policy on bola

8/14/2019 Policy on Bola

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AUTHORITY TO DEDUCT FROM BARANGAY OFFICIAL MONTHLYHONORARIUM

(Of the Principal Borrower and/or Co-borrower)

To Whom It May Concern:

In consideration of the loan granted to me, ________________________________,as the principal borrower; and, _________________________________________________, as the co-maker/ co-borrower, by the ____________________________________ Cooperative, in theamount of ____________________________ Pesos (Ps. ___). I/We hereby

authorized you to deduct from the undersigned principal borrowersHonorarium every __________________, the amount of __________________________ Pesos (Ps. __________) as payment of the loanamortization that is due to said cooperative until the loan including itsInterests and penalty are fully paid. I/We hereby further authorize theBarangay Council/Treasurer/Cashier to withhold any funds due me/us in caseof my/our separation from my/our work until such time when all obligationsto the Cooperative have been fully paid.

In case the principal fails to pay the obligation, this authority is automaticallyapplied to the co-borrower.

Respectfully yours,

___________________________ _______________________________Name and Signature of Employee/ Name and signature of the Co-BorrowerPrincipal Borrower

Date:_________________ Date:______________________


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(For the Barangay Treasurer/Cashier of the Principal Borrower)

The Barangay Treasurer/CashierBarangay___________________

Dear Sir/ Madam,

By request of Mr. / Ms. ___________________(member-borrower) of ________________Cooperative to deduct a certain amount of his/her Honorarium as payment of the

loan s/he obtained, I hereby agree and abide by such request.

Sincerely yours,

__________________________Barangay Cashier/Treasurer

Date______________________

----------------------------------------------------------------------

(For the Barangay Treasurer/Cashier of the Co-maker)

The Barangay Treasurer/CashierBarangay___________________

Dear Sir/ Madam,

In favor of the request of Mr. / Ms. ___________________(co-borrower) to deduct a

certain amount of his/her Honorarium as the co-maker in payment of the loan of ___________________ at the _____________________ Cooperative, I hereby agree andam willing to abide as stated above.

Sincerely yours,

__________________________Barangay Treasurer/Cashier


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Date:______________________

MEMORANDUM OF AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This MEMORANDUM OF AGREEMENT, entered into by and between:

PAGLAUM MULTI-PURPOSE COOPERATIVE,_________Branch, __________,

Misamis Occidental represented by___________________, of legal age, Filipino, _________,residing at_______________________________ hereinafter called the FIRST PARTY,

BARANGAY OFFICIALS of Barangay__________________________ enumerated and named

below, all of legal ages and residents of said Barangay, hereinafter called the SECOND PARTY;and

__________________ , of legal age, Filipino, married, Barangay Treasurer of

Barangay_______________________________, hereinafter called the THIRD PARTY,

WITNESSETH

That, the FIRST PARTY has granted a loan to the SECOND PARTY for the amount andthe terms and conditions contained in their Loan Agreements, copies of which are annexed

hereto and make an integral part hereof,

That, in consideration of the said loan and to secure its payments, the SECOND PARTYhereby assigns and transfers to the FIRST PARTY the amount equivalent to the monthly

amortizations of said loan from the monthly salary/honorarium of the SECOND PARTY, and

for this purpose the latter do hereby grant the THIRD PARTY full power and authorityautomatically deduct and retain the aforesaid monthly amortizations for remittance to the FIRST

PARTY;

That, in pursuance to the foregoing authority, the THIRD PARTY hereby undertakes to

make the said automatic deductions, and do hereby bind himself/herself to be severally and

solidarily liable with the SECOND PARTY, in the event of non-remittance to the FIRSTPARTY of amounts remains thus deducted and retained.

That, if the SECOND PARTY shall pay or cause to be paid to FIRST PARTY the total

amount of the aforementioned loan within the term or period above agreed together with interestthereon and stipulated, then this Agreement shall thereby be discharged; otherwise, it shall

remain in full force and be foreceable in the manner prescribed by law.


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That, in case of separation/termination from the service prior to loan maturity, the

Council shall withhold the amount due to Paglaum MPC coming from all moneys, bonuses,retirement and other benefits accruing to the Barangay official and remit the amount collected to

Paglaum MPC.

IN WITNESS WHEREOF, the parties hereto have hereunto set their hands on________________, at _____________________________________.

_____________________________ ______________________________FIRST PARTY SECOND PARTY

SECOND PARTY:

NAME SIGNATURE

_____________________________ ______________________________

_____________________________ ______________________________

_____________________________ ______________________________

_____________________________ ______________________________

_____________________________ ______________________________

_____________________________ ______________________________

_____________________________ ______________________________

_____________________________ ______________________________

_____________________________ ______________________________

_____________________________ ______________________________

_____________________________ ______________________________

SIGNED IN THE PRESENCE OF:

1._________________________________ 2.____________________________


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ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES )

PROVINCE OF MISAMIS OCCIDENTAL ) S.S.

MUNICIPALITY OF _________________ )

BEFORE ME, at___________________, Misamis Occidental , personally the following

persons with their respective Community Tax Certificate; to wit:

Name CTC No. Date Issued Place Issued

1.________________ _____________ ____________ ____________

2. _______________ _____________ ____________ ____________

3._______________ _____________ ____________ ____________

4.________________ _____________ ____________ ____________

5.________________ _____________ ____________ ____________

6. ________________ ______________ _____________ ____________

7._________________ ______________ _____________ ____________

8. _________________ ______________ _____________ ____________

9._________________ ______________ _____________ ____________

10.________________ ______________ _____________ ____________

known to me and to me known to be the same persons who executed the foregoing instrument

and acknowledged the same as their own free and voluntary act and deed.

The foregoing instrument, entitled Memorandum of Agreement, consisting of three (3)

pages including this whereon the Acknowledgement is written, has been signed on each andevery page by the parties and witnesses and sealed with my notarial seal.

IN WITNESS WHEREOF, I have hereunto set my my hand on the ___________ day of________________________ at __________________________, Misamis Occidental.


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DOC. NO.________PAGE NO.________

BOOK NO._______

SERIES OF_______

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