Definition of Terms.
Article 5
ART. 5. Definition of Terms. — The following terms shall mean: 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; 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 bylaws; Board of Directors shall mean that body entrusted with the management of the affairs of the cooperative under its articles of cooperation and bylaws; 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 thereof; Bylaws means the bylaws registered under this Code and includes any registered amendment thereof; Registration means the operative act granting juridical personality to a proposed cooperative and is evidenced by a certificate of registration; Cooperative Development Authority means the government agency in charge of the registration and regulation of cooperatives as such, hereinafter referred to as the Authority; and Universally Accepted Principles means that body of cooperative principles adhered to worldwide by cooperatives in other jurisdictions. CHAPTER IIORGANIZATION AND REGISTRATION