Section 5March 10, 1990, Sec./Art. 5

Definition of Terms. - The following terms shall mean:

(1) "Member" includes a person either natural or juridical who, adhering to the principles set forth in this Code and in the articles of cooperation, has been admitted by the cooperative as member;

(2) "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, as provided by this Code, its articles of cooperation and by-laws;

(3) "Board of Directors" shall mean that body entrusted with the management of the affairs of the cooperative under its articles of cooperation and by-laws;

(4) "Committee" shall refer to any body entrusted with specific functions and responsibilities under the by-laws or resolution of the general assembly or the board of directors;

(5) "Articles of Cooperation" means the articles of cooperation registered under this Code and includes a registered amendment thereof;

(6) "By-laws" means the by-laws registered under this Code and includes any registered amendment thereof;

(7) "Registration" means the operative act granting juridical personality to a proposed cooperative and is evidenced by a certificate of registration;

(8) "Cooperative Development Authority" means the government agency in charge of registration and regulation of cooperatives as such, hereinafter referred to as the Authority; and

(9) "Universally Accepted Principles" means that body of cooperative principles adhered to worldwide by cooperatives in other jurisdictions.

CHAPTER II

ORGANIZATION AND REGISTRATION