Membership Benefits | Policy | Requirements
This policy provides guidelines governing membership in the Maritime Multipurpose Cooperative drawn from CDA Regulations, pertinent provisions of MMPC By-laws and policies and procedures approved by the Board of Directors for the orderly implementation of Coop programs and services.
WHO CAN BECOME A MEMBER
Membership in the Maritime Multi-Purpose Cooperative is a privilege extended to the following:
1. A permanent employee of ASM, any of its related businesses, other businesses or institutions providing services to ASM and its stakeholders.
2. Immediate family members of employees of ASM and any of its related businesses other businesses or institutions providing services to ASM and deemed stakeholders in the manning and crewing industry.
3. Seafarers contracted by ASM and their immediate family who have completed successive contracts with a total of 16 months sea-service and of good standing and eligible for reemployment by principals of ASM.
Regular Members
A Regular member is one who is entitled to all the rights and privileges of membership.
1. Enjoy fully all the loan products of the Cooperative with a preferential rate of 1% per month.
2. Share in the surplus earned by the Cooperative (computed after payment of the 12% guaranteed interest on share capital of preferred share holders)
3. To be paid patronage refunds in the proportion that they patronize the business of the Cooperative.
4. To attend meetings and participate in the parliamentary affairs of the Cooperative.
Associate Members
An Associate member is one who has no right to vote and be voted upon and shall be entitled only to such rights and privileges provided in this By-law.
1. Enjoy fully all the loan products of the Cooperative at 1.5% per month.
2. Share in the surplus earned by the Cooperative (guaranteed 12% on the average monthly contribution which will be reviewed annually )
3. To be paid patronage refunds in the proportion that they have patronized the business of the Cooperative
HOW TO BECOME A MEMBER
Employees of the Maritime Multi-Purpose Cooperative can apply for membership through the following procedure:
1. Attend a Pre-Membership Education Seminar given by an accredited Trainer of the Cooperative.
2. Fill out a Membership Application Form
3. The Coop activates the membership
4. Pay the one-time membership fee of ONE HUNDRED FIFTY PESOS (P100.00)
5. He or she becomes a regular member upon full payment of at least 500 shares (at P100 per share).
SHARE CAPITAL
The main source of funds of the Coop comes from members' share capital contributions.
One share has a per value of P100.00.
1. Every member is required to subscribe to at least one (1) share with a total value of P100 in order to become a bona-fide member entitled to avail of the Coop's loan facilities.
2. However, the By-laws of the Maritime Multi-Purpose Cooperative require all members to commit to sustained capital build-up. 5% or P100, whichever is higher, is deducted from interest on share capital due to the member which is credited to his contributions.
3. At the end of the year, numbered stock certificates are issued to members for every P50k additional share capital they have contributed during the year.
4. At any time, members have the right to request for a print out of their paid-up share capital ledger or request for a certification of share capital balance.
CALCULATION AND PAYMENT OF DIVIDEND AND PATRONAGE REFUND
1. Upon completion of the external audit in compliance with the CDA policy, the Coop deducts the mandatory reserve requirements (10% General Reserves, 0.5% Cooperative Education Training Fund, 0.5% Due to CETF-Apex, 1% Optional Fund, 3% Community Development Fund) from the Annual Surplus to determine the Surplus Available for Distribution.
2. Surplus Available for Distribution is divided as follows: 70% as Dividend and 30% as Patronage Refund.
Dividend Rate: The Surplus Available for Distribution as Dividend is then divided by the Total Average Share Capital to get the dividend rate.
3. Total Average Share Capital:
3.1. Total Share Months: This is computed by adding the monthly balances of each member's share capital for 12 months
3.2. Average Share Capital: This is computed by dividing the Total Share Months by 12.
3.3. Total Average Share Capital: The Average Share Capitals of all members are added to get the Total Average Share Capital.
4. The Patronage Refund Rate is computed by dividing the Surplus Available for Distribution as Patronage Refund by the Interest Income from loans. Only loans under the Regular Lending are entitled to Patronage Refund.
5. Patronage Refund paid to each member is computed by multiplying the patronage refund rate by the total amount of interest paid under the Regular Lending.
6. Actual payment of dividends and patronage refund is effected after the General Assembly approves the Board's proposal.
7. Members who terminate their membership from January 01 to June 30 will not be be entitled to dividends/patronage refund of the current year.
TERMINATION OF MEMBERSHIP
Any member who withdraws, terminates or resigns his membership from the Coop implies that he ceases to be interested in the business of the Coop. Termination of membership can be effected through the following procedure:
1. Fill out the Membership Termination Form and submit to Maritime Coop, together with a photocopy of valid ID and the original stock certificate issued to the member.
2. In behalf of the Board of Director, the General Manager approves the resignation after the member has settled all outstanding obligations to the Cooperative.
3. As a standard procedure, the Coop processes the termination request upon full payment of loan/s and receipt of in transit remittances from the Companies for loan payments and share capital. Hence, turn-around-time may extend from 1 to 4 weeks.
4. Resigned members who continue to be employees of ASM may re-apply six months after his/her resignation. No re-application is allowed for any member who resigned for a second time.
INACTIVE STATUS
1. Members who patronize the products and services of the cooperative are considered Active Members. They are entitled to avail of the loan products of the Coop subject to its credit policy.
2. Regular members who have not patronized the products or services of the Cooperative for 12 months are considered Inactive Members. They will not be entitled to the loan products of the Coop. To be reinstated as Active Members they have to renew their pledge to patronize the Coop.
3. Inactive Members who fail to reactivate their status within six months will be considered resigned. Their paid-up share capital will be lodged as a liability suspense account which will not entitle the members to any dividend.
4. Resigned employees ASM are ipso facto considered resigned from the Coop. Their paid-up share capital will be lodged to a liability suspense account and will cease to earn dividends. They may request for payment of their paid up capital by submitting a Membership Termination Form.