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Membership Policy


 

Article I

DECLARATION OF POLICY

This policy paper provides guidelines governing membership in the HPP Employees Multipurpose Cooperative drawn from CDA regulations, pertinent provisions of HPPEMC Bylaws, and other policies and procedures as approved by the Board of Directors.

 

Article II

WHO CAN BECOME A MEMBER

Membership of HPPEMC is a privilege extended to employees of HP Inc., Hewlett Packarc Enterprise, DXC Technology, Computer Sciences Corporation, Micro Focus, and other future IT/BPO companies that may result from mergers, acquisitions, and divestitures (hereinafter collectively referred to as "Company") with the following conditions:

  1. Regular Members - only regular employees of the Member Companies are qualified to become Regular Members of the Cooperative.
  2. Associate Members - former employees of Member Companies, current and previous employees of HPP Employees Multipurpose Cooperative, employees of other IT/BPO companies may become Associate Members.
  3. Honorary Members - family members endorsed by Regular or Associate Members.

 

Article III

ENTITLEMENT OF MEMBERS

Section 1. Entitlements of Regular Members.

  1. Participate in the capitalization of the Cooperative through capital build-up.
  2. Fully enjoy the loan products of the Cooperative.
  3. Share in the surplus earned by the Cooperative through dividends.
  4. Be paid patronage refund proportionate to their use of the business of the Cooperative.
  5. Attend meetings and participate in the parliamentary affairs of the Cooperative.

Section 3. Entitlements of Associate Members.

  1. Participate in the capitalization of the Cooperative through capital build-up.
  2. Enjoy the loan products of the Cooperative up to 75% of their capital investment in the Cooperative.
  3. Share in the surplus earned by the Cooperative through dividends.
  4. Be paid patronage refund proportionate to their use of the business of the Cooperative.
  5. Cannot participate in the parliamentary affairs of the Cooperative.

Section 4. Entitlements of Honorary Members.

  1. Participate in the capitalization of the Cooperative through capital build-up up to a maximum of P20,000.00..
  2. Enjoy the loan products of the Cooperative up to 75% of their capital investment in the Cooperative.
  3. Share in the surplus earned by the Cooperative through dividends.
  4. Be paid patronage refund proportionate to their use of the business of the Cooperative.
  5. Cannot participate in the parliamentary affairs of the Cooperative.
  6. Limited to programs specific to Honorary Members.

Article IV

HOW TO BECOME A MEMBER

Employees of Member Companies can apply for membership through the following procedure:

  1. Attend a Pre-Membership Education Seminar (PMES) given by the Cooperative.
  2. Fill-up the Membership Application Form
  3. Subscribe to at least 200 shares equivalent to P20,000.00 (payable through the monthly share capital build-up).
  4. Deposit an initial share capital of P1,000.00 equivalent to 10 shares.
  5. Commitment to a monthly share capital build-up of at least P500.00 (for Regular Members). Associate and Honorary Members need only to deposit share capital and/or savings at least once a year.
  6. Participate in Member's Raffle Fund of P50.00 per month (for Regular and Associate Members).
  7. Payment of a one-time membership fee of P200.00.
  8. Commitment to patronize the products of the Cooperative.

 

Article V

DUTIES OF A MEMBER

Every member shall have the following duties:

  1. Fully pay the capital stock subscribed and participate in the continuous capital build-up of the Cooperative.
  2. Patronize the Cooperative business.
  3. Participate in its parliamentary affairs (for Regular Members).
  4. Attend membership meetings.
  5. Obey rules, regulations, and policies set by the Board, the HPPEMC Bylaws, the General Assembly, and the Cooperative Development Authority.
  6. Promote the aims and purposes of the Cooperative and the success of its business.

 

Article VI

SHARE CAPITAL

The main source of funds of the Coop comes from members’ share capital contributions. One share has a par value of P100.00.

  1. Every member is required to subscribe to at least 200 shares with a total value to P20,000.00.
  2. All members are required to commit to sustained capital build-up. A monthly share capital contribution of P500.00 will be deducted from employees’ payroll account until the minimum required subscription of 200 shares has been paid up. A member may opt to continue his/her share capital build-up up to the maximum share capital subscription of 5,000 shares or P500,000.00 (for Regular and Associate Members). Honorary Members are limited to a maximum share capital of P20,000.00. 
  3. Any member is entitled to increase his/her capital in the Cooperative at any time subject to the prescribed minimum and maximum share capital contribution.
  4. Partial withdrawal of share capital in the Cooperative is not allowed. Share capital can only be withdrawn upon termination of membership.
  5. It is standard practice among Cooperatives to use paid-up share capital to determine the loan entitlement of Regular Members. Thus, share capital cannot be paid through loan borrowed from the Cooperative.
  6. At the end of the year, numbered stock certificates are issued to members for the shares they have paid-up during the year.
  7. Members have the right to request for the print out of their paid-up share capital ledger anytime.

At year-end, the Coop shall send members a statement to confirm his/her outstanding balance of loans and paid-up share capital contribution. This confirmation is also in preparation for the annual computation of dividends on share capital and patronage refund.

 

Article VII

DIVIDENDS AND PATRONAGE REFUND

  1. Upon completion of the external audit, the Board of Directors deducts the mandatory reserves (10% General Reserve Fund, 1% Education Fund, 3% Community Development Fund, 3% Optional Fund for land and building) from the annual surplus to determine the net surplus for distribution.
  2. Dividing the net surplus available for distribution into dividend and patronage refund is presented for approval of the Board of Directors. This ratio determines the amount that will be paid out as dividends and the amount that will be paid out as patronage refund.
  3. Dividends Rate is computed in the following manner:

    Total average share capital is computed by calculating the following:

      • Total Share Months – this is computed by adding the monthly balances of each member’s share capital for 12 months.
      • Average Share Capital – this is computed by dividing the Total Share Months by 12.
      • Total Average Share Capital – the average share capital of all members are added together.
      • Dividend Rate- the net surplus available for distribution as dividend is then divided by the Total Average Share Capital to get the dividend rate.

  4. The Patronage Refund Rate is computed by dividing the net surplus available for distribution as patronage refund by interest income from loans.
  5. Patronage refund paid to each member is calculated by computing the interest members paid on all loans for the entire year. Patronage Refund Rate is applied to Interest payment.
  6. Coop Bylaws provide that dividend and patronage refund can be paid out or retained.
  7. Actual payment of dividends and patronage refund is effected at such time as the Board of Directors may designate.
  8. Members with past due loans may receive dividends and patronage refund but will be deposited directly to their Share Capital.
  9. Members who terminate their membership will be entitled to receive dividends on a pro-rated basis. Unclaimed dividends and patronage refund are closed to the General Reserve Fund after the 4-year prescription period provided by law.

 

Article VIII

TERMINATION OF EMPLOYMENT/MEMBERSHIP

Membership Status to the Cooperative is changed by either of the following:

  1. Withdrawal of Membership with HPPEMC - any member desiring to terminate his/her membership with the Cooperative must submit the Notie or Resignation/Associate Form 30 days prior to his/her last working day
  2. Termination of Employment from the Company - a member leaving the Company must submit the Resignation/Associate Membership Form 30 days prior to last his/her working day and indicate whether:
    1. Terminating membership with the cooperative - all outstanding loans become due and demandable, or;
    2. Remaining as Assocaite Member - includes several options for outstanding loans. 
      Note: A member whose employment with the Company is terminated automatically defaults to becoming an Associate Member.
  3. Expulsion – a member may be terminated by a vote of the majority of all the members of the Board of Directors for any of the following causes:
    1. When a member has not patronized the products of the Cooperative for an unreasonable period of time as may be fixed by the Board.
    2. When a member has continuously failed to comply with his obligations.
    3. When a member has acted in violation of the Bylaws and the rules of the Cooperative.
    4. For any act or omission injurious or prejudicial to the interest or the welfare of the Cooperative.

 

 

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