2013 R - 05 - AVAILING LOAN PROTECTION PLAN IN LIEU OF THE EXISTING LOAN PROTECTION 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. 2013-05

AVAILING LOAN PROTECTION PLAN IN LIEU OF THE EXISTING 

LOAN PROTECTION FUND

WHEREAS, it has been the scheme of the Coop to deduct the unpaid balance of the borrower member who met his death from his share, savings, government benefits or if not enough from his co-maker/s;

WHEREAS, such scheme had affected the borrower’s estate and of the co-maker’s income;

WHEREAS, Loan Protection Plan/Credit Life (LPP/CL) is a program where the loan/s of the borrower members are insured to guarantee the creditor;

WHEREAS, with LPP/CL the loan of the borrower member shall be paid in the event of his death;

WHEREAS, the LPP/CL guarantees a prompt settlement of outstanding indebtedness and assures that the unpaid balance will not burden debtor’s family or estate thus develop goodwill with debtor’s family;

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 avail as it is hereby avails Loan Protection Plan/Credit Plan in lieu of the existing Loan Protection Fund.

Done this 13th  day of February 2013 at Olongapo City, Philippines.

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.