Membership Application and Subscription Agreement

 

PLEASE READ

I hereby apply for active membership to the HPP Employees Multipurpose Cooperative (hereinafter referred to as the "Cooperative") and that I agree to the following terms and conditions:

1. To comply with the provision of the Articles of Cooperation, the Bylaws, the policies set by the Board of Directors, the General Assembly, as well as the acts/directives of duly constituted authorities, and that failure on my part to do so, the Cooperative at its option, may impose fine, suspend, or expel me from membership, whereupon my liabilities to the Cooperative, if any, shall be chargeable against my shareholdings.

2. To attend a Pre-Membership Education Seminar (PMES) to be given by the Cooperative.

3. To attend and actively participate in the Annual General Assembly and all meetings, conferences, and seminars as required by the Board of Directors.

4. Pay a one-time membership fee of P200.00 (may be done thru auto-debit/payroll deduction.

5. Subscription Agreement:

5.1. I agree to subscribe to a minimum of 200 shares valued at P20,000.00 and paying for them either in lump sum or installment. If on installment, initial 200 shares subscribed will be paid thru monthly capital build-up.

5.2. I agree to an initial share capital contribution of at least P1,000.00 (one-time, thru auto-debit/payroll deduction).

5.3. I agree to a monthly share capital build-up of at least P500.00 (thru auto-debit/payroll deduction).

5.3. I agree to a monthly Savings Deposit of at least P200.00 (thru auto-debit/payroll deduction).

5.4. I agree to deposit 10% of every regular loan granted as Retention Fund (or whatever % as may be determined by the Board of Directors).

6. All Regular and Associate Members will be assessed the equivalent of P50/month (or P600.00/year) for the annual HPPCOOP raffles/celebrations. This will be deducted from each member's coop savings account every March or before the Annual General Assembly Meeting.

7. Commit to patronize the products of the Cooperative.

8. Understand, commit, and sign the Cooperative's Code of Governance and Ethical Standards.

9. Fill-up, sign, and submit the corresponding auto-debit or payroll deduction form to facilitate collection of your HPPCOOP contributions/payments.