Group Borrowing Together

CREDIT COOPERATIVE

Group borrowing together

An organization of people who join together to gain advantage in borrowing

A financial organization owned and controlled by its members, who can borrow at low interest rates from an amount of money they have saved as a group:

Credit co-operatives provide financial services to poor and low-income people in many countries.

A. GENERAL ASSEMBLY

The General Assembly is composed of AUFCOOP members in good standing and are eligible to participate in the electoral process. The General Assembly is the highest policy-making body of the Cooperative. It has the power to elect and to remove for just cause the directors, officers and committee members; to hear and pass upon reports of the Board of Directors, officers and committees; to make final decisions regarding any drastic change in the financial policies subject to legal restrictions; to determine the amendments in the Articles of Cooperation and By-Laws of the Cooperative; to exercise final authority on all matters vitally and directly affecting the Cooperative; to approve the development plans of the Cooperative, and to exercise all powers expressly provided by law and the By-Laws of the Cooperative.

B. AUDIT AND SUPERVISORY COMMITTEE

The Audit & Supervisory Committee, elected by the General Assembly, shall provide internal audit services, maintain a complete record of its examination and inventory, and submit quarterly reports to the Board and an audited annual financial report to the General Assembly. The Committee is also responsible for the internal control and the installation of an adequate and effective accounting systems and procedures.

C. BOARD OF DIRECTORS

The Board of Directors, as a body and not acting in their individual capacity, exercises general supervision and control over the affairs of the Cooperative and its prescribed policies consistent with the law, the By-Laws, resolutions of the General Assembly for the management of its business and the guidance of its members, officers and employees. The Board of Directors shall also be responsible for the strategic planning, direction-setting and policy formulation activities of the Cooperative.

D. CREDIT COMMITTEE

The members of the Credit Committee are appointed by the Board in compliance with R.A. 9520 , Article. 43, Chapter IV of the Philippine Cooperative Code of 2008. The Credit Committee is responsible for the credit management of the Cooperative. The Committee shall process, investigate, evaluate and act upon loan applications and withdrawal of share capital, except when the applicant is a member of the Committee, in which case, the Board will act upon his/her loan applications