This document outlines the articles of cooperation for the Immaculate Circle Credit Cooperative. The cooperative is organized by Filipino citizens to provide credit and financial services to its members. The cooperative's purposes are to encourage savings, provide loans for productive purposes, and promote the economic and social well-being of its members. The cooperative has the standard powers granted to cooperatives under Philippine law. Its term is 50 years and membership is open to employees of Suncitizen Holding Corporation and its affiliates.
This document outlines the articles of cooperation for the Immaculate Circle Credit Cooperative. The cooperative is organized by Filipino citizens to provide credit and financial services to its members. The cooperative's purposes are to encourage savings, provide loans for productive purposes, and promote the economic and social well-being of its members. The cooperative has the standard powers granted to cooperatives under Philippine law. Its term is 50 years and membership is open to employees of Suncitizen Holding Corporation and its affiliates.
This document outlines the articles of cooperation for the Immaculate Circle Credit Cooperative. The cooperative is organized by Filipino citizens to provide credit and financial services to its members. The cooperative's purposes are to encourage savings, provide loans for productive purposes, and promote the economic and social well-being of its members. The cooperative has the standard powers granted to cooperatives under Philippine law. Its term is 50 years and membership is open to employees of Suncitizen Holding Corporation and its affiliates.
This document outlines the articles of cooperation for the Immaculate Circle Credit Cooperative. The cooperative is organized by Filipino citizens to provide credit and financial services to its members. The cooperative's purposes are to encourage savings, provide loans for productive purposes, and promote the economic and social well-being of its members. The cooperative has the standard powers granted to cooperatives under Philippine law. Its term is 50 years and membership is open to employees of Suncitizen Holding Corporation and its affiliates.
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ARTICLES OF COOPERATION
Of
IMMACULATE CIRCLE CREDIT COOPERATIVE
KNOW ALL MEN BY THESE PRESENTS:
We, the undersigned Filipino citizens, of legal age and residents of the Philippines, with a firm collective intent, have come together to organize voluntarily a Credit Cooperative to advance what we believe is our inherent right, under the laws of the Republic of the Philippines.
AND WE HEREBY CERTIFY:
Article I Name of the Cooperative
That the name of this Cooperative shall be Immaculate Circle Credit Cooperative.
Article II Purposes
That the purposes for which this Cooperative is organized are to engage in:
1. Encouraging thrift and savings mobilization among the members;
2. Generating funds and extending credit to the members for productive and provident purposes;
3. Encouraging and supporting members the systematic production, value
addition and marketing activities;
4. Developing expertise and skills among its members;
5. Providing protection to the loans and funds of the members;
6. Promoting and advancing the economic and social status of the members;
7. Coordinating and facilitating the activities of cooperatives;
8. Advocating for the cause of the cooperative movements;
9. Ensuring the viability of cooperatives through the utilization of new
technologies; and
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ARTICLES OF COOPERATION
jbc12819 10. Encouraging and promoting self-help or self-employment as an engine for economic growth and poverty alleviation.
Article III Goals
That the goals of this Cooperative are to help improve the quality of life of its members and thereby contribute to inclusive growth, enterprise development and employment. In furtherance thereto, it shall aim:
1. To attain increased income, savings, investments, productivity, and purchasing
power, and promote among themselves equitable distribution of net surplus through maximum utilization of economies of scale, cost-sharing and risk- sharing;
2. To provide optimum social and economic benefits to its members;
3. To teach members efficient ways of doing things in a Cooperative manner;
4. To propagate Cooperative practices and innovative ideas in business
undertakings and management;
5. To empower through provision of access, ownership, control and opportunities
to the poor, vulnerable, lower income and less privileged groups to increase their ownership in the wealth of the nation;
6. To actively support the government, other Cooperatives and people oriented
organizations, both local and foreign, in promoting Cooperatives as a practical means towards sustainable socio-economic development under a truly just and democratic society;
7. To develop a dynamic savings mobilization and capital build-up schemes to
sustain its developmental activities and long-term investments, thereby ensuring optimum economic benefits to the members, their families and the communities;
8. To adopt membership expansion mechanism/scheme, thereby ensuring
growth of the Cooperative movement;
9. To implement policy guidelines that will ensure transparency, accountability
and equitable access to its resources and services, and promote the interests of the members;
10. To adopt such other plans as may help foster the welfare of the members, their families and the community;
11. To advance the competitiveness and innovativeness of the industry;
12. To coordinate with other Cooperatives on learning exchanges, coop trade,
and information exchanges in fostering sustainable development;
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ARTICLES OF COOPERATION
jbc12819 13. To advocate legal framework and enabling policies appropriate for the development of credit Cooperatives; and
14. To be the voice and the institution of the poor and the excluded in resisting the growth-centered development aggression and instead promote people- centered development.
Article IV Powers and Capacities
That the powers, rights and capacities of this Cooperative are those prescribed under Article 9 of Republic Act 9520.
1. To the exclusive use of its registered name;
2. To sue and be sued;
3. Of succession;
4. To amend its Articles of Cooperation in accordance with the provisions of RA
9520;
5. To adopt by-laws not contrary to law, morals or public policy, and to amend and repeal the same in accordance with RA 9520;
6. To purchase, receive, take or grant, hold, convey, sell, lease, pledge,
mortgage, and otherwise deal with such real and personal property as the transaction of the lawful affairs of the Cooperative may reasonably and necessarily require, subject to the limitations prescribed by law and the Constitution;
7. To enter into division, merger, or consolidation, as provided under RA 9520;
8. To form subsidiary Cooperatives and join federations or unions, as provided in
this Code;
9. To avail of loans, be entitled to credit and to accept and receive grants,
donations and assistance from foreign and domestic sources subject to the conditions of said loans, credits, grants, donations or assistance that will not undermine the autonomy of the cooperative. The Authority, upon written request, shall provide necessary assistance in the documentary requirements for the loans, credit, grants, donations and other financial support;
10. To avail preferential rights granted to Cooperatives under RA 7160, otherwise
known as the Local Government Code, and other laws, particularly those in the grant of franchises to establish, construct, operate and maintain ferries, wharves, markets or slaughters houses and to lease public utilities, including access to extension and on-site research services and facilities related to agriculture and fishery activities;
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jbc12819 11. To exercise such other powers granted under RA 9520 or necessary to carry out its purposes as stated in this Articles of Cooperation; and
Article V Term of Existence
That the term for which this Cooperative shall exist is Fifty (50) years from the date of its registration with the Cooperative Development Authority.
Article VI Common Bond and Field of Membership
That the common bond of membership of this Cooperative is INSTITUTIONAL
and the field of membership shall be open to all EMPLOYEES OF SUNCITIZEN HOLDING CORPORATION AND ITS AFFILIATE COMPANIES who are natural persons, Filipino citizens, of legal age, with the capacity to contract and possess all the qualifications and none of the disqualifications provided for in the By-laws and this Articles of Cooperation.
Article VII Area of Operation
That the membership of this Cooperative shall come from EMPLOYEES OF SUNCITIZEN HOLDING CORPORATION AND ITS AFFILIATE COMPANIES. Its principal office shall be located at 402 RCR Building, Barangay Immaculate Conception, E. Rodriguez Sr. Avenue, Cubao, Quezon City, 1111.
Article VIII Name and Address of Cooperators
That the name and complete postal address of the cooperators are as follows: Name Postal Address Rodrigo C. Reyes No. 7 Chico St., Valle Verde I, Pasig City Rodrigo Pedrito G. Reyes II No. 7 Chico St., Valle Verde I, Pasig City Melissa R. Meñez 242 Lakas St., Bacood, Sta. Mesa, Manila Marcelo S. Mangahas Relucio St., Palasinan, Cabiao, Nueva Ecija Atty. Karen C. Smith 22 Samanillo St., BF Homes, Paranaque City Napoleon Cabello Maricel P. Fidelis 314 F. Roman St., Brgy. Salapan, San Juan City Ma. Cristeta Diwata A. 22 Alvero St., Xavierville 2 Loyola Heights Quezon City Maglente Victor M. Quijano B3 L8 Kabisig Floodway, San Andres, Cainta Rizal Marilyn M. Salaysay 184 PR Sotto Brgy. Tibasan, San Juan City Alpha S. Tolentino B5 L12 Heraldville San Isidro, Angono Rizal Arjielyn A. Mariano 27 New Orleans St. Cubao, Quezpn City Jayson B. Calagui Blk 13 Lot 11, Saint John St. Sacred Heart Village 4|Page IMMACULATE CIRCLE CREDIT COOPERATIVE ARTICLES OF COOPERATION
jbc12819 Caloocan Melani T. Baraquio 14 1st St. Saint Claire II Concepcion I Marikina City Marianne B. Lamason 21 Alzen St., North Fairview Subd. Quezon City
Article IX Board of Directors
That the number of Directors of this Cooperative shall be seven (7) and shall serve until their successors shall have been elected and qualified within 90 days from the date of registration as provided in the By-laws.
Name 1.Rodrigo C.Reyes 2. Rodrigo Pedrito G.Reyes 3. Ma. Cristeta Diwata A. Maglente 4. Marcelo S. Mangahas 5. Atty. Karen Smith 6. Arjielyn A. Mariano 7. Victor Quijano
Article X Capitalization
That the Authorized Share Capital of this Cooperative is THIRTY MILLION PESOS (Php. 30, 000, 000.00), divided into: a. TWO HUNDRED THOUSAND (200,000) common shares with a par value of ONE HUNDRED PESOS (Php. 100.00) per share; and
b. ONE HUNDRED THOUSAND (100,000) preferred shares with a par value of ONE HUNDRED PESOS (Php. 100.00) per share
Article XI Subscribed and Paid-up Share Capital
That of the authorized share capital, the amount of SEVEN MILLION FIVE HUNDRED THOUSAND PESOS (Php 7,500,000.00) has been subscribed, and ONE MILLION EIGHT HUNDRED SEVENTY FIVE THOUSAND PESOS (Php 1,875,000.00) of the total subscription has been paid by the following members-subscribers:
A. Common Share
Names No. of Amount of No. of Paid- Amount of Paid-up
Subscribed Subscribed up Shares Shares Shares Shares 5|Page IMMACULATE CIRCLE CREDIT COOPERATIVE ARTICLES OF COOPERATION
Any dispute, controversy or claim arising out of or relating to this Articles of
Cooperation, By-laws, the Cooperative laws and related rules, administrative guidelines of the Cooperative Development Authority, including inter-cooperative, inter-federation disputes and related concerns shall be exclusively referred to and finally resolved by voluntary arbitration under the institutional rules promulgated by the Cooperative Development Authority, after compliance with the conciliation or mediation mechanisms embodied in the Bylaws and in such other pertinent laws and issuances.
BE IT KNOWN THAT:
MELISSA MEÑEZ has been elected as Treasurer of this Cooperative to act as such until her/his successor shall have been duly appointed and qualified in accordance with the By-laws. As such Treasurer, he/she is authorized to receive payments and issue receipts for membership fees, share capital subscriptions and other revenues, and to pay obligations for and in the name of this Cooperative.
IN WITNESS WHEREOF, we have hereunto affixed our signatures opposite our names this ________ day of _______ in _______________, Philippines.
Name Signature Rodrigo C. Reyes
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ARTICLES OF COOPERATION
jbc12819 Rodrigo Pedrito G.Reyes Melissa Meñez Marcelo S. Mangahas Atty. Karen Smith Napoleon Cabello Maricel Fidelis Diwata Maglente Victor Quijano Marlyn Salaysay Alpha Tolentino Arjielyn Mariano Jayson Calagui Melani Baraquio Marianne Lamason
SIGNED IN THE PRESENCE OF:
__________________________ ___________________________ Signature Over Printed Name Signature Over Printed Name
ACKNOWLEDGMENT
Republic of the Philippines )
Prov./City/Mun. of __________________) S.S.
Before me, a Notary Public for and in the Province/City/Municipality
of_______________________ on this ________ day of _________________, 2019 the following persons personally appeared with their competent evidence of identification as indicated opposite their respective names
Name Proof of Identity (IN DATE ISSUED PLACE OF
ACCORDANCE ISSUANCE WITH NOTARIAL LAW) Rodrigo C. Reyes Rodrigo Pedrito G.Reyes Melissa Meñez Marcelo S. Mangahas Atty. Karen Smith Napoleon Cabello Maricel Fidelis Diwata Maglente 7|Page IMMACULATE CIRCLE CREDIT COOPERATIVE ARTICLES OF COOPERATION
All known to me to be the same persons who executed the foregoing Articles of Cooperation, and acknowledged to me that the same is their free will and voluntary deed.
This instrument known as Articles of Cooperation consists of eight (8) pages
including this page where the acknowledgment is written signed by the parties and their instrumental witnesses on each and every page thereof.
WITNESS my hand and seal this____ day of ________, 2019
