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This Cooperative shall have regular and associate membership/s.
A. Regular membership. Regular member is one
who is entitled to all the rights and privileges of membership. An applicant for
regular membership shall subscribe at least 100 Common shares and pay the value
of at least 50 share/s (Php2500) upon approval of his
membership.The regular membership of this Cooperative is open to any natural
person, Filipino citizen, of legal age, with capacity to contract, current
and former employees of Intel Corporation in the Philippines,
B. Associate membership. Associate member is
one who has no right to vote and be voted upon and shall be entitled only to
such rights and privileges provided in this by-law. An applicant for associate
membership shall subscribe at least 100 Preferred Share/s and pay the value of
at least 10 share/s (Php500) upon approval of his
membership.The associate membership of this Cooperative shall be open to any
natural person, Filipino citizen, of legal age, with capacity to contract,
current and former employees of Intel MPC, Numonyx employees
AND other company within area of operations
AND has the following qualifications:
a) Completed the prescribed pre-membership education training;
b) Undertake to uphold the By-laws, policies, guidelines, rules and regulations
promulgated by the Board of Directors and the general assembly;
c) Use or anticipate to use the services of the cooperative more particularly
the savings and loaning services and other allied services relative thereto.
d) No application for membership shall be given due course if not accompanied
with a membership fee of two hundred pesos (Php200.00) for regular
members and one hundred (Php100.00) for associate members which shall be
refunded to the applicant in case of rejection.
DUTIES AND
OBLIGATIONS OF IMPC MEMBERS
Every member shall have the following duties:
a.
Pay the installment of his share
capital subscription as it falls due and to participate in the capital build-up
and savings mobilization activities of the Cooperative;
b.
Patronize the Cooperative’s
businesses and services;
c.
Participate in the membership
education programs;
d.
Attend and participate in the
deliberation of all matters taken during general assembly meetings;
e.
Observe and obey all lawful orders,
decisions, rules and regulations adopted by the Board of Directors and the
general assembly; and
f.
Promote the goals and objectives of
the Cooperative, the success of its business, the welfare of its members and the
cooperative movement in general.
LIABILITY OF
THE MEMBERS
What is the liability of the members? Member’s
liability is limited to the balance of his share capital subscription and his
accounts with the cooperative.
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