mutual fund board resolution comments -- draft

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Subject: mutual fund board resolution comments

Author:
Carlo G. Soldevilla (happy)

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Date Posted: 20:46:13 04/21/13 Sun

COPEA -SUPERVISED MUTUAL FUND BOARD RESOLUTIONS
by Carlo G. Soldevilla

Hear Ye! Hear Ye!

BOARD RESOLUTION (FIRST SUGGESTION)

1. That the mutual fund was created in 2009 to give monetary death benefit to regular employees
2. That this fund is equilavent to one day salary (per employee) and is collected on yearly basis,
paid in installment or cash.
3. That this M.B. is already approved in principle, and accepted and implement based
on mutual trust and that the collection started in 2009 for those who wanted to avail.
4. That this amount grew to about 400,000 or to half a million as of the present date.
5. That this M.B. extended it benefit to those who were sick, and that more than 5 persons
had already availed of this benefit.
6. That the amount mentioned in No. 4 is deposited in the personal account of the treasurer.
7. That the manner of depositing a mutual trust account into a personal account is against
public norm, or to the rules of any existing mutual funds, even to the consitution and by laws
implied in the mutual trust fund.

Hereby, the M.B. officers decide mandates the transfer of the Mutual Funds account from
the personal deposit of the treasurer to a special account created by COPEA

BOARD RESOLUTION (SECOND SUGGESTION)

1. That Cebu employees used to be a part of this mutual fund by their joining in the past.
2. That they stop being a part of this mutual fund.
3. That the question of the legality of the mutual fund may have prevented them to join further.
4. That, aside from having constitution and by-laws, the mutual fund must legally register with
SEC to eliminate doubts of its lawful existence.

Hereby, the M.B. officers decide to contact a lawyer occupying an office near the SEC
premises, and to avail of his services amounting to only eight hundred pesos (charge in the past)
to legally registed popcom mutual trust fund. Note: the p800.00 does not include the SEC
requisite for registration fee.

BOARD RESOLUTION (THIRD SUGGESTION)

1. That a mutual trust fund must all time be liquid to serve the purpose of its establishment.
2. That a speedy help of 500 pesos be given to parents of the employees on the day of the day of their (parents) demise.

We hereby resolved that this aid be given right away beginning this day, April 21, 2013

BOARD RESOLUTION (FOURTH SUGGESTION)

1. That a copea officer notice the good practice of other mutual trust holders of contributing 12 pesos (twelve pesos)
per year.
2. That an amount of P5,000 pesos is given to the trust holder who has contributed 12 pesos for that year he or she
joined or availed of this funding scheme.
3. That his practice can be emulated by COPEA for its members to avail.
4. That this practice be studied by Ofel, a copea officer to see if this would work for copea.

We hereby resolve that office studies this good practice, and recommends to the mutual fund officers of accepting this kind of practice.

prepared by: CARLO G. SOLDEVILLA, P.R.O. of copea 2013

Note: These are all drafts (unedited). Thanks.

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