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 - 024 - APPOINTING MS. JULIE U. REYES AS OCGEMPC TREASURER AND AUTHORIZING HER AS A SIGNATORY FOR TRANSACTIONS WITH BANKS

Excerpts from the Minutes of the Meeting of the Board of Directors of the Olongapo City Government Employees Multi-Purpose Cooperative (OCGEMPC) Held on 03 May 2011 at the OCGEMPC Training Room, City Hall, Olongapo City.

Resolution No. 2011-024

APPOINTING MS. JULIE U. REYES AS OCGEMPC TREASURER AND AUTHORIZING HER AS A SIGNATORY FOR TRANSACTIONS WITH BANKS

WHEREAS, the Board of Directors of the Olongapo City Government Employees Multi-Purpose Cooperative (OCGEMPC), has accepted the resignation of Ms. Leticia Doropan as Treasurer of the OCGEMPC effective on 31 May 2011;

WHEREAS, in order to preclude any disruption in OCGEMPC operations, and to allow for a smooth transition and transfer of accountabilities, a new Treasurer must be immediately appointed and given the authority to effectively perform the duties of the position;

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

RESOLVE AS IT IS HEREBY RESOLVED, to, as it hereby appoints Ms. Julie U. Reyes to the position of OCGEMPC Treasurer effective on 01 June 2011; and hereby designates and authorizes her as the official signatory, together with current Board Chairman Jaime L. Mendoza, for all transactions of the OCGEMPC with the Land Bank, Planters Bank, Union Bank and Philippine National Bank effective on 01 June 2011 until the aforementioned banks are notified otherwise by the OCGEMPC;

RESOLVED FURTHER, that the previous designation and authorization of Ms. Leticia Doropan be, as it is hereby revoked; and that a notarized copy of this Resolution be furnished to each of the aforementioned banks for their information, record and reference.

Done this 3rd day of May 2011 at Olongapo City, Philippines.