2011 R - 036 - REVISING THE POLICIES ON SAVINGS DEPOSITS

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 18 August 2011 at the OCGEMPC Training Room, City Hall, Olongapo City

Resolution No. 2011-036 - REVISING THE POLICIES ON SAVINGS DEPOSITS

On motion of Director Ira B. Daylo, seconded by Director Jerico C. Ballon the Board of Directors of the OCGEMPC, in meeting assembled do hereby:

RESOLVE, AS IT IS HEREBY RESOLVED, that the existing OCGEMPC policies on savings deposits be revised, as they are hereby revised effective on 01 October 2011, as follows:

1. The minimum balance required to maintain a savings deposit account is FIVE HUNDRED PESOS (P500) for those who have been OCGEMPC members for more than one (1) year. These members, whose savings account balances are less than P500 shall be given a chance, until February 2012, to increase their savings balances to at least the minimum amount; provided that after February 2012, those with more one year membership whose savings account balances are below P500 shall be considered as not in good standing for the year 2011.

2. The minimum average monthly balance to earn interest is FIVE THOUSAND PESOS (P5, 000) in the preceding year, to be computed and compounded annually.

3. The minimum amount that may be withdrawn from a savings account is ONE HINDRED PESOS (P100).

4. Withdrawals amounting to TEN THOUSAND PESOS (P10, 000) or more shall be released in the form of checks.

5. Savings accounts that have been dormant for twelve (12) months shall be charged a monthly service fee of FIFTY PESOS (P50).

Done this 18th day of August 2011 at Olongapo City, Philippines.