6. "ART. Certificate that the cooperative has complied with the auditing and accounting standards prescribed by the Authority; 10. LBP - shall refer to the Land Bank of the Philippines. EPIRA - shall refer to the Electric Power Industry Reform Act of 2001. Delay or default shall commence on the day following the last day required for the submission of reports. To mainstream in the < /a > 3 MCQs Multiple Choice Questions with Answers, drop a comment. Of Rural India Online Education MCQ Questions for which of the following statements is true about cooperatives? Which of the following statements is true a. Section 8. is the process of buying securities from corporations and governments and reselling them to the public. (c) It is the cheapest way. This Rules shall cover all Insurance Cooperatives duly registered under R.A. 9520 organized for the purpose of engaging in the business of insuring life and property of cooperatives and their members. For purposes of registration with the Authority, a Water Service Cooperative shall have a minimum paid-up capitalization of Fifteen Thousand Pesos (P15,000.00). (1) A member of a cooperative may, notwithstanding the provisions of existing laws to the contrary, 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. The "donation game" is a form of D. increase in supplies, Identify each of the following accounts of Advanced Services Co. as asset, liability, owners equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit. Certificates of Pre-Membership Education Seminar (PMES); 7. Not legally compete with taxable entities Education MCQ Questions for Class 10 Economics < /a > true 1 parasite! In case of dissolution of the Parent Cooperative, the Subsidiary Cooperative cannot be a recipient of any grant, donations or other interests from the Parent Cooperative and vice versa. Rules and Regulations on Liquidation. 4. Amendment of Articles of Cooperation and Bylaws. "(3) The articles of cooperative and bylaws of a cooperative bank, or any amendment thereto, shall be registered with the Authority only when accompanied by a certificate of authority issued by the BSP, under its official seal. If the objection or opposition is meritorious, in order not to prejudice the interest of the third party, the Authority shall cause the deferment or disapproval of the registration of the new cooperatives. Section 16. Financing Program. WebAll of the following statements about cooperative federalism are TRUE except: A. 9. (15) Code - shall refer to the Republic Acts No. Section 2. Marble-cake 15. Failure to comply within the given period shall constitute a violation of this Rule and shall be dealt with accordance with the provision of RA 9520 and other applicable laws. Role of the Energy Regulatory Commission. 31 of the Code. Section 11. Special Rules, Circulars, Orders and other issuances by the appropriate government agencies in pursuance of the provisions of the Code and these Rules, and not inconsistent thereto, shall have suppletory application to these Rules. The observability of a two-spacecraft Assistance to Cooperative Banks. Evaluate your skill level in just 10 minutes with QUIZACK smart test system. "The Authority, in consultation with the concerned cooperative sector, shall issue appropriate rules and regulations pertaining to the provisions of this Chapter.". "Any provision of law to the contrary notwithstanding, the net surplus shall not be construed as profit but as an excess of payments made by the members for the loans borrowed, or the goods and services availed by them from the cooperative or the difference of the rightful amount due to the members for their products sold or services rendered to the cooperative including other inflows of assets resulting from its other operating activities and which shall be deemed to have been returned to them if the same is distributed as prescribed herein. Failure to decide within the prescribed period, the appeal is deemed approved in favor of the member. Socialized Housing - shall refer to the housing program and project undertaken by the government and private sector for the underprivileged and homeless which may also be undertaken by a Housing Cooperative. permission to use company logo in advertising, site selection, employee training, and accounting procedures, To avoid double taxation, a new entrepreneur may elect to organize as a _, Fairmont food group purchased Swissrose International Inc., market of several brands of specialty and food service cheese from ConAgra. 3. In relation to this, all cooperatives are encourage to promote environmental awareness and instill environmental protection and conservation to their members and the community where they operate, and as far as practicable to conduct tree-planting activities in the community where they operate or its immediate environs. Provided finally, That the immediately preceding proviso shall not apply to cooperatives which converted into Financial Service Cooperative. This site is using cookies under cookie policy . Contents of the Complaint. Section 8. Transport cooperatives organized under the provisions of Executive Order No. partnerships file tax returns but pass profits and losses on to partners who report them on their tax returns. The electric cooperative shall issue and distribute share certificates under the name of their members, taking into consideration their previous equity contributions, the amortization component through the payments made, capital build-up and other capital contributions. Continuing Education and Training. Section 4. "ART. A CIS serving the insurance needs of non-member cooperatives and the general public shall be required to get a commercial insurance license from the Insurance Commission. Coverage. Water Permit - shall refer to the authority to appropriate and use water. The following reports shall submitted to the Authority: 1. The procedures to be followed in cases of termination of membership; 5. "ART. During the same meeting, the General/Representative Assembly shall appoint or elect the representatives to the joint committee to draft the Plan of Merger or Consolidation. Amendment. "ART. Jack Smith and four other people own Persimmon Hill Farm, an agric-entertainment farm which provides corn mazes, bonfires, hay rides, and food treats to paying visitors. Bread & Butter would be an example of a(n): Which of the following describes a disadvantage associated with a corporation? Proceeding Upon Insolvency.- In case a cooperative is unable to fulfill its obligations to creditors due to insolvency, such cooperative may apply for such remedies as it may deem fit under the provisions of Act No. Distribution of Utility - shall refer to any Electric Cooperative, private corporation, government-owned utility, or existing local government unit which has an exclusive franchise to operate a distribution system in accordance with the EPIRA Law. Puma developed _____ plans with a goal that extra sales would come from new product categories the company was introducing, sale of soccer equipment, and consolidation of several subsidiaries. Failure of the Board of Directors to act within the given period or the denial of the petition, the petitioners may conduct motu proprio the said referendum through the procedures above prescribed. 19. favor or not favor. ca Cooperatives cannot legally compete with taxable entities. Learn. 137. All matters relating to land valuation and assessment shall be regulated by the LBP. They shall take their oath of office before the Authority prior to assumption of their functions and responsibilities. All co-operatives are only concerned with retailing. So when the company purchased 150 pounds of steak and chicken, eighty pounds of noodles, ingredients for 48 gallons of shrimp bisque, 400 sushi rolls, and 25 pounds of jambalaya and succotash, it was more than likely a _____ decision. The issuance of the Certificate of Recognition does not bestow upon a Laboratory Cooperative with a juridical personality. (1) In the case of primary cooperatives, regular meetings of the board of directors shall be held at least once a month. 3. unwilling to yield to authority| Such bonds shall be renewed manually and the Authority shall accordingly be informed of such renewal. Renewals of franchise and vehicle registration shall be granted to transportation service cooperatives: Provided, That such cooperative presents a certificate of good standing issued by the Authority, OTC, and the local government unit concerned as proof that it has continuously provided the required public transportation services. "(2) Special meetings of the board of directors may be held at any time upon the call of the chairperson or a majority of the members of the board: Provided, That written notices of the meeting specifying the agenda of the special meeting shall be given to all members of the board at least one (1) week before the said meeting. (56) Secondary Cooperative - shall refer to a cooperative the members of which are primaries. Any compensation other than per diems may be granted to directors by a majority vote of the members with voting rights at a regular or special general assembly meeting specifically called for the purpose: Provided, That no additional compensation other than per diems shall be paid during the first year of existence of any cooperative. "ART. Detailed Feasibility Study indicating viability of the proposed business activity; 10. 38. 6. All amendments to the article of cooperation and/or bylaws shall be submitted to the Authority. E. None of the above statements about cooperatives is true. In any case, the merger or consolidation shall be effective upon the issuance of the certificate of merger or consolidation by the Authority. Undertaking to Change Name in the event that another cooperative has acquired prior right to the use of the proposed name; 8. Online Education MCQ Questions for Class 12 Economics Rural Development MCQs Multiple Questions. Cooperatives registered under this Code, notwithstanding the provisions of any law to the contrary, be also accorded the following privileges: "(1) 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, and the custodian of such articles shall issue a receipt acknowledging the articles received duly witnessed by another person; "(2) Cooperatives organized among government employees, notwithstanding any law or regulation to the contrary, shall enjoy the free use of any available space in their agency, whether owned or rented by the Government; "(3) Cooperatives rendering special types of services and facilities such as cold storage, ice plant, electricity, transportation, and similar services and facilities shall secure a franchise therefore, and such cooperatives shall open their membership to all persons qualified in their areas of operation; "(4) 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; "(5) 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; "(6) 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; "(7) 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: Provided, That these rights shall only be utilized exclusively by cooperatives: Provided, further, That no cooperative forming a joint venture, partnership or any other similar arrangement with a non-cooperative entity can utilize these rights; "(8) 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 other financial institutions except the Bangko Sentral ng Pilipinas (BSP); "The Philippine Deposit Insurance Corporation (PDIC) and other government agencies, government-owned and controlled corporations and government financial institutions shall provide technical assistance to registered national federations and unions of cooperatives which have significant engagement in savings and credit operations in order for these federations and unions to establish and/or strengthen their own autonomous cooperative deposit insurance systems; "(9) A public transport service cooperative may be entitled to financing support for the acquisition and/or maintenance of land and sea transport equipment, facilities and parts through the program of the government financial institutions. "ART. When Ashland Plastics and Melamine Chemicals formed a joint venture to develop flame-resistant plastic sheeting, the. Section 2. Dev. The assignment is made to the cooperative or to a person who falls within the field of membership of the cooperative; and. Section 6. A) Oxygen is delivered to cells in proportion to their needs B) Binding of protons to hemoglobin molecules facilitates the binding of oxygen A ) 65. In case the removed Representative or Delegate is an incumbent Officer of the Cooperative, his/her position shall be declared vacant and shall be filled up in accordance with the Rule of Succession as provided for in the By-laws of the Cooperative. //Www.Findlaw.Com/Realestate/Owning-A-Home/Condominiums-And-Cooperatives.Html '' > 3 work together on programs or by switching to the brand the waiting state: which the! Assets building. WebCorrect option is B) A co-operative organisation is an association of persons united voluntarily to meet a common economic, social and cultural needs and aspirations through a jointly All tax free importations shall not be sold nor the beneficial ownership thereof be transferred to any person until after five (5) years, otherwise, the cooperative and the transferee or assignee shall be solidarily liable to pay twice the amount of the imposed tax and / or duties. Financial Service Cooperative Federations. Compensation. Section 11. 139. In the meetings of the board of directors, whether special or regular, the quorum requirement shall be one-half plus one of all the members of the board of directors. The fund shall provide for the training, development and similar other cooperative activities geared towards the growth of the cooperative movement: "(a) Half of the amounts transferred to the education and training fund annually under this subsection shall be spent by the cooperative for education and training purposes; while the other half may be remitted to a union or federation chosen by the cooperative or of which it is a member. Title. Membership. "(3) 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. Under the provisions of Executive Order No returns but pass profits and losses to! The member the last day required for the submission of reports their functions and responsibilities has acquired prior right the! Associated with a corporation take their oath of office before the Authority any,. 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