2011 R - 012 - UPDATING AND READJUSTING THE ACCOUNTS OF ATTY. RAYMOND DILAG

Excerpts from the Meeting of the Board of Directors of the Olongapo City Government Employees Multi-Purpose Cooperative (OCGEMPC) Held on 18 April 2011 at the OCGEMPC Training Room, City Hall, Olongapo City

Resolution No. 2011- 012

UPDATING AND READJUSTING THE ACCOUNTS OF ATTY. RAYMOND DILAG

WHEREAS, Republic Act 9520, otherwise known as “The Cooperatives Code of 2009”, reduced the allowable shares capital of each cooperative member from 20 percent to 10 percent of the cooperative’s paid up shares capital;

WHEREAS, as a result of the enactment of RA 9520, the capital shares of Atty. Raymond Dilag as of 31 December 2009 have exceeded the allowable maximum 10 percent of the OCGEMPC’s paid up shares;

NOW, THEREFORE, upon motion of Director Julie U. Reyes seconded by Genia R. Eclarino, the Board of Directors of the Olongapo City Government Employees Multi-Purpose Cooperative in session assembled:

RESOLVE, AS IT IS HEREBY RESOLVED, to, as it hereby instructs the OCGEMPC management staff, particularly the Manager and Treasurer, as follows:

1. Reduce the capital shares of Atty. Raymond Dilag to conform with the maximum allowed under RA 9520 and the OCGEMPC By-Laws;

2. From the amount in excess of the shares capital, offset the outstanding balance on the secured loan of Atty. Dilag, applying thereon the OCGEMPC policy of 2 percent interest on every skipped monthly installment and 3 percent interest on the remaining balance after the maturity date of the loan;

3. The final balance shall be treated as long term time deposits;

4. All these adjustments shall be effective as of 01 January 2010.

Done this 18th day of April 2011.