Chapter 5 Flashcards
(10 cards)
A member of a cooperative may execute an instrument in favor of the cooperative authorizing his employer to deduct from his/her salary or wages, commutation of leave credits and any other monetary benefits payable to him by the employer and remit such amount as maybe specified in satisfaction of a debt or other demand due from the member to the cooperative.
II. Duly registered cooperatives which do not transact any business with non-members or the general public shall not be subject to any taxes and fees imposed under the internal revenue laws and other tax laws.
Both are true
Cooperatives shall be accorded the following privileges, except:
A. Cooperatives transacting business with the Government of the Philippines or any of its political subdivisions or any of its agencies or instrumentalities, including government-owned and controlled corporations shall be exempt from prequalification bidding requirements.
B. Cooperative shall enjoy the privilege of being represented by the provincial or city fiscal or the Office of the Solicitor General, free of charge, even when the adverse party is the Republic of the Philippines.
C. Cooperatives organized by faculty members and employees of educational institutions shall have the preferential right in the management of the canteen and other services related to the operation of the educational institution where they are employed.
D. The appropriate housing agencies and government financial institutions shall create a special window for financing housing projects undertaken by cooperatives, with interest rates and terms equal to, or better than those given for socialized housing projects.
B. Cooperative shall enjoy the privilege of being represented by the provincial or city fiscal or the Office of the Solicitor General, free of charge, even when the adverse party is the Republic of the Philippines.
Every cooperative shall have the following documents ready and accessible to its members and representatives of the CDA for inspection during reasonable office hours at its official address, except:
A. A copy of the Philippine Cooperative Code and all other laws pertaining to cooperatives.
B. A copy of the regulations of the SEC.
C. A copy of the articles of cooperation and bylaws of the cooperative.
D. A register of members.
B. A copy of the regulations of the SEC.
I. The accountant or the bookkeeper of the cooperative shall be responsible for the maintenance and safekeeping of the books and records of account of the cooperative in accordance with generally accepted accounting practices.
II. The audit committee shall be responsible for the continuand periodic review of the books and records of account to ensure that these are in accordance with the cooperative principles and generally accepted accounting practices.
C. Both are true
Cooperatives shall be accorded the following privileges:
A. Cooperatives shall enjoy the privilege of depositing their sealed cash boxes or containers, documents or any valuable papers in the safes of the municipal or city treasurers and other government offices free of charge.
B. Cooperatives organized among government employees shall enjoy the free use of any available space in their agency.
C. In areas where appropriate cooperatives exist, the preferential right to supply government institutions and agencies rice, corn and other grains, fish and other marine products, meat, eggs, milk, vegetables, tobacco and other agricultural commodities produced by their members shall be granted to the cooperatives concerned.
D. All of the above.
D. All of the above.
Cooperatives shall be accorded the following privileges, except:
A. Preferential treatment in the allocation of fertilizers, including seeds and other agricultural inputs and implements, and in rice distribution shall be granted to cooperatives by the appropriate government agencies.
B. Preferential and equitable treatment in the allocation or control of bottomries of commercial shipping vessels in connection with the shipment of goods and products of cooperatives.
C. Cooperatives and their federations, such as farm and fishery producers and suppliers, market vendors and such other cooperatives, which have for their primary purpose the production and/or the marketing of products from agriculture, fisheries and small entrepreneurial industries and federations thereof, shall have preferential rights in the management of public markets and/or lease of public market facilities, stalls, or spaces.
D. Cooperatives engaged in credit services and/or federations shall be entitled to loans credit lines, rediscounting of their loan notes, and other eligible papers with the Development Bank of the Philippines the Land Bank of the Philippines and the BSP.
D. Cooperatives engaged in credit services and/or federations shall be entitled to loans credit lines, rediscounting of their loan notes, and other eligible papers with the Development Bank of the Philippines the Land Bank of the Philippines and the BSP.
(Note: This is incorrect because cooperatives are not entitled to loans from BSP.)
It refers to the officers/individuals duly authorized by the cooperative to prepare, certify/approve the reports and in whose hand the delay/failure has occurred.
Accountable officers
It is a certificate issued by the CDA to the operating cooperatives that have complied with the mandatory requirements
Certificate of Compliance
I. Registered cooperatives must put up and maintain a signage at the entrance of the principal and all branch or satellite offices.
II. Every cooperative shall have an official postal address to which all notices and communications shall be sent.
Both are true
I. Each cooperative shall maintain records of accounts such that the true and correct condition and the results of the operation of the cooperative may be ascertained therefrom at any time.
II. The financial statements, audited according to generally accepted auditing standards, principles and practices, shall be published monthly and shall be kept posted in a conspicuous place in the principal office of the cooperative.
Only I is true
