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I. Policy Statement:
It is the principle and practice of every cooperative organization to primarily provide services to its members. MSCB as a cooperative organization is committed to provide total quality financial services to cooperatives as part of its mission to strengthen the cooperative movement.
II. Policy Guidelines:
A. Membership Acceptance
1. Any registered and operating cooperative in good standing can be accepted as member of Metro South Cooperative Bank as provided by Article IV., Section 1 and Section 2, paragraphs a, b and c of the By – laws. (Note: subject to restriction to cooperatives outside of the 5th District of NCR.)
2. Any cooperative applying for membership must submit the following requirements:
a. Duly accomplished Membership Application Form
b. BOD Resolution of the proposed investment
c. CDA Registration and Certificate of Good Standing
d. Articles of Cooperation and By – laws
e. Audited Financial Statements
f. Minimum Capital Investment of P20, 000.00, which is equivalent to 200 common shares
g. Membership Fee of P500.00
3. Other documents that will be required by Committee
B. Membership Termination
1. Membership in the cooperative bank may be terminated in any of the following:
a. Withdrawal:
Any member desiring to terminate its membership by withdrawal shall submit a written application, signed by its duly authorized representative, to the Board of Directors. However, no member shall be allowed to withdraw its investments, except after the share of the withdrawing member shall have been sold. The value of the share shall be taken from the proceeds of the sales of shares. The buyer of the share must be qualified for membership and acceptable to the Cooperative Bank.
In the interim, from the time the application for withdrawals has been filed with the Cooperative Bank until payment of the value of the share is made, the withdrawing member has the option to exercise its rights of membership or place its share in trust, care of the bank.
b. Expulsion:
If a member has done anything prejudicial to the interest of the Cooperative Bank or has not transacted a business with it for the last two (2) years, the Board of Directors may, following a hearing, expel such member or order the suspension of the member’s right to vote.
The expelled member shall be refunded the value of his share holdings only after the shares have been sold, the refund to be taken from the proceeds of the sale of the shares. The conditions prescribed in the preceding Section on qualifications of the buyer and his acceptability to the Cooperative Bank shall apply.
The action of the Board suspending or expelling a member shall be appealable to the General Assembly and a vote of the majority of the total outstanding votes of the members in good standing present at the regular or special general assembly called for the purpose, shall decide the matter and such decision may be final.
c. Dissolution, liquidation, insolvency or inactivity of the member:
The dissolution, liquidation, insolvency, and inactivity for at least two (2) consecutive years of a member shall be considered a withdrawal from membership. The equity of such dissolved, liquidated, insolvent or inactive member may be held and controlled by its legal representative to the Cooperative Bank.
No membership fee shall be returned to any member who, is expelled, or is dissolved.
III. Transitory Provision:
The above stated guidelines may be amended by the Committee if it may deem necessary.
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