2011 R - 023 - DESIGNATING AND AUTHORIZING MS. JULIE U. REYES, AS SIGNATORY FOR ALL TRANSACTIONS WITH DEPOSITORY BANKS OF THE OCGEMPC

Excerpts from the Minutes of the Meeting of the Board of Directors of the Olongapo City, Government Employees Multi-Purpose Cooperative (OCGEMPCI) Held on 16 May 2011 at the OCGEMPC Training Room, City Hall, Olongapo City

Resolution No. 2011-023

DESIGNATING AND AUTHORIZING MS. JULIE U. REYES, AS SIGNATORY FOR ALL TRANSACTIONS WITH DEPOSITORY BANKS OF THE OCGEMPC

WHEREAS, the Board of Directors of the Olongapo City Government Employees Multi-Purpose Cooperative (OCGEMPC), pursuant to its By-Laws, held a reorganization meeting on after a formal investigation wherein Ms. Aileen Sanchez was given the opportunity to refute the allegations against her, the OCGEMPC Board found Ms. Sanchez to have gravely abused her authority as an officer of the OCGEMPC by:

-approving loans for herself, her siblings, and other members of the cooperative which were beyond their capacity to pay, and in gross violation of OCGEMPC policies, rules and regulations;

-making unauthorized cash advances and failing to liquidate the same;

-allowing the unauthorized distribution of excessive dividends to members of the cooperative without the knowledge of the Board, and in violation of policies and long-established sound practices of the cooperative;

WHEREAS, in view of the offenses committed by Ms. Sanchez, and based on her own statements during investigation, the Board has deemed Ms. Sanchez disqualified from being an officer of the OCGEMPC;

WHEREAS, based on her acts that were inimical to, and adversely affected, the interest of the OCGEMPC, Ms. Sanchez might be liable for criminal offenses;

NOW THEREFORE, pursuant to the provisions of Republic Act No. 9520 and the OCGEMPC By-Laws, and upon motion of Director Elizabeth J. Daduya and second motion of Director Genia R. Eclarino, the OCGEMPC Board of Directors in meeting assembled:

RESOLVE, AS IT IS HEREBY RESOLVED, to recommend the expulsion of Aileen C. Sanchez from the OCGEMPC Board of Directors and to convene a general assembly meeting to have this Board recommendation approved by the cooperative members as soon as possible;

RESOLVED FURTHER, to, as it hereby declares Aileen C. Sanchez perpetually disqualified from being an officer of the OCGEMPC;

RESOLVED FURTHERMORE, to seek legal counsel for the purpose of determining the criminal liability of Ms. Sanchez for her offenses against the OCGEMPC, and to pursue legal action against her if deemed feasible;

RESOLVED FINALLY, that a copy of the ‘show cause’ letter of the OCGEMPC Board to Ms. Sanchez, and a copy of the ‘Minutes of the OCGEMPC Board Meeting Held on 26 April 2011’ containing the deliberations on the case of Ms. Sanchez be attached hereto and made an integral part of the this resolution.

Done this 26th day of April 2011, at Olongapo City, Philippines.

2011 R - 017 - APPROVING THE FISCAL YEAR 2010 FINANCIAL STATEMENTS AND ORDERING THE COMPUTATION AND DISTRIBUTION OF DIVIDENDS BASED THEREON

Excerpts from the Meeting of the Board of Directors of the Olongapo City Government Employees Multi-Purpose Cooperative (OCGEMPC) Held on 19 April 2011 at the OCGEMPC Training Room, City Hall, Olongapo City

Resolution No. 2011 - 017

APPROVING THE FISCAL YEAR 2010 FINANCIAL STATEMENTS AND ORDERING THE COMPUTATION AND DISTRIBUTION OF DIVIDENDS BASED THEREON

WHEREAS, the OCGEMPC External Auditor has presented to the Board her audit report of the OCGEMPC financial statements for fiscal year 2010 and the Board has reviewed the same audited financial statements;

NOW THEREFORE, upon motion of Director Julie U. Reyes and seconded by Director Genia R. Eclarino , the OCGEMPC Board of Directors in session assembled:

RESOLVE AS IT IS HEREBY RESOLVED, to, as it hereby approves the audited financial statements for fiscal year 2010;

RESOLVED FURTHER, to, as it hereby instructs management to compute for dividends based on the said audited financial statements and present said computations for Board review and approval;

RESOLVED FINALLY, that dividends earned in year 2010 be distributed starting in the first week of May 2011.

Done this 19th day of April 2011.

2011 R - 016 - APPROVING THE OCGEMPCI REVENUE AND EXPENDITURE BUDGETS FOR FISCAL YEAR 2011

Excerpts from the Meeting of the Board of Directors of the Olongapo City Government Employees Multi-Purpose Cooperative (OCGEMPC) Held on 18 April 2011 at the OCGEMPC Training Room, City Hall, Olongapo City

Resolution No. 2011 - 016

APPROVING THE OCGEMPCI REVENUE AND EXPENDITURE BUDGETS FOR FISCAL YEAR 2011

WHEREAS, the OCGEMPC Board has reviewed the Fiscal Year 2011 Revenue and Expenditure Budgets proposed by management;

NOW THEREFORE, upon motion of Director Julie U. Reyes and second motion of Director Jerico C. Ballon, the Board of Directors of the OCGEMPC, in session assembled:

RESOLVE, AS IT IS HEREBY RESOLVED, to approve, as it hereby approves the OCGEMPC Revenue and Expenditure Budgets for fiscal year 2011;

RESOLVED FURTHER, that signed copies of the herein approved budgets be attached hereto and be made part this resolution;

RESOLVED FURTHERMORE, that this resolution and its attached copy of the 2011 Budgetsbe presented for approval in the General Assembly to be held on 20 April 2011.

Done this 18th day of April 2011.

2011 R - 013 - SETTING THE PRICE OF, AND ORDERING THE SALE OF INOS COOKWARE SETS

Excerpts from the Meeting of the Board of Directors of the Olongapo City Government Employees Multi-Purpose Cooperative (OCGEMPC) Held on 18 April 2011 at the OCGEMPC Training Room, City Hall, Olongapo City

Resolution No. 2011-013

SETTING THE PRICE OF, AND ORDERING THE SALE OF INOS COOKWARE SETS

WHEREAS, the OCGEMPC has failed to profitably dispose several pieces of Inos cookware sets which have been in its merchandise inventory for more than three years, and many of these cookware sets have just been given away for free to the members during the past general assemblies of the cooperative;

WHEREAS, the said cookware sets have continuously depreciated in value due to the emergence in the market of better and cheaper cookware of the same kind;

WHEREAS, the Board deems it more beneficial to the cooperative and its members, to convert these cookware sets into cash by making them available through cash sales or loans at affordable prices;

NOW THEREFORE, upon of motion of Director Beth Daduya, seconded by Director Genia Eclarino, the OCGEMPC Board of Directors in session assembled:

RESOLVE, AS IT IS HEREBY RESOLVED, to offer the Inos Cookware for cash sale or through appliance loans, at a minimum price of Seven Thousand Pesos (P7, 000.00) per set, effective immediately.

Done this 18th day of April 2011.

2011 R - 012 - UPDATING AND READJUSTING THE ACCOUNTS OF ATTY. RAYMOND DILAG

Excerpts from the Meeting of the Board of Directors of the Olongapo City Government Employees Multi-Purpose Cooperative (OCGEMPC) Held on 18 April 2011 at the OCGEMPC Training Room, City Hall, Olongapo City

Resolution No. 2011- 012

UPDATING AND READJUSTING THE ACCOUNTS OF ATTY. RAYMOND DILAG

WHEREAS, Republic Act 9520, otherwise known as “The Cooperatives Code of 2009”, reduced the allowable shares capital of each cooperative member from 20 percent to 10 percent of the cooperative’s paid up shares capital;

WHEREAS, as a result of the enactment of RA 9520, the capital shares of Atty. Raymond Dilag as of 31 December 2009 have exceeded the allowable maximum 10 percent of the OCGEMPC’s paid up shares;

NOW, THEREFORE, upon motion of Director Julie U. Reyes seconded by Genia R. Eclarino, 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 instructs the OCGEMPC management staff, particularly the Manager and Treasurer, as follows:

1. Reduce the capital shares of Atty. Raymond Dilag to conform with the maximum allowed under RA 9520 and the OCGEMPC By-Laws;

2. From the amount in excess of the shares capital, offset the outstanding balance on the secured loan of Atty. Dilag, applying thereon the OCGEMPC policy of 2 percent interest on every skipped monthly installment and 3 percent interest on the remaining balance after the maturity date of the loan;

3. The final balance shall be treated as long term time deposits;

4. All these adjustments shall be effective as of 01 January 2010.

Done this 18th day of April 2011.