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. 2011-035 - AUTHORIZING THE CHAIRMAN TO FILE LEGAL CASES AGAINST FERNANDO MAGRATA, REYNALDO ERINGCO, AILEEN SANCHEZ AND LETICIA DOROPAN
WHEREAS, Mr. Fernando Magrata, Mr. Reynaldo Eringco, Ms. Aileen Sanchez and Ms. Leticia Doropan were able to anomalously acquire unusually large amounts of loans in violation of existing OCGEMPC policies, rules and regulations;
WHEREAS, the OCGEMPC is having difficulties in collecting the said loans from the above-named persons and such difficulty in collection is adversely affecting the financial operations of the OCGEMPC to the detriment of the OCGEMPC members’ interests;
WHEREAS, after exerting much effort to collect but without success, the Board deems it necessary to file legal cases against the above-named persons not only to seek justice for the OCGEMPC but also to send a strong message to the present and future officers of the cooperative that anomalous transactions and practices are not tolerated in the OCGEMPC;
NOW THEREFORE, upon motion by Director Ira B. Daylo and second motion of Director Joseph G. Antonio, the members of the Board of the OCGEMPC in meeting assembled do hereby:
RESOLVE, AS IT IS HEREBY RESOLVED, to file legal cases against Mr. Fernando Magrata, Mr. Reynaldo Eringco, Ms. Aileen Sanchez and Ms. Leticia Doropan;
RESOLVED FURTHER, that the Chairperson of the OCGEMPC Board to be authorized, as he is hereby authorized to seek legal counsel for the purpose of determining what cases could be filed based on the circumstances and evidence at hand, and to file the appropriate cases on behalf of the OCGEMPC.
Done this 22nd day of July 2011 at Subic Bay Freeport Zone, Philippines.
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