QUALIFICATION OF MEMBERSHIP
- Residing and/or working inside and outside in the area of operation as defined and delimited in Article VI of the Articles of Cooperation thereof.
- Employees of Commission on Audit and are residing within /outside the area of operation as defined and delimited in Article VI of the Articles of Cooperation.
- Approved application for membership
- Certificate of completion of the prescribed Pre-Membership Education Seminar (PMES)
- Subscribed and paid the required minimum share capital.
MINIMUM SHARE CAPITAL REQUIREMENT
An applicant for membership shall subscribe at least two hundred seventy (270) shares or an amount equivalent to P27,000.00 and pay the value of at least seven thousand pesos (P 7,000.00) upon approval of his membership.
However, no member shall own or hold more than two percent (2%) of the total subscribed share capital of the Cooperative.
DUTIES AND RESPONSIBILITIES OF A MEMBER
- 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;
- Patronize the Cooperative’s businesses and services;
- Participate in the membership education programs;
- Attend and participate in the deliberation of all matters taken during general assembly meetings;
- Observe and obey all lawful orders, decisions, rules and regulations adopted by the Board of Directors and the general assembly; and
- Promote the purposes and goals of the Cooperative, the success of its business, the welfare of its members and the cooperative movement in general.
RIGHTS AND PRIVILEGES OF MEMBERS
- 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;
- Secure copies of cooperative records/documents pertaining to the account information of the concerned member;
- Has preference in the payment of interest on share capital and in the distribution of the net assets of the Cooperative in case of liquidation; and
- Such other rights and privileges as may be granted by the General Assembly.