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Define the following terminologyies 1-patronage refund 2-liquidation 3-Board of directors 4-Yare -stick 5-puorum 6-Veto ?
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ChatGPT
2 days ago
1- Patronage refund: A patronage refund is a refund of a portion of the profits or savings that a cooperative returns to its members based on their level of participation or patronage with the cooperative.
2- Liquidation: Liquidation is the process of winding up a business or organization by selling off its assets and distributing the proceeds to creditors and shareholders.
3- Board of directors: The board of directors is a group of individuals elected by shareholders to oversee the management and strategic direction of a company or organization.
4- Yare-stick: A yare-stick is a slender stick or rod used for measuring or as a tool for navigation on a boat.
5- Quorum: Quorum is the minimum number of members required to be present at a meeting in order for decisions to be valid or binding.
6- Veto: A veto is the power or right of one person or group to reject or block a decision or proposal made by another person or group.
2- Liquidation: Liquidation is the process of winding up a business or organization by selling off its assets and distributing the proceeds to creditors and shareholders.
3- Board of directors: The board of directors is a group of individuals elected by shareholders to oversee the management and strategic direction of a company or organization.
4- Yare-stick: A yare-stick is a slender stick or rod used for measuring or as a tool for navigation on a boat.
5- Quorum: Quorum is the minimum number of members required to be present at a meeting in order for decisions to be valid or binding.
6- Veto: A veto is the power or right of one person or group to reject or block a decision or proposal made by another person or group.
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Google Gemini AI
2 days ago
1. Patronage Refund:
A distribution or refund of excess revenue paid by members of a cooperative to cover the cost of services provided. It represents the portion of earnings that belong to the members after deducting operating expenses, reserves, and other deductions.
2. Liquidation:
The process of winding up a business or organization, selling its assets, paying its liabilities, and distributing the remaining funds to its members or owners.
3. Board of Directors:
A group of individuals elected by the shareholders or members of a company to oversee the management and strategic direction of the organization. The board is responsible for setting policies, making major decisions, and appointing executives.
4. Yardstick:
A standard of measurement or comparison used to assess or compare the performance of a business, organization, or individual. It can be financial, operational, or other relevant metrics.
5. Quorum:
The minimum number of members or shareholders that must be present at a meeting in order for the decisions made at that meeting to be valid.
6. Veto:
The power held by an individual or group (usually a designated executive or a legislative body) to reject or nullify a decision made by another body or individual. In corporate governance, a veto is often used by the board of directors to block certain decisions made by management.
A distribution or refund of excess revenue paid by members of a cooperative to cover the cost of services provided. It represents the portion of earnings that belong to the members after deducting operating expenses, reserves, and other deductions.
2. Liquidation:
The process of winding up a business or organization, selling its assets, paying its liabilities, and distributing the remaining funds to its members or owners.
3. Board of Directors:
A group of individuals elected by the shareholders or members of a company to oversee the management and strategic direction of the organization. The board is responsible for setting policies, making major decisions, and appointing executives.
4. Yardstick:
A standard of measurement or comparison used to assess or compare the performance of a business, organization, or individual. It can be financial, operational, or other relevant metrics.
5. Quorum:
The minimum number of members or shareholders that must be present at a meeting in order for the decisions made at that meeting to be valid.
6. Veto:
The power held by an individual or group (usually a designated executive or a legislative body) to reject or nullify a decision made by another body or individual. In corporate governance, a veto is often used by the board of directors to block certain decisions made by management.
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