SUBSCRIPTION AGREEMENT

This Subscription Agreement (“Agreement”) is entered into by and between Laguna Prime Multipurpose Cooperative (“Company,” “we,” “us,” or “our”) and the individual or entity subscribing to our services (“Subscriber,” “you,” or “your”), hereby agree and promise to obey the following terms and conditions:

LAGUNA PRIME MULTIPURPOSE COOPERATIVE (LPMPC)
Sacay Grand Villas, College, Laguna

1. Subscribe from the capitalization of the LPMPC a minimum share capital not lower than 25 shares or equivalent to P2,500.00.

2. Pay an initial share capital equivalent to at least five (5) shares upon admission of membership.

3. Subscribe continuously from the capitalization of LPMPC of 25 shares (equivalent to P2,500.00) each, until I have a total paid-up share capital of 1,000 shares (equivalent to P100,000.00), but not more than ten per cent (10%) of the subscribed share capital of the Cooperative,

4. Subscription of share capital shall be at my option whether to continue or not if my paid-up share capital has reached the amount of one hundred thousand pesos (P100,000.00).

5. Subscribed share capital shall be paid in equal monthly amortization for 24 months but shall not be less than the equivalent of two percent (2%) of my monthly gross income.

6. A member who is sixty (60) years old and above may reduce the required monthly amortization to his share capital to a minimum amount of P50.00 and prolong the period of payment, provided that he has paid the minimum required subscription to share capital of two thousand five hundred pesos (P2,500.00), has accomplished the LPMPC clearance and has submitted a letter request for the adjustment of the share capital monthly amortization duly approved by the Manager.

7. A member pledge that all current and future savings deposits in the cooperative could be made payable to the LPMPC to secure the payment of the share capital subscription.

8. A share certificate shall be issued upon full payment of subscribed share capital at an amount equivalent to 25 shares (P2,500.00).

9. Participate in the required capital build-up stated in LPMPC By-laws. Accumulated retention from loans and interest on share capital and patronage refund in accordance with the By-laws shall be credited to paid-up share capital.

In addition, I agree to any existing policy, provisions issued by the board through a resolution, the LPMPC Articles of Cooperation and By-laws and other directives from the Authority pertaining to share capital, and to whatever amendments as may be promulgated and adopted.