2013 R - 015 - Providing Interest Rate of .5 Percent for Savings Deposit which is 100% higher than other Banks’ Rate

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 -015

Providing Interest Rate of .5 Percent for Savings Deposit which is 100% higher than other Banks’ Rate

WHEREAS, Art. 7. of Republic Act No. 9520 otherwise known as the Cooperative Code of 2008 states that the primary objective of every cooperative is to help improve the quality of life of its members by providing goods and services to its members to enable them to attain increased income, savings, investments, productivity, purchasing power;

WHEREAS, Art. 6 of the same Code states that the purpose of cooperative is “to encourage thrift and savings mobilization among the members”;

WHEREAS, Section 11 a. of Article VIII on Savings Deposits of OCGEMPC Bylaws states that “Any member, in addition to his share capital investment, may open a savings deposit, the rate of interest of which shall be determined by the Board at the beginning of each fiscal year in no case to exceed the rate prescribed by Central Bank of the Philippines”;

WHEREAS, Director Jaime L. Mendoza moved for an interest rate of .5% for savings deposit which is 100 percent higher than other bank rates;

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 providing interest rate of .5 percent for savings deposit which is 100% higher than other banks’ rate;

RESOLVED FURTHER to conform as it is hereby conformed to Section 11 a. of Article VIII of the Bylaws which states that “Savings deposits not falling below FIVE HUNDRED PESOS (500.00) during any calendar month shall be entitled to interest to be computed quarterly based on the lowest monthly balance outstanding during the period. The interest shall be credited to the depositor’s account, and the same shall earn interest from the date it is credited, at the same rate as savings deposits”.

RESOLVED FINALLY, that savings deposits shall only be entitled to interest if no withdrawal was made during the last month of each quarter.

Done this 15^th day of May 2013 at Olongapo City, Philippines.

2011 R - 033 - PROVIDING ADDITIONAL FUNCTIONS TO THE EDUCATION AND TRAINING COMMITTEE

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. 2011-033 - PROVIDING ADDITIONAL FUNCTIONS TO THE EDUCATION
AND TRAINING COMMITTEE

Upon motion duly made and seconded, the members of the Board of Directors of the OCGEMPC in meeting assembled do hereby:

RESOLVE AS IT IS HEREBY RESOLVED, that the Education and Training Committee of the OCGEMPC be, as it is hereby renamed as the Education, Training and Membership Committee;

RESOLVED FURTHER that effective August 1, 2011, the Education, Training and Membership Committee be, as it is hereby given the following functions, in addition to those provided in the OCGEMPC By-Laws:

- Screen applications for membership and recommends the approval or disapproval of the same to the OCGEMPC Board of Directors;

- Recommends policies to the Board regarding membership qualifications, expansion, and other matters regarding membership in the cooperative.

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

2011 R - 028 - PROVIDING PENALTIES FOR CANCELLATION OF CHECKS

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 30 June 2011 at the OCGEMPC Training Room

Resolution No. 2011-028

PROVIDING PENALTIES FOR CANCELLATION OF CHECKS

WHEREAS, many members of the cooperative whimsically change their minds after their loan applications have been processed, and request the cancellation of the checks issued to them for their loans;

WHEREAS, there are costs incurred in the processing of applications for loans and the checks are bought from the banks;

WHEREAS, there is a need to penalize members who cancel their checks, not only to discourage such practice among the coop members, but more importantly, to recover costs and prevent loses by the cooperative;

NOW THEREFORE, upon motion duly made and seconded, OCGEMPC Board of Directors in meeting assembled, do hereby:

RESOLVE AS IT IS HEREBY RESOLVED, that effective on July 2011, members of the OCGEMPC who cancel their checks be penalized with a fine of ONE HUNDRED FIFTY PESOS (P150.00) for the first cancellation, and for succeeding cancellations, a fine of TWO HUNDRED FIFTY PESOS (P250.00) or the amount of the service fee on the cancelled loan, whichever is higher.

Done this 30th day of June 2011.