Excerpts from the Minutes of the Meeting of the Board of Directors of the Olongapo City, Government Employees Multi-Purpose Cooperative (OCGEMPCI) Held on 16 May 2011 at the OCGEMPC Training Room, City Hall, Olongapo City
Resolution No. 2011-023
DESIGNATING AND AUTHORIZING MS. JULIE U. REYES, AS SIGNATORY FOR ALL TRANSACTIONS WITH DEPOSITORY BANKS OF THE OCGEMPC
WHEREAS, the Board of Directors of the Olongapo City Government Employees Multi-Purpose Cooperative (OCGEMPC), pursuant to its By-Laws, held a reorganization meeting on after a formal investigation wherein Ms. Aileen Sanchez was given the opportunity to refute the allegations against her, the OCGEMPC Board found Ms. Sanchez to have gravely abused her authority as an officer of the OCGEMPC by:
-approving loans for herself, her siblings, and other members of the cooperative which were beyond their capacity to pay, and in gross violation of OCGEMPC policies, rules and regulations;
-making unauthorized cash advances and failing to liquidate the same;
-allowing the unauthorized distribution of excessive dividends to members of the cooperative without the knowledge of the Board, and in violation of policies and long-established sound practices of the cooperative;
WHEREAS, in view of the offenses committed by Ms. Sanchez, and based on her own statements during investigation, the Board has deemed Ms. Sanchez disqualified from being an officer of the OCGEMPC;
WHEREAS, based on her acts that were inimical to, and adversely affected, the interest of the OCGEMPC, Ms. Sanchez might be liable for criminal offenses;
NOW THEREFORE, pursuant to the provisions of Republic Act No. 9520 and the OCGEMPC By-Laws, and upon motion of Director Elizabeth J. Daduya and second motion of Director Genia R. Eclarino, the OCGEMPC Board of Directors in meeting assembled:
RESOLVE, AS IT IS HEREBY RESOLVED, to recommend the expulsion of Aileen C. Sanchez from the OCGEMPC Board of Directors and to convene a general assembly meeting to have this Board recommendation approved by the cooperative members as soon as possible;
RESOLVED FURTHER, to, as it hereby declares Aileen C. Sanchez perpetually disqualified from being an officer of the OCGEMPC;
RESOLVED FURTHERMORE, to seek legal counsel for the purpose of determining the criminal liability of Ms. Sanchez for her offenses against the OCGEMPC, and to pursue legal action against her if deemed feasible;
RESOLVED FINALLY, that a copy of the ‘show cause’ letter of the OCGEMPC Board to Ms. Sanchez, and a copy of the ‘Minutes of the OCGEMPC Board Meeting Held on 26 April 2011’ containing the deliberations on the case of Ms. Sanchez be attached hereto and made an integral part of the this resolution.
Done this 26th day of April 2011, at Olongapo City, Philippines.