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 26 October 2011 at the CHD Conference Room
Resolution No. 2011-044 - AUTHORIZING THE CHAIRMAN AND TREASURER TO OPEN A NEW ACCOUNT WITH THE PHILIPPINE NATIONAL BANK AND DEPOSIT ONE MILLION TEN THOUSAND PESOS (₱ 1,010,000.00) THERETO
WHEREAS, Philippine National Bank (PNB), one of the leading banks in the country, is offering a Long Term Negotiable Certificate of Deposit (LTNCD) with an interest rate of 5.25% per annum for a period of five years;
WHEREAS, OCGEMPC has reserved funds deposited in Planters Bank and the OCGEMPC Board finds it more beneficial to the coop if the said fund will be deposited to PNB to avail of the said LTNCD;
NOW THEREFORE, upon motion duly made and seconded, the Board of Director of the OCGEMPC in session assembled do hereby:
RESOLVE AS IT IS HEREBY RESOLVED to authorize, as it hereby authorizes the Chairman and Treasurer to withdraw One Million Ten Thousand Pesos (₱ 1,010,000.00) from Planters Bank and invest One Million Pesos (₱ 1,000,000.00) to Long Term Negotiable Certificate of Deposit (LTNCD)
RESOLVED FURTHER, to authorize, as it is hereby authorizes the Chairman and the Treasurer to open a new savings account with the Philippine National Bank (PNB) and deposit the (₱ 10,000.00) to the said new PNB savings account
RESOLVED FURTHERMORE, that interests earned from the said investment shall be deposited to the PNB savings account of OCGEMPC
Done this 26th day of October 2011.
