position directly involved in the day to day operation and management of the cooperative.
Only I is true
I. In the case of primary cooperatives, regular meetings of the board of directors shall be held at least once a year.
II. Special meetings of the board of directors may be held at any time upon the call of the chairperson or a majority of the general assembly.
Only I is true
