Midterm: #2 Responsibilities, Rights, Previleges of Coop

• ADDRESS

  Every cooperative shall have an official postal  address to which all notices and communications  shall be sent. Such address and every change  thereof shall be registered with the Authority.
• BOOKS TO BE KEPT OPEN

  Every cooperative shall have the following  documents ready and accessible to its members  and representative of the Authority for inspection:

  1. A copy of this Code and all other laws pertaining to  cooperatives;
  2. A copy of the regulations of the Authority
  3. A copy of the articles of cooperation and by-laws of  the cooperative
  4. The books of the minutes of the meetings of the  General Assembly, board of directors and  committees
  5. Share books
  6. Financial Statements
• REGISTER OF MEMBERS AS PRIMA  FACIE EVIDENCE

  Any register or list of members or shares kept by any  registered cooperative shall be prima facie evidence of  the following particulars entered therein:

  1. The date on which the name of any person was  entered in such register or list as member
  2. The date on which any such person ceased to be a  member.
• BONDING OF ACCOUNTABLE  OFFICERS

  Every director, officer and employee handling  funds, securities or property on behalf of any  cooperative shall be covered by a surety bond to be  issued by a duly registered insurance or bonding  company for the faithful performance of their duties  and obligations.

  Upon filing the application for registration of a  cooperative, the bonds of the accountable officers  shall be required by the Authority.
• TAX TREATMENT OF  COOPERATIVES

  Duly registered cooperatives under this Code  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.