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General Assembly Resolution (Amendments)

The document summarizes amendments made to the Articles of Cooperation and Bylaws of the Lutucan National High School Faculty and Employees Multipurpose Cooperative. Key amendments included changing the name to the All-Sariaya School Employees, Teachers, and Stakeholders Multipurpose Cooperative, expanding the cooperative's purposes to include additional services, changing the common bond of membership from occupational to residential, and increasing the authorized share capital from PHP 2 million to PHP 8 million. These amendments were approved by more than 2/3 of the cooperative's members with voting rights.

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2K views

General Assembly Resolution (Amendments)

The document summarizes amendments made to the Articles of Cooperation and Bylaws of the Lutucan National High School Faculty and Employees Multipurpose Cooperative. Key amendments included changing the name to the All-Sariaya School Employees, Teachers, and Stakeholders Multipurpose Cooperative, expanding the cooperative's purposes to include additional services, changing the common bond of membership from occupational to residential, and increasing the authorized share capital from PHP 2 million to PHP 8 million. These amendments were approved by more than 2/3 of the cooperative's members with voting rights.

Uploaded by

Nonilon Robles
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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GENERAL ASSEMBLY RESOLUTION NO.

17-102-A
Series of 2017

EXCERPTS from the Minutes of the Regular General Assembly Meeting of


the Lutucan General Assembly of the Lutucan National High School Faculty
and Employees Multipurpose Cooperative (LNHSFEMPC) held last March 22,
2017 at Lutucan National High School Covered Court where 82 out of 121
members with voting rights voted in favor of the amendments.

In compliance with REPUBLIC ACT NO. 9520, AN ACT AMENDING THE


COOPERATIVE CODE OF THE PHILIPPINES TO BE KNOWN AS PHILIPPINE
COOPERATIVE CODE OF 2008”, Lutucan National High School Faculty &
Employees Credit Cooperative with Registration No. 9520-04017425 dated
September 30, 2010 amended its Articles of Cooperation and Bylaws By
Substitution with Some Specific Provisions Inserted for the purpose of uniformity
in the structure and operation of the cooperatives to conform to the provisions of
R.A. 9520 and the rules and regulations issued by the Cooperative Development
Authority (CDA).

The following provisions in the Articles of Cooperation and Bylaws were


approved by more than 2/3 votes of all the members with voting rights ,

EXISTING PROVISION PROPOSED AMENDMENTS

Article I. Article I.
Name of the Cooperative Name of the Cooperative

That the name of the cooperative shall That the name of the cooperative shall
be Lutucan National Faculty and Employees be All-Sariaya School Employees, Teachers,
Multipurpose Cooperative. and Stakeholders Multipurpose Cooperative
(ASSETSMPC).

Article II Article II
Type and Purposes Type and Purposes
That the type of this cooperative is That the type of this cooperative is
multipurpose and the purposes for which multipurpose and the purposes for which
this Cooperative is organized are to engage this Cooperative is organized are to engage
in: in:
a. Thrift and savings mobilization among a. Thrift and savings mobilization among
its members; its members;
b. Generating funds and extending credit b. Generating funds and extending credit
to the members for productive and to the members for productive and
provident purposes; provident purposes;
c. Operating a school canteen and store; c. Operating a school canteen and store;
d. Buying and selling of used-aluminum d. Buying and selling of used-aluminum
& plastic canisters, used-papers and & plastic canisters, used-papers and
other recyclable items. other recyclable items.
e. Selling school uniforms and
paraphernalia to students and
school teachers.
f. Operating a photocopy and printing
services.
g. Operating a water refilling station and
h. Operating car wash services.
i. Operating a secondary and tertiary
school.

Article VI Article VI
Common Bond and Field of Membership Common Bond and Field of Membership

That the common bond of membership That the common bond of


of this Cooperative is occupational and, shall membership of this Cooperative is
be open to all natural persons who are all residential and, shall be open to all natural
Filipino citizen, of legal age, and are persons who are all Filipino citizen, of legal
employees and faculty members of public age, and are residents of the province of
elementary and secondary schools in the Quezon with the capacity to contract and
municipality of Sariaya, Quezon with the possess all the qualifications and none of
capacity to contract and possess all the the disqualifications provided for in the By-
qualifications and none of the laws and this Articles of Cooperation.
disqualifications provided for in the By-laws
and this Articles of Cooperation.
Article X Article X
Capitalization Capitalization

That the Authorized Share Capital That the Authorized Share Capital
of this Cooperative is two million pesos of this Cooperative is eight million pesos
(Php2,000,000.00), divided into twenty (Php8,000,000.00), divided into eighty
thousand (20,000) shares with a par value of thousand (80,000)shares with a par value of
One Hundred pesos (Php100.00) per share. One Hundred pesos (Php100.00) per share.
Article XI Article XI
Subscribed and Paid-up Share Capital Subscribed and Paid-up Share Capital
That the Authorized Share Capital of this
That of the authorized share capital, Cooperative is eight million (₱8,000,000.00)
the amount of seven hundred seventy-nine Philippine currency, and said capital stock
thousand three hundred pesos is divided into eighty thousand shares
(Php779,300.00) has been subscribed, and (80,000) with a par value of One Hundred
five hundred fifty-one thousand three Pesos (₱100.00) each.
hundredpesos (Php551,300.00) of the total Of the authorized share capital one
subscription has been paid by the following million (1,000,000.00) divided into ten
members-subscribers: thousand shares (10,000) with a par value
of one hundred pesos (100.00) is set aside
for associate members.

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