Becoming a Member

As member of the KsKSMP Coop, the duties and responsibilities are as follows:

1. Promote the goals and objectives of the Cooperative, the success of its business, the welfare of its members and the cooperative movement in general,
   
   
2. Pay the installment of his share capital subscription as it falls due and to participate in the capital build-up and savings mobilization activities of the Cooperative;
   
   
3. Patronize the Cooperative's business and services
   
   
4. Participate in the membership education programs and other trainings and seminars particularly that of financial literacy, livelihood and financial independence;
   
   
5. Attend and participate in the deliberation of all maters taken during general assembly meetings;
   
   
6. Observe and obey all lawful orders, decisions, rules and regulations adopted by the Board of Directors and the general assembly.

Qualifications of a Member

1. Completed the pre-membership orientation seminar
   Live Seminar: Monthly at KsK Coop Office
   On-line Seminar: View Online Seminar
   
   
2. undertake to uphold the By-laws, policies, guidelines, rules & regulations promulgated by the Board of Directors and the General Assembly, and
   
   
3. will use and avail of the products and services of the cooperative in the pursuit of financial literacy and financial independence or “Kalayaan sa Kakapusan”.

Types of Membership
 
A REGULAR MEMBER is entitled to all the rights and privileges of membership as stated in the Cooperative Code and the Coop’s By Laws.

An ASSOCIATE MEMBER has no right to vote and be voted upon, and is entitled only to such rights and privileges provided by the Coop’s By Laws.

Membership Fee
 
MEMBERSHIP FEE PhP 3,000 (Effective 01 July 2006)

No application for membership shall be given due course if not accompanied with a complete membership form and a membership fee of three thousand pesos
(Php 3,000.00) which shall be refunded to the applicant if application is disapproved.

Minimum Share Capital Subscription
 
Cost per share is SEVEN THOUSAND PESOS (PhP 7,000)

Regular Member
10 shares
PhP 70,000

Associate Member
1 to 9 shares
PhP 7,000 and above

Modes of Payment
 
FULL PAYMENT - LUMP SUM
No. of Shares Subscribed/Paid Up
Times
PhP7,000 per share
Plus PhP3,000 membership fee
Ex.
5 shares
x PhP7,000
= PhP35,000.00
+ PhP3,000 membership fee
= PhP38,000 total pay-out

MONTHLY INSTALLMENT
(Considering One Share Only)

Option 1:
On the First Month:
PhP3,000 membership fee
Plus
PhP1,000 subscription capital contribution (1/7 of 1 share)
= PhP4,000.00 total pay-out on the 1st month

Succeeding Months:
PhP1,000 total pay-out per month
Full-pledged membership completed after seven (7) months

Option 2:
On the First Month:
PhP1,000 total pay-out

Succeeding Months:
PhP1,000 total pay-out per month
Full-pledged membership completed after ten (10) months

Note from the By-Laws of the KsK SMP Coop:
A member may, for any reason, withdraw his membership from the Cooperative two (2) years after date of completion of share capital subscription and by giving a 60-day notice to the Board of Directors. However, no member shall be allowed to withdraw or terminate his membership during any period in which he has any pending obligation with the Cooperative. (ex. Personal loans, etc)

Rights of a Member

1. Participate in the deliberation of any issue during general membership meetings;
   
   
2. Avail of the services of the Cooperative, subject to conditions as may be prescribed by the Board of Directors;
   
   
3. Inspect and examine the books of accounts, the minutes books, the share register, and other records of the Cooperative during office hours;
   
   
4. 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
   
   
5. Such other rights and privileges as may be provided by the General Assembly.

Members Entitled to Vote

1. Any regular member who meets the following conditions is a member entitled to vote;
   
   
2. Paid the membership fee and the value of at least five (5) shares;
   
   
3. Not delinquent in the payment of his share capital subscriptions and other accounts or obligations;
   
   
4. Not violated any provision of this By-laws; the terms and conditions of the subscription agreement; and the decisions, guidelines, rules and regulation promulgated by the Board of Directors and the general assembly;
   
   
5. Completed the basic orientation training program as prescribed by the Board of Directors namely: KsK SMP Cooperative Seminar
   KsK Basics: Managing Your Personal Finances
   
   
6. Participates in the affairs of the Cooperative and patronizes its businesses.