AMENDED BY-LAWS
OF
PHILIPPINE PORTS AUTHORITY EMPLOYEES DEVELOPMENT COOPERATIVE (PPAEDCO)
KNOW ALL MEN BY THESE PRESENTS:
We, the undersigned Filipino citizens, all of legal age, and residents of the Philippines, representing at least majority of the members of the Philippine Ports Authority Employees Development Cooperative (PPAEDCO), a primary non-agricultural multi-purpose cooperative, do hereby adopt the following code of By-laws.
ARTICLE I
Purposes and Goals
Section 1. Objectives. The purposes and goals of this Cooperative are those set forth in its Articles of Cooperation.
ARTICLE II
Membership
Section 1. Membership. This Cooperative shall have regular membership classified into Categories A, B and C.
Section 2. Qualifications and Requirements for Membership. The membership of this Cooperative is open to any natural person, Filipino citizen, of legal age, with capacity to contract and must have complied with the following requirements:
ARTICLE III
Administration
ARTICLE IV
Board of Directors
ARTICLE V
Committees
ARTICLE VI
Officers and Management Staff of the Cooperative
ARTICLE VII
Capital Structure
ARTICLE VIII
ARTICLE IX
ARTICLE X
ARTICLE XI
Miscellaneous
Section 1. Investment of Capital. The Cooperative may invest its capital in any or all of the following:
a. Shares or debentures or securities of any other cooperative;
b. Any reputable bank in the locality or any cooperative and cooperative banks;
c. Securities issued or guaranteed by Government;
d. Real Estate primarily for the use of the Cooperative or its members; or
e. In any other manner approved by the General Assembly.
ARTICLE XII
Amendments
Section 1. Amendments to Articles and By-Laws. Amendments to the Articles of Cooperation and this By-Laws may be adopted by at least two-thirds (2/3) votes of all members with voting rights without prejudice to the rights of dissenting members to withdraw their membership under the provisions of the Cooperative Code of the Philippines. The amendment(s) shall take effect upon receipt by the Cooperative of the Certificate of Registration of Amendments issued by the Cooperative Development Authority.
Voted and adopted during the 20th General Assembly of the Philippine Ports Authority Employees Development Cooperative held on the 11th day of February 2011 in Manila, Philippines by two-thirds (2/3) votes of all members.
