Terms and Conditions

Our Lady of La Salette Multi-Purpose Cooperative (OLLSMPC)

By applying for membership with Our Lady of La Salette Multi-Purpose Cooperative (OLLSMPC), you confirm that you are of legal age and legally qualified (single, married, or widow/er) to enter into this agreement. You acknowledge that you have read, understood, and agreed to the purpose and objectives of the Cooperative.

In connection with your membership application, you agree to the following Terms and Conditions:

1. Compliance with Governing Documents

You agree to comply with the provisions of the Articles of Cooperation, By-Laws, policies set by the Board of Directors, resolutions of the General Assembly, and directives issued by duly constituted authorities.

Failure to comply may result in disciplinary action at the discretion of the Cooperative, including fines, suspension, or expulsion from membership. In such cases, all your shareholdings in OLLSMPC shall be answerable for any liabilities you may have to the Cooperative.

2. Attendance and Participation in Official Activities

You agree to attend all meetings, conferences, seminars, and other official activities as required by the Board of Directors.

Failure to attend, unless previously excused by the Board, shall require you to complete or make up for the missed activity in accordance with Cooperative policies.

3. Participation in Thrift and Savings Program

You agree to actively participate in the planned thrift and savings program of the Cooperative as required under its policies.

4. Active Involvement in Cooperative Activities

You commit to participate and be involved in the activities and programs of OLLSMPC for the welfare and benefit of all members.

5. Initial Share Capital Subscription

a. Share Subscription

You agree to subscribe to shares of the Cooperative with a par value of ₱100.00 per share, payable upon approval of your membership application.

b. Payment of Subscription Balance

Any remaining balance of your subscribed share capital shall be paid through one of the following methods:

Lump Sum Payment

Installment Basis

Upon full payment of the initially subscribed share capital, you undertake to make subsequent subscriptions of shares in accordance with the policies and requirements of the Cooperative.

6. Misstatement of Information

Any misstatement, falsification, or omission of material information in your membership application shall be grounds for disapproval or revocation of membership.

By submitting your membership application, you acknowledge that you have read, understood, and agreed to these Terms and Conditions.