Frequently Asked Questions
How is the application for membership approved?
- An applicant shall file a duly accomplished form with the Board of Directors
- The BODs shall act upon the application within thirty (30) days from the date of receipt at the Cooperative office.
- No application for membership shall be given due course if not accompanied with an Application Fee of Php 100.00
- in lieu thereof, the applicant may submit a duly accomplished Authority to Debit Agreement (ADA) form from his/her payroll depository bank.
What will the applicant do if his application for membership is rejected by the Board of Directors?
- He may appeal his case to the next General Assembly by giving notice to the Secretary of the Cooperative at least 30 days before the said General Assembly, whose decision on the matter shall be final.
What is the minimum Share Capital requirement?
- Subscribe at least 50 shares of the capital of the Cooperative – Pay at least 25% of the minimum share capital requirement upon approval of his/her membership.
- No member shall own or hold more than 10% of the total share capital of the Cooperative.
What are the Duties and Responsibilities of a member?
- Pay the installment of his/her share capital subscription as it falls due and to participate in the capital build-up and savings mobilization activities of the Cooperative.
- Patronize the Cooperative’s lending business and services.
- Participate in the membership education programs.
- Attend and participate in the deliberation of all matters taken during General Assembly meetings.
- Obey the rules and regulations provided by RA 9520, By-Laws, decisions of the General Assembly and BODs and policies and decisions that may be promulgated by the CDA.
- Promote the purpose and goals of the Cooperative, the success of its members and the Cooperative movement in general
What are the Rights and Privileges of a member?
- Attend during general membership meetings
- Avail himself of the services of the Cooperative, subject to certain conditions as may be prescribed by the Board of Directors Inspect and examine the books of accounts, the minutes books, the share register and other records of the Cooperative during reasonable office hours.
- Participate in the continuing education and other training programs of the Cooperative
- Such other rights and privileges as may be granted by the General Assembly
Who are the members entitled to vote?
- Any member who meets the following conditions is a member entitled to vote:
- Paid the membership fee and the value of one share required for membership
- Not delinquent in the payment of his/her share subscriptions and other accounts or obligations
- Not violated any provision of the cooperative laws, Cooperative Development Authority administrative issuances, Articles of Cooperation and By-laws, terms and conditions of the subscription agreement
- Completed the continuing education program prescribed by the Board of Directors
- Participated in the affairs of the Cooperative and patronized the lending business in accordance with the Cooperative’s policies and guidelines
- Consequently, a member entitled to vote shall have the following additional rights:
- Participate and vote on all matters deliberated upon during General Assembly meetings
- Seek any elective or appointive positions, subject to the provisions of the By-laws and the Philippine Cooperative Code of 2008
- Such other right and privileges as may be provided by the General Assembly
What is the liability of a member?
- A member shall be liable for the debts of the Cooperative only to the extent of his/her subscribed share capital.
Termination of Membership
- Automatic Termination of Membership.
- Death
- Insanity
- Insolvency
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Voluntary Termination.
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for valid reasons
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sixty (60) day notice to the Board of Directors
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No member may withdraw his share/deposit if he has still pending obligations with the Cooperative either as borrower, co-maker or guarantor of an outstanding loan
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A member who withdraws all his share capital in the Cooperative thereby ceases to be a member thereof.
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Involuntary Termination. For any of the following causes:
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Has not patronized the lending business/ services of the Cooperative
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Has continuously failed to comply with his/her obligations as provided for in the policies of the Cooperative
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Has violated any provisions of the By-laws and the policies of the Cooperative
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For any act or omission injurious or prejudicial to the interest or the welfare of the Cooperative
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The Board of Directors shall:
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Notify in writing the member who is being considered for termination
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Give him/her the opportunity to be heard
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Communicate the decision in person or by registered mail
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Decision is appealable within thirty (30) days from receipt thereof
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- Retirement / Resignation from employment.
- Shall inform the BODs in writing before the effectivity date of his retirement/ resignation of his intention to continue membership with the Cooperative
Refund of Share Capital Contribution
- A member whose membership is terminated shall be entitled to a refund of his/her capital contribution and all other interests in the Cooperative.
- Refund shall not be made if upon payment the value of the assets of the Cooperative would be less than the aggregate amount of its debts and liabilities exclusive of his/her share capital contribution.
- In which case, the member shall continue to be entitled to the interest of his/her share capital contributions, patronage refund and the use of the services of the Cooperative until such time that all his/her interests in the Cooperative shall have been duly paid.