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MASBATE SERVICE PROVIDER COOPERATIVE
#40 Quezon St., Masbate City
CDA-Reg.#NG-4214 TIN: 287-331-309

A. Reserve Fund.
On the first five years of operation at least fifty percent (50%) of net surplus, thereafter ten percent (10%) shall be set aside for Reserve Fund subject to the following rules:

a) The reserve fund shall be used for the stability of the Cooperative and to meet net losses in its operations. The general assembly may decrease the amount allocate to the reserve fund when it has already exceeded the authorized share capital. Any sum recovered on items previously charged to the reserve fund shall be credited to such fund.

b) The reserve fund shall not be utilized for investment, other than those allowed in the Cooperative Code. Such sum of the reserve fund in excess of the authorized share capital may be used at any time for any project that would expand the operations of the cooperative upon the resolution of the general assembly.

c) Upon the dissolution of the cooperative, the reserve fund shall not be distributed among the members. However, the general assembly may resolve:

1) To establish usufructuary fund for the benefit of any federation or union to which the cooperative is affiliated; and

2) To donate, contribute, or otherwise dispose of the amount for the benefit of the community where the cooperative operates. If the members could not decide on the disposition of the reserve fund, the same shall be given to the federation or union to which the cooperative is affiliated or operating within the cooperative’s area of operation.
For more information, please contact us:Merlie A. Ciudadano-09275348493; Baybee E. Mijares-09095124419; Alex B. Amican-0929.1647732
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