Reports:

·        Application and Pre-Membership Seminar

      In applying membership in Our Lady of Mt. Carmel Parish Credit Cooperative, they have to attend the PMS (Pre-Membership Seminar). In PMS, the principles of cooperative are explained and all the rights, responsibilities and privileges are given and are encountered. The PMS was held every 2nd Saturday of the month. The purpose of the PMS is for the people to understand the objectives and the purposes of this credit cooperative.

·        Responsibilities

      The responsibilities of a member of the cooperative are to attend the general assembly; to increase the contribution by at least twenty percent (20%) at their capital share annually; to pay their loans at the right time; and to cooperate, helping each other by cooperating and attending their seminars and programs.

·        Rights of the Members

      The rights of a member of the credit cooperative are entitled to all benefits they got from all their lending operations.

·        Privileges

      A person once become a member of OLMC credit cooperative, he/she will get lots of privileges and this are the following:

  1. Every member called share holder
  2. They can loan without collateral
  3. They can loan at a less interest
  4. Dividend
  5. Death-aid benefit
  6. Loan Redemption Fund
  7. No tax
 
 Reflection:
            OLMC credit cooperative is a cooperative that you should join with because it is easy to be a member of this coop. I learn that pre-membership seminar (PMS) is an important requirements before you must join that coop. it tackles about the kind of cooperative you are going to join. After or before the PMS was held, application form is issued to the people who are interested of joining cooperative. I also learn that before you will join a coop, we must know our rights and responsibilities to the coop.