RMK SAVINGS AND LOANS GROUP
A thousand mile journey starts with a single step. Indeed health is wealth.
Meeting Minutes
September 2, 2015
I. Call to order
RMK Directors called to order the regular meeting of the RMKSLG at 2:00 PM on September 2, 2015 at Nikhahatu Restaurant, Cybergate II, Pioneer Street, Mandaluyong City, Philippines.
II. Roll call
Romeo Mataac conducted a roll call. The following persons were present: Directors: Karl Carandang and Ronelio Ramil.
III. Approval of minutes from last meeting
As this is the first meeting of the group, no previous meeting minutes was approved.
IV. Agenda
a) Romeo Mataac will retain as partner of RMK though he will transfer to other project starting October 16, 2015. This has been agreed by Directors: Karl and Ron.
b) Designation of Roles and Duties
1) Dir. Ron will handle and keep the finances of the group. He will also in charge for all incoming and outgoing documents.
2) Dir. Ron will provide source document to Dir. Karl every Friday.
3) Dir. Karl will prepare all financial documents. This will be reported every Directors Meeting.
c) Creation of Constitution and By Laws and Loan Guidelines
1) Partners are not allowed to make or open business similar to RMK Savings and Loan Group as it will create conflict of interest. –Dir. Karl
2) Partners are not allowed to loan in behalf of other people. –Dir. Karl
3) Directors Meeting will be every Wednesday of 2nd week of the month, 2:00PM to 3:00PM.
Partners agreed on this schedule.
4) Partners will respect and follow client’s confidentiality.
5) Loanable amount will still Php 3000.00 but might increase if the borrower is Level 10 and above depending on the availability of the cash and agreement of the group.
6) Pro-rated interest will be applied for the borrower with an overdue or past due account.
d) Reservation Policy
1) It has been agreed that the group will still accept reservation. However, new guidelines should apply.
a. In the event that there is already reserved debtor with reservation date of 30th of the month and a new debtor applied for an emergency loan on the 20th of the month, available cash will be given to the new debtor who wants to avail emergency loan. The group will inform the debtor who supposed to receive his loan on the 30th, 7 business days prior to his reservation date that his loan was disapproved.
e) Amount of Contribution
1) Increase of contribution will base on Financial Status of the group. Suggested amount is Php 100.00 increase (semi-annual).
f) RMK Financial Statement has been reported by Dir. Karl Carandang.
V. Open issues
a) Opening of New Account
1) The group will open a new BPI Save Up Account under Dir. Ron Savings Account. Needs to have new account before October 15, 2015.
b) First draft of Constitution and By Laws and Loan Guidelines be presented in the next Directors Meeting.
VI. Adjournment
RMK Directors adjourned the meeting at 3:45PM.
Minutes submitted by: Romeo Mataac, Jr.
Minutes approved by: Dir. Karl Carandang and Dir. Ronelio Ramil
A thousand mile journey starts with a single step. Indeed health is wealth.
Meeting Minutes
September 2, 2015
I. Call to order
RMK Directors called to order the regular meeting of the RMKSLG at 2:00 PM on September 2, 2015 at Nikhahatu Restaurant, Cybergate II, Pioneer Street, Mandaluyong City, Philippines.
II. Roll call
Romeo Mataac conducted a roll call. The following persons were present: Directors: Karl Carandang and Ronelio Ramil.
III. Approval of minutes from last meeting
As this is the first meeting of the group, no previous meeting minutes was approved.
IV. Agenda
a) Romeo Mataac will retain as partner of RMK though he will transfer to other project starting October 16, 2015. This has been agreed by Directors: Karl and Ron.
b) Designation of Roles and Duties
1) Dir. Ron will handle and keep the finances of the group. He will also in charge for all incoming and outgoing documents.
2) Dir. Ron will provide source document to Dir. Karl every Friday.
3) Dir. Karl will prepare all financial documents. This will be reported every Directors Meeting.
c) Creation of Constitution and By Laws and Loan Guidelines
1) Partners are not allowed to make or open business similar to RMK Savings and Loan Group as it will create conflict of interest. –Dir. Karl
2) Partners are not allowed to loan in behalf of other people. –Dir. Karl
3) Directors Meeting will be every Wednesday of 2nd week of the month, 2:00PM to 3:00PM.
Partners agreed on this schedule.
4) Partners will respect and follow client’s confidentiality.
5) Loanable amount will still Php 3000.00 but might increase if the borrower is Level 10 and above depending on the availability of the cash and agreement of the group.
6) Pro-rated interest will be applied for the borrower with an overdue or past due account.
d) Reservation Policy
1) It has been agreed that the group will still accept reservation. However, new guidelines should apply.
a. In the event that there is already reserved debtor with reservation date of 30th of the month and a new debtor applied for an emergency loan on the 20th of the month, available cash will be given to the new debtor who wants to avail emergency loan. The group will inform the debtor who supposed to receive his loan on the 30th, 7 business days prior to his reservation date that his loan was disapproved.
e) Amount of Contribution
1) Increase of contribution will base on Financial Status of the group. Suggested amount is Php 100.00 increase (semi-annual).
f) RMK Financial Statement has been reported by Dir. Karl Carandang.
V. Open issues
a) Opening of New Account
1) The group will open a new BPI Save Up Account under Dir. Ron Savings Account. Needs to have new account before October 15, 2015.
b) First draft of Constitution and By Laws and Loan Guidelines be presented in the next Directors Meeting.
VI. Adjournment
RMK Directors adjourned the meeting at 3:45PM.
Minutes submitted by: Romeo Mataac, Jr.
Minutes approved by: Dir. Karl Carandang and Dir. Ronelio Ramil
