ART 5 - 8

• Member includes a person either natural or juridical who adhering to the principles set forth in this Code and in the Articles of Cooperative
• General Assembly shall mean the full membership of the cooperative duly assembled for the purpose of exercising all the rights and performing all the obligations pertaining to cooperatives
• Board of Directors shall mean that body entrusted with the management of the affairs of the cooperative
• Committee shall refer to any body entrusted with specific functions and responsibilities under the bylaws or resolution of the general assembly or the board of directors
• Articles of Cooperation means the articles of cooperation registered under this Code and includes a registered amendment
• Bylaws means the bylaws registered under this Code and includes any registered amendment
• Registration means the operative act granting juridical personality to a proposed cooperative and is evidenced by a certificate of registration
• Cooperative Development Authority refers to the government agency in charge of the registration and regulation of cooperatives as such hereinafter referred to s the Authority
• Universally Accepted Principles means that body of cooperative principles adhered to worldwide by cooperatives
• Representative Assembly means the full membership of a body of representatives elected by each of the sectors, chapter or district o the cooperative duly assembled for the purpose of exercising such powers lawfully delegated unto them by the general assembly in accordance with its bylaws
• Officers of the Cooperative shall include the members of the board of directors, members of the different committee created by the general assembly, general manager or chief executive officer, secretary, treasurer and members holding other positions as may be provided for in their bylaws
• Social Audit is a procedure wherein the cooperative assesses its social impact and ethical performance vis-a-vis its stated mission, vision, goals and code of social responsibility for cooperatives to be established by the Authority in consultation with the cooperative sector. It enables the cooperative to develop a process whereby it can account for its social performance and evaluate its impact in the community and be accountable for its decisions and actions to its regular members
• Performance Audit shall refer to an audit on the efficiency and effectiveness of the cooperative as a whole; its management and officers; and its various responsibility centers as basis for improving individual team or overall performance and for objectively informing the general membership on such performance
• A Single-Line or Single-Purpose Cooperative shall include cooperative undertaking activities which are related to its main line of business or purpose
• Service Cooperatives are those which provide any type of service to its members, including but not limited to, transport, information and communication, insurance, housing, electric, health services, education, banking, and savings and credit
• Subsidiary Cooperative refers to any organization all or majority of whose membership or shareholders come from a cooperative, organized for any other purpose different from that of, and receives technical, managerial and financial assistance from, a cooperative, in accordance with the rules and regulations of the Authority
• Federation of Cooperatives refers to three or more primary cooperatives, doing the same line of business, organized at the municipal, provincial, city, special metropolitan political subdivision, or economic zones created by law, registered with the Authority to undertake business activities in support of its member-cooperatives
• ART. 6. PURPOSES OF COOPERATIVES
• ART. 7. OBJECTIVES AND GOALS OF A COOPERATIVE
• COOPERATIVES NOT IN RESTRAINT OF TRADE

  No cooperative or method or act thereof which complies with this Code shall be deemed a conspiracy or combination in restraint of trade or an illegal monopoly, or an attempt to lessen competition or fix prices arbitrarily in violation of any laws of the Philippines.