Membership

Financial Benefits

1. Competitive savings and loan rates: As a member, you can access savings accounts with higher interest rates and lower loan rates compared to traditional financial institutions.

2. Patronage refunds: Members can receive a portion of the cooperative's surplus based on their level of participation in Gledco's products and services.

3. Investment opportunities: Members can invest in the cooperative's business ventures, earning dividends and contributing to the growth of the cooperative.

4. Financial education: Gledco offers various financial education programs to help members improve their financial literacy and make better-informed decisions.

5. Credit building: The cooperative assists members in building credit through responsible lending and reporting to credit bureaus.

6. Lower fees: Members can benefit from lower transaction fees, minimal account fees, and affordable financial services.

Non-Financial Benefits

1. Democratic control: As a member, you have a voice in the cooperative's decision-making process, ensuring that the organization works for the best interests of its members.

2. Community development: Gledco is dedicated to supporting the local community and contributing to its growth through various programs and initiatives.

3. Networking opportunities: The cooperative offers opportunities for members to connect with like-minded individuals and businesses, fostering a supportive environment for personal and professional growth.

4. Social and environmental responsibility: Gledco is committed to sustainable practices and supporting social and environmental causes, allowing members to align their values with their financial services.

5. Access to exclusive events: Members can attend workshops, seminars, and other events organized by Gledco, providing opportunities for learning, networking, and personal development.

6. Personalized service: Gledco's focus on its members ensures that you receive attentive, customized service to meet your individual needs.

Regular

The regular membership of this cooperative is open to any natural person, Filipino citizen, of legal age, with capacity to contract, and a regular employee of the City Government (except elective officials) or a regular employee of the Gledco Multi-Purpose Cooperative.

Associate

The associate membership of this cooperative shall be open to any natural person, Filipino citizen, of legal age, with capacity to contract who does not fall under regular membership.

Requirements of Membership

a. A member must have complied with the following requirements: a. Approved application for membership;

b. Certificate of completion of the prescribed Pre-Membership Education Seminar (PMES);

c. Subscribed and paid the required minimum share capital and membership fee

Application of Membership

An applicant for membership shall file a duly accomplished form to the Board of Directors who shall act upon the application within FIFTEEN (15) days from the date of filing. The Board of Directors shall devise a form for the purpose which shall, aside from the personal data of the applicant, include the duties of a member to participate in all programs including but not limited to capital build-up and savings mobilization of the Cooperative and, such other information as may be deemed necessary.

The application form for membership shall include an undertaking to uphold the By-laws, policies, guidelines, rules and regulations promulgated by the Board of Directors and the general assembly. No application for membership shall be given due course if not accompanied with a membership fee of ONE THOUSAND PESOS (Php 1,000.00) which shall be refunded to the applicant in case of rejection.

Qualifications for Membership

Appeal

An applicant whose application was denied by the Board of Directors may appeal to the Appeal and Grievance Committee or the general assembly by giving notice to the Secretary of the Cooperative within thirty (30) days upon receipt of the decision. Section 6. Minimum Share Capital Requirement An applicant for membership shall subscribe at least Twenty Shares (20) shares and pay the value of at least one (1) share upon approval of his/her membership. However, no member shall own or hold more than ten percent (10%) of the total subscribed share capital of the Cooperative

Duties and Responsibilities of a Member

a. Pay the installment of his/her share capital subscription as it falls due and to participate in the capital build-up and savings mobilization activities of the Cooperative.

b. Patronize the Cooperative's business(es) and services;

c. Participate in the membership education programs;

d. Attend and participate in the deliberation of all matters taken during general assembly meetings;

e. Observe and obey all lawful orders, decisions, rules and regulations adopted by the Board of Directors and the general assembly; and

f. Promote the purposes and goals of the Cooperative, the success of its business, the welfare of its members and the cooperative movement in general.

Rights and Privileges of Regular Members

a. Attend during general membership meetings;

b. Avail himself of the services of the Cooperative, subject to certain conditions as may be prescribed by the Board of Directors;

c. Inspect and examine the books of accounts, the minutes books, the share register, and other records of the Cooperative during reasonable office hours;

d. Secure copies of cooperative records/documents pertaining to account information of the concerned member;

e. Participate in the continuing education and other training programs of the cooperative; and

f. Such other rights and privileges as may be granted by the General Assembly.

Rights and Privileges of Associate Members

a. Participate in the deliberation of any issue during general membership meetings

b. Avail himself of the services of the cooperative, subject to certain conditions as maybe prescribed by the Board of Directors;

c. Inspect and examine the books of accounts, the minutes books, the share register and other records of the Cooperative during reasonable hours;

d. Has preference in the payment of interest on share capital and in the distribution of the net assets of the Cooperative in case of liquidation; and

e. Such other rights and privileges as may be granted by the General.

• Paid the membership fee and the value of the minimum shares required for membership;

• Not delinquent in the payment of his/her share capital subscriptions and other accounts or obligations;

• Not violated any provision of cooperative laws, CDA administrative issuance, Articles of Cooperation and this By- laws, the terms and conditions of the subscription agreement; and the decisions, guidelines, rules and regulations promulgated by the Board of Directors and the general assembly,

• Completed the continuing education program prescribed by the Board of Directors; and

• Participated in the affairs of the Cooperative and patronized its businesses in accordance with cooperative's policies and guidelines.

Failure of the member to meet any of the above conditions shall mean suspension of voting rights subject to the declaration of the board of directors until the same has been lifted upon the determination of the latter.

Consequently, a member entitled to vote shall have the following additional rights:

• Participate and vote on all matters deliberated upon during general assembly meetings;

• Seek any elective or appointive position, subject to the provisions of this By-laws and the Philippine Cooperative Code of 2008; and

• Such other rights and privileges as may be provided by General Assembly

Member Entitled to Vote

Any regular member who meets the following conditions is a member entitled to vote

Liability of Members. A member shall be liable for the debts of the Cooperative only to the extent of his/her subscribed share capital.

Termination of Membership. Termination of membership may be automatic, voluntary or involuntary, which shall have the effect of extinguishing all rights of a member in the Cooperative, subject to refund of share capital contribution under Section 13 hereof.

Termination of Membership. Termination of membership may be automatic, voluntary or involuntary, which shall have the effect of extinguishing all rights of a member in the Cooperative, subject to refund of share capital contribution under Section 13 hereof.

• Automatic Termination of Membership. The death or insanity of a member shall be considered an automatic termination of his/her membership in the Cooperative.

Regular and Associate Membership Fee

Regular - P 1,000.00

Associate - P 1,000.00

Minimum Share Capital

Regular - P 500.00

Associate (Depositor) - P 10,000.00

Additional Requirement for Depositor

Minimum of P 50,000.00 Time Deposit