2011 R - 044 - AUTHORIZING THE CHAIRMAN AND TREASURER TO OPEN A NEW ACCOUNT WITH THE PHILIPPINE NATIONAL BANK AND DEPOSIT ₱ 1,010,000.00 THERETO

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.

2011 R - 035 - AUTHORIZING THE CHAIRMAN TO FILE LEGAL CASES AGAINST FERNANDO MAGRATA, REYNALDO ERINGCO, AILEEN SANCHEZ AND LETICIA DOROPAN

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 22 July 2011 at the Board Room of the Subic Bay Water Regulatory Board, Subic Bay Freeport Zone

Resolution No. 2011-035 - AUTHORIZING THE CHAIRMAN TO FILE LEGAL CASES AGAINST FERNANDO MAGRATA, REYNALDO ERINGCO, AILEEN SANCHEZ AND LETICIA DOROPAN

WHEREAS, Mr. Fernando Magrata, Mr. Reynaldo Eringco, Ms. Aileen Sanchez and Ms. Leticia Doropan were able to anomalously acquire unusually large amounts of loans in violation of existing OCGEMPC policies, rules and regulations;

WHEREAS, the OCGEMPC is having difficulties in collecting the said loans from the above-named persons and such difficulty in collection is adversely affecting the financial operations of the OCGEMPC to the detriment of the OCGEMPC members’ interests;

WHEREAS, after exerting much effort to collect but without success, the Board deems it necessary to file legal cases against the above-named persons not only to seek justice for the OCGEMPC but also to send a strong message to the present and future officers of the cooperative that anomalous transactions and practices are not tolerated in the OCGEMPC;

NOW THEREFORE, upon motion by Director Ira B. Daylo and second motion of Director Joseph G. Antonio, the members of the Board of the OCGEMPC in meeting assembled do hereby:

RESOLVE, AS IT IS HEREBY RESOLVED, to file legal cases against Mr. Fernando Magrata, Mr. Reynaldo Eringco, Ms. Aileen Sanchez and Ms. Leticia Doropan;

RESOLVED FURTHER, that the Chairperson of the OCGEMPC Board to be authorized, as he is hereby authorized to seek legal counsel for the purpose of determining what cases could be filed based on the circumstances and evidence at hand, and to file the appropriate cases on behalf of the OCGEMPC.

Done this 22nd day of July 2011 at Subic Bay Freeport Zone, Philippines.