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.
Friday, July 22, 2011
2011 R - 034 - AMENDING THE POLICY AND PROVIDING ADDITIONAL GUIDELINES REGARDING THE LOAN PROTECTION FUND
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.
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.
2011 R - 033 - PROVIDING ADDITIONAL FUNCTIONS TO THE EDUCATION AND TRAINING COMMITTEE
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. 2011-033 - PROVIDING ADDITIONAL FUNCTIONS TO THE EDUCATION
AND TRAINING COMMITTEE
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 the Education and Training Committee of the OCGEMPC be, as it is hereby renamed as the Education, Training and Membership Committee;
RESOLVED FURTHER that effective August 1, 2011, the Education, Training and Membership Committee be, as it is hereby given the following functions, in addition to those provided in the OCGEMPC By-Laws:
- Screen applications for membership and recommends the approval or disapproval of the same to the OCGEMPC Board of Directors;
- Recommends policies to the Board regarding membership qualifications, expansion, and other matters regarding membership in the cooperative.
Done this 22nd day of July 2011 at Subic Bay Freeport Zone, Philippines.
Resolution No. 2011-033 - PROVIDING ADDITIONAL FUNCTIONS TO THE EDUCATION
AND TRAINING COMMITTEE
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 the Education and Training Committee of the OCGEMPC be, as it is hereby renamed as the Education, Training and Membership Committee;
RESOLVED FURTHER that effective August 1, 2011, the Education, Training and Membership Committee be, as it is hereby given the following functions, in addition to those provided in the OCGEMPC By-Laws:
- Screen applications for membership and recommends the approval or disapproval of the same to the OCGEMPC Board of Directors;
- Recommends policies to the Board regarding membership qualifications, expansion, and other matters regarding membership in the cooperative.
Done this 22nd day of July 2011 at Subic Bay Freeport Zone, Philippines.
2011 R - 032 - SETTING THE TERMS AND INCREASING THE MAXIMUM AMOUNT FOR GROCERY LOANS
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. 2011-032 - SETTING THE TERMS AND INCREASING THE MAXIMUM
AMOUNT FOR GROCERY LOANS
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 maximum amount of grocery loans that may be availed by members is increased to Three Thousand Pesos (P3,000), in gift certificates;
2. The maximum terms of the grocery loans are: P500 – 1 month; P1,000 – 2 months; P2,000 – 4 months; and P3,000 – 6 months.
Done this 22nd day of July 2011 at Subic Bay Freeport Zone, Philippines.
Resolution No. 2011-032 - SETTING THE TERMS AND INCREASING THE MAXIMUM
AMOUNT FOR GROCERY LOANS
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 maximum amount of grocery loans that may be availed by members is increased to Three Thousand Pesos (P3,000), in gift certificates;
2. The maximum terms of the grocery loans are: P500 – 1 month; P1,000 – 2 months; P2,000 – 4 months; and P3,000 – 6 months.
Done this 22nd day of July 2011 at Subic Bay Freeport Zone, Philippines.
2011 R - 031 - PROMULGATING SUPPLEMENTAL POLICIESREGARDING INTERESTS ON LOANS
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. 2011-031 - PROMULGATING SUPPLEMENTAL POLICIES REGARDING INTERESTS ON LOANS
Upon motion duly made and seconded, the Board of Directors of the OCGEMPC in meeting assembled hereby:
RESOLVE AS IT IS HEREBY RESOLVED, to promulgate as it hereby promulgates the following supplemental policies on loans, effective on 22 July 2011:
1. For all types of loans with payment terms of more than 12 months, only the interest for the first 12 months may be deducted from the amount to be released, if so requested by the borrower, provided that:
a. The remaining un-deducted interest shall be added to the first 12 months monthly amortization on the loan;
b. If the borrower has no capacity to pay the monthly amortization as computed in letter a above, collection of the un-deducted interest may be extended to the whole term of the loan;
c. If letter b above still results in no capacity to pay, the borrower may opt either to have the whole amount of interest deducted from the amount to be released, or reduced the loan amount in accordance with his/her capacity to pay.
Done this 22nd day of July 2011 at Subic Bay Freeport Zone, Philippines.
Resolution No. 2011-031 - PROMULGATING SUPPLEMENTAL POLICIES REGARDING INTERESTS ON LOANS
Upon motion duly made and seconded, the Board of Directors of the OCGEMPC in meeting assembled hereby:
RESOLVE AS IT IS HEREBY RESOLVED, to promulgate as it hereby promulgates the following supplemental policies on loans, effective on 22 July 2011:
1. For all types of loans with payment terms of more than 12 months, only the interest for the first 12 months may be deducted from the amount to be released, if so requested by the borrower, provided that:
a. The remaining un-deducted interest shall be added to the first 12 months monthly amortization on the loan;
b. If the borrower has no capacity to pay the monthly amortization as computed in letter a above, collection of the un-deducted interest may be extended to the whole term of the loan;
c. If letter b above still results in no capacity to pay, the borrower may opt either to have the whole amount of interest deducted from the amount to be released, or reduced the loan amount in accordance with his/her capacity to pay.
Done this 22nd day of July 2011 at Subic Bay Freeport Zone, Philippines.
Labels:
Interest,
Loans,
promulgating,
Supplemental Policies
2011 R - 030 - AWARDING THE LEASE OF THE COOP CANTEEN TO MS. VERONICA CRISOLOGO: AND FOR OTHER PURPOSES
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. 2011-030 - AWARDING THE LEASE OF THE COOP CANTEEN TO MS. VERONICA CRISOLOGO: AND FOR OTHER PURPOSES
WHEREAS, after a careful review of the letters of intent received by the OCGEMPC and after the interview of the short0listed prospective lessees of the COOP Canteen, the Board has decided that the offer of Ms. Veronica Crisologo is the most advantageous to the OCGEMPC;
NOW THEREFORE, upon motion duly made and seconded, the Board of Directors of the OCGEMPC in session assembled do hereby:
RESOLVE AS IT IS HEREBY RESOLVED to award, as it is hereby awards the lease of the Coop Canteen to Ms. Veronica Crisologo;
RESOLVED FURTHER to authorize, as it is hereby authorizes the Board Chairperson to enter into a lease agreement with Ms. Crisologo based on the terms and conditions previously presented to the board.
Done this 22nd day of July 2011 at Subic Bay Freeport Zone, Philippines.
Resolution No. 2011-030 - AWARDING THE LEASE OF THE COOP CANTEEN TO MS. VERONICA CRISOLOGO: AND FOR OTHER PURPOSES
WHEREAS, after a careful review of the letters of intent received by the OCGEMPC and after the interview of the short0listed prospective lessees of the COOP Canteen, the Board has decided that the offer of Ms. Veronica Crisologo is the most advantageous to the OCGEMPC;
NOW THEREFORE, upon motion duly made and seconded, the Board of Directors of the OCGEMPC in session assembled do hereby:
RESOLVE AS IT IS HEREBY RESOLVED to award, as it is hereby awards the lease of the Coop Canteen to Ms. Veronica Crisologo;
RESOLVED FURTHER to authorize, as it is hereby authorizes the Board Chairperson to enter into a lease agreement with Ms. Crisologo based on the terms and conditions previously presented to the board.
Done this 22nd day of July 2011 at Subic Bay Freeport Zone, Philippines.
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