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. 2011-039 - SUPPLEMENTAL LOANS POLICY INCREASING THE NUMBER OF
CO-MAKERS FOR LARGE AMOUNTS OF LOANS
WHEREAS, there is a shortage of members who qualify as co-makers for large amounts of loans because few have the required capacity to pay;
WHEREAS, many members are suggesting that multiple co-makers for a single loan would be benefit those who need larger loans, and at the same time provide better security for the cooperative;
NOW THEREFORE, on motion of Director Helson C. Cañero, seconded by Director Ira B. Daylo the Board of Directors of the OCGEMPC in meeting assembled do hereby:
RESOLVE, AS IT IS HEREBY RESOLVED, that except for secured loans, loans amounting from P40,000 to P50,000 shall require two co-makers, while loans amounting to more than P50,000 shall require three co-makers;
RESOLVE FURTHER, that a single co-maker shall be allowed for a loan amounting to more than P40,000 when the co-maker of such a loan is a permanent employee, has the capacity to pay for the loan, and waives his/her privilege to avail of any loan until the loan that he/she co-makes is fully paid;
Done this 18th day of August 2011 at Olongapo City, Philippines.
Thursday, August 18, 2011
2011 R - 038 - HIRING OF LOANS OFFICER; 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 18 August 2011 at the OCGEMPC Training Room, City Hall, Olongapo City
Resolution No. 2011-038 - HIRING OF LOANS OFFICER; AND FOR OTHER PURPOSES
On motion of Director Ira B. Daylo, and second motion of Director Genia R. Eclarino, the Board of Directors of the Olongapo City Government Employees Multi-Purpose Cooperative in meeting assembled do hereby:
RESOLVE, AS IT IS HEREBY RESOLVED, that Mr. Christian Paul Alba be hired, as he is hereby hired as Loans Officer of the OCGEMPC on a probationary status for a period not to exceed six (6) months effective on 01 September 2011, with a daily Basic Wage of Two Hundred Seventy-seven Pesos (P277) and daily cost of Living Allowance of Twenty-eight (P28), in conformance with the latest Wage Order issued by the Regional Wage Board;
RESOLVE FURTHER, that the daily allowance of Ms. Rosalyn Jadulco as staff trainee of the OCGEMPC be, as it hereby increased from Two Hundred Pesos (P200) to Two Hundred Fifty Pesos (P250) effective on 01 September 2011;
RESOLVED FURTHERMORE that wages, benefits and conditions of work of all the OCGEMPC management staff be reviewed and adjusted in the last quarter of 2011 to conform with the pertinent provisions of the Philippine Labor Code and other laws and issuances regarding labor.
Done this 18th day of August 2011 at Olongapo City, Philippines.
Resolution No. 2011-038 - HIRING OF LOANS OFFICER; AND FOR OTHER PURPOSES
On motion of Director Ira B. Daylo, and second motion of Director Genia R. Eclarino, the Board of Directors of the Olongapo City Government Employees Multi-Purpose Cooperative in meeting assembled do hereby:
RESOLVE, AS IT IS HEREBY RESOLVED, that Mr. Christian Paul Alba be hired, as he is hereby hired as Loans Officer of the OCGEMPC on a probationary status for a period not to exceed six (6) months effective on 01 September 2011, with a daily Basic Wage of Two Hundred Seventy-seven Pesos (P277) and daily cost of Living Allowance of Twenty-eight (P28), in conformance with the latest Wage Order issued by the Regional Wage Board;
RESOLVE FURTHER, that the daily allowance of Ms. Rosalyn Jadulco as staff trainee of the OCGEMPC be, as it hereby increased from Two Hundred Pesos (P200) to Two Hundred Fifty Pesos (P250) effective on 01 September 2011;
RESOLVED FURTHERMORE that wages, benefits and conditions of work of all the OCGEMPC management staff be reviewed and adjusted in the last quarter of 2011 to conform with the pertinent provisions of the Philippine Labor Code and other laws and issuances regarding labor.
Done this 18th day of August 2011 at Olongapo City, Philippines.
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.
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.
Labels:
Capital Shares,
Charging,
Service Fees,
Withdrawn
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.
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.
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