True of False

27. Dissenting members of a cooperative have the right to withdraw which is similar to the exercise of the right of appraisal of a stockholder.

28. No division of a cooperative shall be allowed if the same in intended to defraud creditors.

29. Merger and consolidation of cooperatives shall be deemed effective upon the issuance of the certificate of merger or consolidation by the Cooperative Development Authority.

30. When cooperatives are merged, liabilities are assumed by the surviving cooperative.

31. A service cooperative promotes and undertakes savings and lending services among its members.

32. Only primary cooperatives may establish secondary cooperatives.

33. Only secondary cooperatives may establish tertiary cooperatives.

34. Regular members of cooperatives may become associate members and vice versa.

35. When a member is not able to comply with all the requirements for membership, such member may be classified as an associate member.

36. Laboratory cooperatives consist of minors as members.

37. Officers and employees of the Cooperative Development Authority are disqualified to be elected or appointed to any position in a cooperative.

38. An applicant for membership in a cooperative shall be deemed a member after approval by the general manager of the cooperative.

39. Members of a cooperative much like the stockholders in a private corporation have limited liability.

40. The bylaws of a corporation may provide for the grounds of termination of membership of a cooperative member.