Sections 1 to 5, Article 5, of the Manual of Policy third edition s. 2014 - Membership Policy of the PMPC

The purpose of this policy is to ensure quality membership within the area of operation of PMPC.

Section 1. TYPE OF MEMBERSHIP

PMPC shall have two (2) membership categories defined as follows:

1. Regular Membership

1.1.1 An applicant for regular membership shall subscribe at least two hundred (200) Common shares for a total amount of Twenty Thousand Pesos (P20,000.00) with paid up capital of at least one hundred (100) shares orP10,000.00 upon approval of his membership.

1.1.2 An individual who has paid the required Membership Fee and has fulfilled the minimum requirement for share capital, savings deposit and other pertinent documents.

1.1.3 Has the right to take part in the general decision making.

1.1.4 Has the right to vote and be voted upon as member of the Board of Directors or committee member.

1.1.5 Entitled to avail loan services and savings facilities of PMPC.

1.1.6 Participate in the continuing education and training program of the PMPC.

1.2 Associate Membership

1.2.1 An applicant for associate membership shall subscribe at least 18 Preferred Share/s for a total amount of One thousand eight hundred pesos (P1,800.00) and pay in full upon approval of his membership.

1.2.2 Has paid the required membership fee.

1.2.3 Has the right to maintain a deposit account and withdraw therefrom.

1.2.4 Possible future regular member.

1.2.5 Has no right to take part in the decision-making, but can provide suggestion for the improvement of the cooperative.

1.2.6 Has no right to vote nor voted upon as Officer of the Cooperative

1.2.7 Entitled to receive information of PMPC product updates and newsletters.

1.2.8 Entitled to avail loan services.

Section 2. PARAMETERS FOR MEMBERSHIP CLASSIFICATION

1. The regular membership of this Cooperative is open to any natural person, Filipino Citizen, of legal age, with capacity to contract, resident of Luzon Area, employed either in public or private sector or self-employed with the following requirements:

a. Gainfully employed;

b. Must be 18 years old;

c. Has attended Pre-membership seminar;

d. Has paid the required membership fee and the value of not less than 100 common shares, the minimum share capital subscription;

e. Has signed the member’s oath (included in the membership application form) as commitment to abide with the PMPC rules and regulations.

Section 3. Members Registry Book and Reporting

1. Upon approval of membership, the Secretary enters the name of the new member to the Members Registry Book.

2. The Secretary submits monthly report to the BOARD in their regular monthly the following:

a. Number of accepted new members, members whose membership have been terminated or withdrawn;

b. Names, addresses, assigned number and shares held by each member.

Section 4. Termination of Membership

Membership shall be terminated with votes from majority of the members of the BOARD for acts or omission injurious or prejudicial to the interest or welfare of the PMPC. A member could be expelled at the discretion of the BOARD on the following instances:

1. If the members regular account (either loan or savings) has been dormant for one (1) year;

2. If the member without seeking approval from the BOD sold his shares to another member;

3.Failure to comply with the member’s oath.

Section 5. Withdrawal of Membership

1. A member may, for any valid reason, may withdraw his membership from the PMPC, provided he must:

a. Submit notice for approval of the BOD 60 days before the withdrawal;

b. Settle all his account with the Cooperative prior to the withdrawal. No member is allowed to withdraw his share capital and deposits if he has delinquent account.

2. The member who withdraws his membership shall be entitled to a refund of his capital share and all interest in the Cooperative within five (5) days from approval of such termination, provided that such refund shall not affect the operation of the Cooperative.

Total Members as of June 30, 2019

PMPC has a total of 14, 173 members, composed of:

1. Regular Members :       4, 151

2. Associate Members :    10, 022

Latest update: July 16, 2019

By Nicole B. Apaga, PMPC Board Secretary