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TECMPC

Cebu's Leading Cooperative, TMX Employees Consolidated Multi-Purpose Cooperative

JOIN US NOW!

Membership

 

How to become a member of the TCC
(TMX CREDIT COOPERATIVE)

Membership Coverage

Membership is open to all regular employees of TMX Philippines, Inc., Cebu Plant, TMX Credit Cooperative, and TMX Employees Consumers’ Cooperative.

 

Types of Membership

  • 1. Regular Members –. All regular employees of TMX Philippines, Inc. qualify as regular members, and are entitled to all rights and privileges of membership.
  • 2. Associate Members – This is classified into two namely; Associate A and Associate B.
  • Associate A  – one who has no right to vote nor be voted upon and shall be entitled only to such rights and privileges as the By-Laws may provide. Regular employees of TMX Credit Cooperative and TMX Employees Consumers’ Cooperative qualifies as Associate A members.
  • Associate B – one who has no right to vote nor be voted upon and shall be entitled only to such rights and privileges as the By-Laws may provide. Ex Timex regular employees that are member in good standing while in the cooperative qualify as Associate B members.

 

For Associate B membership pre-requisite, refer to a separate sheet.

 

Pre-requisites for Membership for Regular and Associate A members only.

  • The application for membership shall be in writing on a form provided for the purpose and shall be presented to the Board of Directors for appropriate action with prior recommendation or endorsement of the Education and Training Committee.
  • The application shall be accompanied by a membership fee of Twenty (P20.00) Pesos which amount shall be returned to the applicant in case of rejection.
  • The applicant shall subscribe for at least five (5) shares with a total value of One Hundred (P100.00) pesos of which at least Twenty (20) Pesos corresponding to one share shall be paid upon submission of the application for membership. The membership and subscription agreement shall provide the terms of payment on the unpaid subscription.
  • Has undergone or shall undergo the required pre-membership education seminar.

 

Appeal for membership

An applicant rejected by the Board of Directors may appeal his/her case to the General Assembly by giving notice to the Secretary thirty (30) days before the general assembly meeting whose decision on the matter shall be final.

 

Member in good standing

  1. Has paid the required membership fee of P20.00 and the value of at least 5 shares or P100.00 paid-up capital.
  2. Has been a member for at least one month.
  3. Is not delinquent in paying his/her subscribed capital.
  4. Is not delinquent in paying his/her loan for three (3) consecutive amortizations.
  5. Has not violated any provision of the by-laws, policies, rules and regulations, circulars, agreement and other binding instruments he executed with the coop.
  6. Has completed the prescribed pre-membership seminar (PMES).
  7. Has attended ownership and assembly meetings.
  8. Has made use of the business/services of the cooperative.
  9. Complied with all obligations, duties and undertaking of being a member.

 

Termination of Membership

Termination of membership may be voluntary, automatic, or by expulsion.

  1. Voluntary termination is made by the member by giving a sixty (60) days notice in writing to the Board of Directors for their approval, provided the member has no outstanding obligation either as a borrower or co-maker.
  2. Automatic termination is due to death of the member or permanent disability, without prejudice to his/her payment of obligation that may be made against any asset or claim with the cooperative.
  3. Termination of membershipby expulsion may be made by a vote of the majority of the Board of Directors for any of the following causes:
  • a) When a member ceases to be a regular employee of TMX Philippines, Inc., TMX Credit Cooperative, and TMX Employees Consumers’ Cooperative.
  • b) When a member has not made use any of the business/services of the cooperative for two (2) consecutive years;
  • c) When a member has continuously failed to comply with his/her obligations;
  • d) When a member has acted in violation of the by-laws, policies, rules and regulations of the cooperative; or
  • e) For any act or omission injurious or prejudicial to the interest or welfare of the cooperative.

 

Re-entry of Membership

Any employee who voluntarily terminated his/her membership and who wishes to re-apply for membership may do so after three (3) months and shall be regarded as a new member.