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 15 May 2013 at the
OCGEMPC Training Room
Resolution No. 2013 – 019
APPROVING THE APPLICATION FOR VOLUNTARY TERMINATION
OF MEMBERSHIP OF CELSO BULANHAGUI, ET AL
WHEREAS, Art. 28 of Republic Act 9520 otherwise known as the
Cooperative Code of 2008 on Termination of Membership states that “A member of
a cooperative may, for any valid reason, withdraw his membership from the
cooperative by giving a sixty (60) day notice to the Board of Directors”;
WHEREAS, Section 7b Article II of OCGEMPC Bylaws on Voluntary
Termination states that “A member may, for any reason, terminate his membership
by submitting a letter of voluntary termination to the board of directors.
However, no member shall be allowed to withdraw or terminate his membership
during any period in which he has any pending obligation either as a borrower,
co-maker or guarantor of a loan”.
WHEREAS, the following members submitted their notice of voluntary
termination with corresponding date of application;
1. Elizabeth
Libut March 6, 2013
2. Llwellyn
Rocello Jr. March 14, 2013
3. Cristina
Sangilan March 21, 2013
4. Evelyn A.
Rico March 26, 2013
5. Oscar Saure
Jr. April 1, 2013
6. Ferdinand
Reduca April 1, 2013
WHEREAS, It was confirmed by the management that the abovementioned
members have no pending liability either as a borrower, co-maker or guarantor
of a loan;
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 approve as it hereby approved
the Application for Voluntary Termination of Membership of Elizabeth Libut et
al;
RESOLVED FURTHER, to conform as hereby conformed to Section 9
Article II of OCGEMPC Bylaws on Appraisal and payment of Members Interest Upon
Termination of Membership which states that “Upon the termination of the
membership of a member, the Board of Directors shall determine the book value
of the member’s share capital which shall in no case exceed the par value, as
established at the year-end audited financial statement nearest to the date of
termination and shall fix the amount thereof in money to be paid subject to the
availability of funds”.
Done this 15th day of
May 2013 at Olongapo City, Philippines.
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