2011 R - 013 - SETTING THE PRICE OF, AND ORDERING THE SALE OF INOS COOKWARE SETS

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. 2011-013

SETTING THE PRICE OF, AND ORDERING THE SALE OF INOS COOKWARE SETS

WHEREAS, the OCGEMPC has failed to profitably dispose several pieces of Inos cookware sets which have been in its merchandise inventory for more than three years, and many of these cookware sets have just been given away for free to the members during the past general assemblies of the cooperative;

WHEREAS, the said cookware sets have continuously depreciated in value due to the emergence in the market of better and cheaper cookware of the same kind;

WHEREAS, the Board deems it more beneficial to the cooperative and its members, to convert these cookware sets into cash by making them available through cash sales or loans at affordable prices;

NOW THEREFORE, upon of motion of Director Beth Daduya, seconded by Director Genia Eclarino, the OCGEMPC Board of Directors in session assembled:

RESOLVE, AS IT IS HEREBY RESOLVED, to offer the Inos Cookware for cash sale or through appliance loans, at a minimum price of Seven Thousand Pesos (P7, 000.00) per set, effective immediately.

Done this 18th day of April 2011.