2013 R - 04 - PROCURING OF LIFE INSURANCE FOR MEMBERS IN LIEU OF DAMAYAN FUND

Excerpts from the Minutes of the Special Meeting of the Board of Directors of the Olongapo City Government Employees Multi-Purpose Cooperative (OCGEMPC) Held on 13 February 2013 at the OCGEMPC Training Room

Resolution No. 2013-04

PROCURING OF LIFE INSURANCE FOR MEMBERS IN LIEU OF DAMAYAN FUND

WHEREAS, the Damayan Fund had helped financially the Coop members who met their untimely death by giving Thirty Thousand pesos to their family;

WHEREAS, the Damayan Fund had abolished by the Cooperative Development Authority (CDA) as a life insurance and declaring it as illegal;

WHEREAS, under Article VIII Section 1. on Primary Consideration of OCGEMPC operation states that “Adhering to the principle of service over and above profit, the Cooperative shall endeavor to c. Formulate and implement studies and/or programs that will address the needs of members”;

WHEREAS, it is empirical to have a life insurance to be given to the family of the departed member/s to address their immediate needs during the wake and or to settle accounts; 

NOW THEREFORE, upon motion duly made and seconded, the Board of Directors of the Olongapo City Government Employees Multi-Purpose Cooperative in meeting assembled do hereby:

RESOLVE, AS IT IS HEREBY RESOLVED to procure as it is herby procured a life insurance for members with an equivalent amount in lieu of Damayan Fund;

RESOLVED FURTHER, that the OCGEMPC Treasurer to authorize, as she is hereby authorized to release the said funds for the afore-mentioned purpose.

RESOLVED FURTHER, that the outstanding amount of Thirty-six Thousand Pesos intended for Damayan Fund to transfer, as it is hereby transferred to Special Membership Operation Fund to be used as backup while waiting for the release of the fund from the insurance company.

Done this 23^rd  day of January 2013 at Olongapo City, Philippines.