197TH ‘”BATCH MATATAG” MUTUAL FUND BY- LAWS PREAMBLE We the members of the 197th Batch Matatag Mutual Fund, in order to organize an association that shall promote the general welfare , esprit-decorps and camaraderie among the members, hereby bind ourselves and pledge to strengthen and consolidate our efforts to accomplish our objectives, do hereby ordain and promulgate this By- Laws. ARTICLE 1- NAME AND DOMICILE Section 1- The association shall be known as the Batch 197th “Matatag” Mutual Fund. Section 2- The domicile of the Batch 197th “Matatag” Mutual Fund will be at the PNCGEPAI Club House or any appropriate place to conduct a meeting. ARTICLE II- OBJECTIVES Section 1- To promote the general welfare, esprit-de-corps and camaraderie among its members in line with the principle of equality. Section 2- To provide financial assistance to the bereaved family in case of death of any member and tier declared dependents. Section 3- To provide financial assistance to the members in case of serious injuries incurred as a result of accident, major operation through sickness, terminally ill, undergoing chemotherapy, dialysis and the like and in case of members who become victims of natural calamities or force majeure provided that any member will only claim benefit once a year. ARTICLE III- MEMBERSHIP AND DUES Section 1- MEMBERSHIP a. All members of 197th BSC who successfully completed the course, shall be automatically become regular members of the Batch 197th “Matatag” Mutual Fund. Membership dues shall then be collected thru the PN Integrated Payroll Management System (PN IPMS). b. In case for those members whose dues are not collected/remitted thru PN IPMS they shall be required to pay personally to the treasurer otherwise non-payment is an automatic suspension of membership or rationalizes benefit claims. Section 2- MEMBER BENEFICIARIES a. The only official beneficiaries of the member shall be the following: 1) Spouse- only the name of the wife/husband appearing in the marriage certificate of the member is authorized except those members whose religion authorizes more than one marriage. 2) Name of Children- legitimate and illegitimate children provided recognized by the member. 3) Name of Parents- only those names appearing in the birth certificate of the member is authorized or adoption papers if the member is legally adopted, 4) In case there are no direct dependents, the member shall have the option to designate maximum of two (2) beneficiaries accompanied by written documents attesting that the member duly appointed the individuals and the documents properly notarized. Benefits due to the designated beneficiaries are the same as that of the direct dependents. b. Direct dependents of the member shall mean the wife, children who are unmarried but below 21 years of age, and above 21 years of age but mentally and physically incapacitated. In the case of unmarried member, direct dependents will be his/her parents. Section 3- FEES AND DUES a. Monthly dues of fifty (P50.00) pesos shall be collected thru PN IPMS in favour to the Batch 197th “Matatag” Mutual Fund Treasurer. b. In case no deduction thru PN IPMS has been made, the member shall pay his/her monthly dues to the Treasurer. Section 4- CAPITAL CONTRIBUTION a. Management of the Batch 197th “Matatag” Mutual Fund capital contribution accumulated from the collected monthly dues shall be deposited in a bank or to a Savings and Loan Association as the Officers of the association may decide, distributed as follows: - 80% of the collected monthly dues will proceed to Trust Fund, separate savings account. - The remaining 20% will proceed to Operating Expenses Fund, separate accounts. b. Trust Fund can only be withdrawn purposely for benefit claims and part of expenses in commemorating of class anniversary while operating expenses fund is intended for expenses incurred during general meetings and other class gatherings. c. Deposit and or withdrawal shall be jointly signed and administered by both President and Treasurer of the class. d. The payment for the service fees/bank charges sent through the ATM shall be deducted from the amount to be remitted to the treasurer or beneficiaries documented by the receipt from the bank where the business transacted. ARTICLE IV- OFFICERS Section 1- COMPOSITION OF OFFICERS The officers of the association shall compose the following: a. President b. Vice President c. Secretary d. Assistant Secretary e. Treasurer f. Assistant Treasurer g. Auditor (4) Section 2- DUTIES AND RESPONSIBILITIES a. President: 1) The president will preside over all meetings of the batch. 2) Jointly sign with the treasurer all necessary papers, receipts and checks issued and received by the members. 3) Sign all contracts entered into for and in behalf of the members. 4) Execute policies and decisions of the batch. 5) Prepare quarterly reports of his administration and a yearly report for the General Assembly to be held every 8th day of October, Batch 197th Anniversary. 6) Administer and supervise the affairs, resources, and assets of the batch. 7) Promulgate procedure on the rules and regulations that will ensure the timely and efficient delivery of services and assistance to the members. 8) Ensure that the operation is carried out in accordance with the By-Laws, existing laws and regulations and general principles of the batch. b. Vice President: 1) Assist the President in the performance of his duties. 2) The Vice President shall assume office and function of the President in case, until a successor is elected of the President’s incapacity, illness, absence or demise c. Secretary: 1) Custodian of all documents, memoranda, minutes of a meeting and other records of the members. 2) Maintain and update listing of the members. 3) Perform as secretary during class meetings and submit Minutes of the Meeting to the President via Vice President prior signing by all the attendees. 4) Responsible for the posting of updates, dissemination and other announcement through official Facebook page. d. Assistant Secretary: 1) Assist the Secretary in the performance of his duties. 2) Assume the position and functions of the Secretary in case of incapacity, written resignation, illness absence or demise, until a successor is elected. e. Treasurer: 1) Collect and receive the monthly dues of the members and deposit the 80% in the Trust Fund Account and 20% in the Operating Expenses Fund Account. 2) Jointly sign with the President all checks, notes withdrawals or orders of payment and pays out or dispose the same. 3) Keep and maintain bank account containing full accounting of dues collected and paid out, and the true/correct detailed statements of receipts and expenditures, which shall be available for examination by members during business hours. 4) Render a financial report quarterly and annually during scheduled meeting and present annual report during Batch Anniversary and such other times as may be required. f. Assistant Secretary: 1) Assist the Secretary in the performance of his duties. 2) Assume office and functions of the treasurer in case of incapacity written resignation, illness, absences or demise until a successor is elected. g. Auditor: 1) 50% of the elected four (4) auditors can constitute a quorum for the conduct of audit. 2) Conduct audit of all financial records and statements particularly in the collection and disbursement of funds, to ensure that it is strictly adhered to the rules and regulations of the association, and that all receipts of funds are properly handled. 3) Conduct regular audit of cash and other assets/liabilities of the members. 4) Submit a report of findings to the President. Section 3- TERM OF OFFICE Any Officer may be removed or terminated from the office for any valid cause believes to be inimical to the batch 197th, by a majority vote of the members. Section 1- A general Meeting to be attended by all the members shall be held every anniversary of the Batch on 8th day of October, at PNCGEPAI Clubhouse or any appropriate place for the purpose of presentation of annual report to be followed by election of officers. Section 2- Meetings shall be held as the need arises. Section 3- DUORUM- The presence of one officer and at least ten percent (10%) of the total strength of the members shall constitute a quorum in any meeting of the Batch. Section 4- Procedures and ruling during meetings shall be promulgated by the 197th Batch Matatag Mutual Fund Officers. ARTICLE V1- MANAGEMENT The following reports shall be prepared, kept and published in the official Facebook page of the class for the information of all members. a. A quarterly and yearly balance sheet and statement of income and expenditures shall be prepared by the treasurer. The financial statements shall be published and circulated for the information and examination of all members. b. Results of election, resolutions and minutes of meetings are to be prepared and published and filed by the secretary and to be part of the documents to be turn over to the next set of officers. ARTICLE VII- ELECTION AND OATH OF OFFICE Section 1- Election of Officers shall be held every batch anniversary by viva voce (voting). Section 2- Oath of office shall be administered by any member of the batch commissioned as Officer of AFP. ARTICLE VIII- CLAIMS AND DOCUMENTARY REQUIREMENTS Section 1- The officers of the Batch 197th “Matatag” Mutual Fund shall manage the funds collected from its members, to include interests’ earnings and approval of financial assistance as follows: a. Death of member- P15,000.00 b. Death of direct dependent of member (legal spouse, children and parent)- P5,000,00 c. Loss of limbs, eyes, undergone major surgical operation as a result of accident, major operation through sickness ad victims of natural calamities such as fire, flood, typhoon, earthquake, etc- P5,000.00 Section 2- Documentary requirements to be presented for each of the claim against the association are as indicated: a. Death of member- Death Certificate b. Death of Spouse 1. Death Certificate 2. Marriage Contract c. Death of Direct Dependent of member 1. Death certificate of dependent 2. Birth certificate of deceased 3. Medical certificate attesting that the dependent is mentally or physically incapacitated if the dependent is more than 21 years of age. 4. Birth Certificate of member (in case of parents) d. Death of appointed beneficiary 1. Birth Certificate 2. Death Certificate 3. Affidavit/ document properly notarized that the individual is the duly designated beneficiary by the member in the absence of direct dependent. e. Victims of natural calamities such as fire, flood, earthquake, typhoon, etc. 1. Certification/Records from DSWD with pictures. 2. Barangay clearance stating that the member is a bonafide resident of the place. f. Member who have undergone major operation. Certification from the doctor that the patient undergone major operation. ATICLE IX- BENEFICIARIES Section 1- The members shall have the right to designate their legal beneficiaries, as specified in the Summary Of Information (SOI) of the members. Section 2- The member may, at any given time, change his legal beneficiaries and shall indicate this in written request to be submitted to the batch 197th subject to approval by the elected officers. ARTICLE X- AMENDMENTS The By-Laws of Batch 197th “Matatag” Mutual Fund may be amended and ratified at any General Meeting or at a special meeting duly called for that purpose, by the vote of the majority of the members. Written notice of the proposed amendment however, should be given to the officers ten (10) days prior such meetings. ARTICLE XI- EFFECTIVITY This By-Laws shall take effect immediately upon publication. Done at PNCGEPAI Club House, Naval Station Jose Francisco, Fort Bonifacio, Taguig City, this 8th day of October 2014. BATCH 197TH “MATATAG” BSC MUTUAL FUND _____________________________________ (President) _____________________________________ (Vice President) _________________________ _____________________________ (Secretary) (Assistant Secretary) _________________________ _____________________________ (Treasure) (Assistant Treasurer) _________________________ _____________________________ (Auditor 1) (Auditor 2) __________________________ _____________________________ (Auditor 3) (Auditor 4)
Posted on: Wed, 24 Sep 2014 06:23:05 +0000
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