Excerpts from the Minutes of the Regular Meeting of the Board of Directors of the Olongapo City Government Employees Multi-Purpose Cooperative (OCGEMPC) Held on 22 July 2011 at the Board Room of the Subic Bay Water Regulatory Board, Subic Bay Freeport Zone
Resolution No. 2011-034 - AMENDING THE POLICY AND PROVIDING ADDITIONAL GUIDELINES
REGARDING THE LOAN PROTECTION FUND
Upon motion duly made and seconded, the members of the Board of Directors of the OCGEMPC in meeting assembled do hereby:
RESOLVE AS IT IS HEREBY RESOLVED, that Resolution No. 2011-025 otherwise known as the OCGEMPC Consolidated Credit and Collection Policies be amended, as it is hereby amended to the effect that:
1. The Loan Protection Fund (LPF) which is being deducted form the proceeds of certain types of loans, shall be increased from one half percent (1/2%) to one percent (1%);
2. The LPF shall be used solely to offset loans, interests and penalties forfeited as a result of a member’s death or involuntary incapacity;
3. In case of no. 2 above, the LPF shall be used only when the capital shares and savings of the deceased or incapacitated member and the co-maker are insufficient to offset the forfeited amounts.
Done this 22nd day of July 2011 at Subic Bay Freeport Zone, Philippines.
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