2011 R - 037 - CHARGING SERVICE FEES ON CAPITAL SHARES WITHDRAWN WITHIN ONE YEAR OF MEMBERSHIP

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Resolution No. 2011-037 - CHARGING SERVICE FEES ON CAPITAL SHARES WITHDRAWN
WITHIN ONE YEAR OF MEMBERSHIP

On motion of Director Joseph G. Antonio and second motion by Director Ira B. Daylo, the Board of Directors of the OCGEMPC in meeting assembled do hereby:

RESOLVE, AS IT IS HEREBY RESOLVED, that effective on 01 October 2011, a service fee of Fifty Pesos (P50) per month shall be charged on the capital shares of a member whose membership on the OCGEMPC is terminated for any reason whatsoever before the first anniversary of the said membership;

RESOLVE FURTHER, that the hereby imposed monthly service charge shall be applied to every full month that such capital shares account was maintained y the OCGEMPC, and the service charge shall be deducted from the capital shares to be returned to the terminated member.

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