Membership Policy

Any applicant for membership shall accomplish the application form for membership which shall be submitted to and approved by the Board of Directors pursuant to the ThoMEC By-Laws.

This Cooperative has two types of membership, that is,

  1. Regular Membership, and
  2. Associate Membership

A Regular Member is one who shall be entitled to all the rights and privileges of membership while an Associate Member is one who shall have no right to vote and be voted upon and shall be entitled only to such rights and privileges as provided for in the ThoMEC By-Laws.

 

Qualifications for Membership:

  1. Regular Membership: This membership shall be open to any natural person, Filipino citizen, of legal age, with a capacity to contract, working and/or residing in the area of operation as stated in Articles of Cooperation, and shall be subject to the following qualifications:

    1. Must have completed the prescribed pre-membership education training;

    2. Must undertake to uphold the By-Laws, policies, guidelines, rules and regulations promulgated by the Board of Directors and the General Assembly;

    3. Must have paid the prescribed membership fee of P500.00;

    4. Should be a regular support staff of the University of Santo Tomas.

    5. Must be a holder of common shares;

    6. Should continually patronize the products and services of the cooperative for two (2) years from date of membership;

    7. Must commit himself/herself to remain as a member of the cooperative in good standing for at least three (3) years from start of membership.

    (Any  support staff who has either resigned or retired  support shall remain as a  regular member of the cooperative  for as  long as he/she  does not withdraw his/her membership).

  2. Associate Membership. This shall be open to any natural person, Filipino citizen, of legal age, with a capacity to contract, and shall be subject to the following qualifications:

    1. Must have completed the prescribed pre-membership education training;

    2. Must undertake to uphold the By-Laws, policies, guidelines, rules and regulations promulgated by the Board of Directors and the General Assembly;

    3. Must have paid the prescribed membership fee of P500.00;

    4. Should be a regular support staff of the University of Santo Tomas.

    5. Must be a holder of preferred shares;

    6. Should continually patronize the products and services of the cooperative for two (2) years from date of membership;

    7. Must commit himself/herself to remain as a member of the cooperative in good standing for at least three (3) years from start of membership.

 

Minimum Share Capital Subscription

Regular Membership. Upon approval of his/her membership, an applicant for regular membership shall subscribe at least twenty (20) shares which shall be made payable either through salary deduction or other means and within the prescribed period set by the Board of Directors.

Associate Membership. Upon approval of his/her membership, an applicant for associate membership shall subscribe at least five (5) shares which shall be made payable either through salary deduction or other means within the prescribed period set by the Board of Directors.

However, no regular or associate member shall hold more than ten percent (10%) of the total subscribed share capital of the Cooperative. The Board of Directors shall issue a subscription agreement with such terms and conditions as may be deemed equitable.

 

Rights of a Regular Member Entitled to Vote

  • Any regular member who is entitled to vote and be voted upon shall have the following rights:
  • Participates and votes on all matters deliberated upon during General Assembly meetings;
  • Seeks any elective or appointive position, subject to the provisions of the By-Laws and the Cooperative Code of the Philippines;
  • Avails himself/herself of the services of the Cooperative, subject to certain conditions as may be prescribed by the Board of Directors;
  • Inspects/examines the books of accounts, the minutes books, the share register, and other records of the Cooperative during office hours; and
  • Such other rights and privileges as may be provided by the General Assembly.

 

Rights of an Associate Member

An associate member shall have the following rights and privileges:

  • Participates in the deliberation of any issue during general membership meetings;
  • Avails himself/herself of the services of the Cooperative, subject to certain conditions as may be prescribed by the Board of Directors;
  • Inspects/examines the books of accounts, the minutes books, the share register, and other records of the Cooperative during office hours;
  • Has preference over the payment of interest on share capital and in the distribution of the net assets of the Cooperative, in case of liquidation; and
  • Such other rights and privileges as may be granted by the General Assembly.

 

Grounds and Guidelines on Suspension of Membership

  • Failure to pay subscription and/or loan amortization for three (3) consecutive due dates after several demands and due process have been observed. This shall be applicable to members whose payment and/or loan amortization is paid through salary deductions, auto debit or other means;
  • Failure to attend two (2) consecutive assembly meetings, whether regular or special, without valid reasons or prior approval from the BOD.
  • Suspension shall be for a period of one (1) month to six (6) months and shall result to non-enjoyment of certain privileges such as loan application and the right to vote, whenever applicable.

 

Grounds and Guidelines on Termination of Membership

  • For committing acts deemed inimical to the best interest of the cooperative
  • For disloyalty like becoming a member of another cooperative with similar areas of operation, or for engaging in activities deemed in conflict with the best interest of ThoMEC
  • Failure to fully settle the subscribed capital within the period set by the BOD
  • If the paid up is less than the required subscribed shares within the period set by the BOD and would result to the member not being entitled to the interest of his/her share capital.

Under due process, the penalty for suspension or termination shall be imposed and/or implemented. Procedure for termination shall be similar to the settlement of disputes as provided for in the By-Laws whenever applicable.

 

Procedure for Membership

  • To apply for membership, the applicant shall fill out the application form and shall submit the duly accomplished form to the ThoMEC Office.
  • ThoMEC staff shall submit the same to the Board of Directors, either for approval or disapproval.
  • ThoMEC shall inform the applicant on the status of the application within fifteen (15) days from receipt of the said form. Should there be no advice, the application shall be deemed approved.
  • Upon approval of the application for membership, the applicant shall pay the share capital subscribed either through salary deduction or any other means at the option of ThoMEC.
  • The membership fee in the amount of P500.00 shall be paid in cash.
  • The applicant shall already be considered as a full time member as soon as 
    • the prescribed pre-membership seminar is completed, 
    • the membership fee is paid, and
    • at least the corresponding amount for one amortization is settled

A member shall be allowed to withdraw his/her membership only once. Should the withdrawee member decides to re-apply, he/she shall be allowed to do so only after three (3) months, subject to the evaluation and approval of the Board of Directors.