DMPI Employees & Community Credit Cooperative

TYPES OF MEMEBRSHIP:

1. Regular membership

• Members who are regular employee of Del Monte Philippines Incorporated

2. Associate membership

• Members who are separated employee of Del Monte Philippines Incorporated

REQUIREMENTS FOR MEMBERSHIP:

1. Pre-Membership Education Seminar (PMES)
2. Filled up application form
3. Membership fee of Php 100.00
4. Initial Share Capital of Php 300.00
5. Death Mutual Fund Contribution of Php 250.00

DUTIES AND RESPONSIBLITIES OF MEMBERS:

1. Pay share capital subscription.
2. Regular savings deposit.
3. Patronizes other Cooperative products and services
4. Participates in Coop aligned trainings
5. Attends general assembly if required.
6. Abides cooperative by-laws.
7. Promotes cooperative values and principles.
8. Must be a Member In Good Standing (MIGS):

• Must not be delinquent in the payment of his/her loan amortization
  • For Hourlies – 6 consecutive or 8 staggered quincenas
  • For Monthlies – 3 consecutive or 4 staggered months for monthlies.
• Considered delinquent if:
  • Non payment of capital
  • Partial payment only of capital
  • Interest payment only
  • Delayed payment of capital one (1) day after check-off posting
  • Delayed payment of interest one (1) day after check-off posting
  • Has not violated any provision of our By-laws
  • Patronizes Cooperative Products and Services regularly
  • Membership Share capital subscription should at least 50 shares or Php 5,000.00 at Php 100.00 value per share, but not more than 5,000 shares or Php 500,000.00.
  • Complies with the obligations, duties and undertaking of a member.

RIGHTS & PRIVILEGES OF A MEMBER:

1. Avail the products and services.
2. Inspect and examine the books of accounts
3. Secure copies of cooperative records/documents pertaining to the account information of the concerned member;
4. 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;
5. Seek any elective or appointive position
6. Receive interest and patronage refund on his deposits and share capital in the cooperative if any

7. other rights and privileges as may be granted by the General Assembly

 LIABILITY OF A MEMBER:

A member shall be liable for the Indebtedness of the Cooperative only to the extent of his/her subscribed share capital.