1. : One of the main privileges of a registered co-operative society under the Act is:
(A) It becomes a body corporate with perpetual succession and a common seal
(B) It is treated as a private limited company
(C) It is exempt from all government regulations
(D) It cannot sue or be sued
2. : A registered co-operative society has the privilege to:
(A) Hold property in its own name
(B) Hold property only through members
(C) Hold property only through government
(D) Hold property through private investors
3. : Under the Act, societies enjoy exemption from:
(A) Compulsory registration under the Companies Act
(B) All tax laws
(C) Payment of utility bills
(D) Government audits
4. : One financial privilege of co-operative societies is:
(A) They may receive loans from government and banks on preferential terms
(B) They may issue unlimited shares in the stock market
(C) They can print their own currency
(D) They can operate as unregulated moneylenders
5. : The Act allows societies to enjoy priority in:
(A) Recovery of dues from members through special legal processes
(B) Import of luxury goods
(C) Appointment of government servants
(D) Contesting political elections
6. : A co-operative society is privileged to sue or be sued in:
(A) Its own name as a legal entity
(B) The name of its President only
(C) The name of all members collectively
(D) The name of Registrar
7. : Co-operative societies enjoy the privilege of exemption from:
(A) Registration fees and certain stamp duties
(B) Court jurisdiction in all matters
(C) Paying salaries to employees
(D) Holding annual meetings
8. : The privileges granted to societies under Chapter V are intended to:
(A) Strengthen and encourage the co-operative movement
(B) Increase profits of private investors
(C) Replace company law
(D) Exclude small farmers from benefits
9. : The privilege of limited liability under the Act means:
(A) Members are liable only to the extent of their share or interest in the society
(B) Members are personally liable for all debts
(C) Government guarantees all losses
(D) Liability depends on wealth of the member
10. : Chapter V – Privileges of Societies mainly deals with:
(A) Legal, financial, and operational advantages granted to registered societies
(B) Rights and liabilities of individual members
(C) Dissolution procedures
(D) Audit and inspection of societies