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

E. Interest on Share Capital and Patronage Refund.
E. Interest on Share Capital and Patronage Refund. The remaining net surplus shall be made available to the members in the form of interest on share capital not to exceed the normal rate of return on investments prescribed by law and patronage refunds. The sum allocated for patronage refunds shall be made available at the same rate to all patrons of the cooperative in proportion to their individual patronage, subject to the following rules:


a) The patronage refund of a member with fully paid share capital shall be paid to him in cash or at this option be credited to his account as additional share capital;

b) The patronage refund of a member which unpaid share capital subscription shall be credited to his account as payment of his unpaid subscription until the same shall have been fully paid.

c) For non-member patrons, their proportionate patronage refunds shall be set aside in a general fund created for the purpose. Their individual patronage refund shall be credited to their respective names only upon request and presentation of evidence of the amount of his patronage. When the amount so accumulated under his name within a period of two (2) years equals the minimum share capital contribution for membership and he is qualified and willing to comply with the requirements for membership, said non-member patron shall be considered member of the cooperative upon payment of membership fee.

d) If within the period of time specified in the preceding paragraph, any non-member patron who has accumulated the sum necessary for membership but refuses of fails to qualify for membership, the amount so accumulated in his account together with any part of the general fund for non-member patrons shall be credited to the reserve fund or to the education and training fund of the cooperative, at the option of the general assembly.
For more information, please contact us:Merlie A. Ciudadano-09275348493; Baybee E. Mijares-09095124419; Alex B. Amican-0929.1647732
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