Membership and Subscription Agreement
PLEASE READ CAREFULLY
By submitting this application, I hereby apply for membership in the HPP Employees Multipurpose Cooperative (HPPEMC) (hereinafter referred to as the “Cooperative”) and, if admitted as a member, agree to abide by the following terms and conditions:
1. Compliance with Cooperative Rules and Regulations
I agree to comply with the provisions of the Cooperative's Articles of Cooperation and Bylaws, policies and resolutions duly adopted by the Board of Directors and the General Assembly, and the lawful rules, regulations, and directives of duly constituted authorities.
I understand that failure to comply with these provisions may, in accordance with applicable laws, the Cooperative's Bylaws, and established procedures, result in the imposition of applicable fines or penalties, suspension, or termination of membership.
I further understand that any outstanding liability I may have to the Cooperative may be applied against amounts due to me, including my share capital, to the extent permitted by law, the Bylaws, and Cooperative policies.
2. Pre-Membership Education Seminar
I agree to attend the Pre-Membership Education Seminar (PMES) conducted by the Cooperative as part of the membership requirements.
3. Participation in Cooperative Activities
I agree to attend and actively participate in the Annual General Assembly, as well as other meetings, conferences, seminars, and Cooperative activities that may be required or called by the Board of Directors.
4. Membership Fee
I agree to pay a one-time membership fee of ₱200.00, which may be collected through auto-debit or payroll deduction.
5. Share Subscription and Regular Contributions
I agree to the following share subscription and regular contributions:
5.1. Share Subscription
I agree to subscribe to a minimum of 100 shares with a total par value of ₱10,000.00, payable either in full or through installment payments.
If paid through installments, my monthly capital build-up contributions shall be applied toward the payment of my subscribed share capital until the subscription is fully paid.
5.2. Initial Share Capital
I agree to make an initial share capital contribution of at least ₱1,000.00, payable through auto-debit or payroll deduction.
5.3. Monthly Capital Build-Up
I agree to contribute at least ₱500.00 per month toward my share capital through auto-debit or payroll deduction.
5.4. Monthly Savings Deposit
I agree to maintain a monthly savings deposit of at least ₱200.00 through auto-debit or payroll deduction.
5.5. Retention Fund
I agree that 10% of every regular loan granted to me shall be allocated to the Cooperative's Retention Fund, or such other percentage as may subsequently be determined in accordance with the Cooperative's approved policies.
6. Annual Cooperative Raffle and Member Benefit Assessment
I understand and agree that members shall be assessed ₱50.00 per month, or ₱600.00 per year, to support the Cooperative's raffle and member benefit activities.
This amount shall be deducted from my Cooperative savings account every March, or before the Annual General Assembly, as may be determined by the Cooperative.
7. Patronage and Participation
I commit to patronize, whenever reasonably applicable, the products and services offered by the Cooperative and to participate, whenever reasonably practicable, in its programs, activities, and initiatives.
8. Code of Governance and Ethical Standards
I agree to understand, comply with, and sign the Cooperative's Code of Governance and Ethical Standards, including any subsequent amendments duly adopted by the Cooperative.
9. Records of Contributions and Payments
I understand that my membership fee, share capital contributions, capital build-up, savings deposits, and other payments or contributions to the Cooperative shall be properly recorded in my Cooperative account and supported by appropriate records or proof of payment in accordance with the Cooperative's policies and applicable regulations.
10. Authorization for Automatic Collection and Payroll Deduction
I agree to accomplish, sign, and submit the appropriate auto-debit authorization or payroll deduction form to facilitate the collection of my membership fee, share capital contributions, savings deposits, loan-related amounts, and other authorized Cooperative payments or contributions.
I understand that any payroll deduction shall be made pursuant to the appropriate authorization or instrument executed by me and in accordance with applicable laws, regulations, and the policies of the Cooperative and my employer.
I understand that the authorization for payroll deduction or auto-debit is separate from this Membership and Subscription Agreement and shall remain subject to the terms of the applicable authorization or agreement.
11. Membership Rights and Privileges
I understand that, upon admission as a member and subject to my membership classification, the Cooperative's Articles of Cooperation and Bylaws, applicable laws, and Cooperative policies, I shall be entitled to the rights and privileges applicable to my membership.
These may include the right to participate in the affairs of the Cooperative, exercise voting rights and eligibility to be voted upon when qualified, patronize the Cooperative's products and services, and receive such benefits, interest, dividends, patronage refunds, and other distributions as may be authorized under applicable laws, the Bylaws, and the policies of the Cooperative.
I understand that the rights and privileges of Regular and Associate Members may differ as provided by law and the Cooperative's Bylaws.
12. Membership Approval and Effectivity
I understand that submission of this application does not by itself constitute admission to membership in the Cooperative.
My membership shall become effective only upon approval of my membership application by the Board of Directors and upon my compliance with the applicable membership requirements, including the required payments or acquisition of interest in the Cooperative as prescribed by its Bylaws.
In case my application for membership is denied, I understand that I may exercise the applicable appeal rights provided under the Cooperative's Bylaws and applicable law.
13. Withdrawal and Termination of Membership
I understand that membership may be voluntarily withdrawn or terminated in accordance with the Cooperative's Articles of Cooperation, Bylaws, applicable policies, and law.
In case of voluntary withdrawal, I understand that the applicable notice requirements and procedures shall be observed. A member may withdraw membership for a valid reason upon giving the required notice to the Board of Directors, subject to applicable law and the Cooperative's Bylaws.
I understand that any refund of my share capital, savings, and other amounts or interests due to me shall be subject to applicable laws, the Cooperative's Bylaws, applicable policies, and the settlement of any outstanding obligations to the Cooperative.
I further understand that termination of membership by the Cooperative may occur only on grounds and through procedures provided by applicable law, the Bylaws, and Cooperative policies.
14. Due Process and Right to Appeal
I understand that any disciplinary action, suspension, or termination of my membership shall be undertaken in accordance with applicable laws, the Cooperative's Bylaws, and established procedures.
Where termination of membership is being considered, I understand that I shall be informed of the intended action in writing and given an opportunity to be heard before a decision is made, in accordance with applicable law and the Cooperative's Bylaws.
I further understand that any decision to terminate my membership shall be communicated to me in writing and shall be subject to the applicable appeal and grievance procedures provided under the Cooperative's Bylaws and applicable law.
Where an appeal is available, I understand that it must be filed within the applicable period prescribed by law or the Cooperative's Bylaws.
15. Settlement of Disputes
I agree that any dispute arising from my membership or dealings with the Cooperative shall, whenever applicable, first be addressed through the conciliation and mediation mechanisms provided in the Cooperative's Bylaws and applicable policies.
I understand that, where an amicable settlement cannot be reached, the dispute may be referred to the appropriate voluntary arbitration or other remedies available under applicable law and Cooperative rules.
16. Data Privacy
I understand that the Cooperative may collect, process, store, and use my personal information for purposes related to my membership, administration of my accounts, savings and loans, Cooperative programs and services, compliance with legal and regulatory requirements, and other legitimate purposes of the Cooperative.
I understand that the processing of my personal information shall be undertaken in accordance with the Data Privacy Act of 2012 (Republic Act No. 10173) and the Cooperative's applicable privacy policies and notices.
I acknowledge that I have been informed of my rights as a data subject and may refer to the Cooperative's Privacy Policy/Privacy Notice for information regarding the collection, use, disclosure, retention, protection, and management of my personal information.
FINAL ACKNOWLEDGMENT
I hereby certify that I have read, understood, and agree to the terms and conditions of this Membership and Subscription Agreement. I confirm that the information I have provided in my membership application is true and accurate to the best of my knowledge.
I understand that my membership and my rights and obligations as a member shall be governed by the Cooperative's Articles of Cooperation, Bylaws, duly approved policies and resolutions, and applicable laws and regulations.
