Know all men by these presents:

We, the undersigned, Filipino citizens, all of legal age and residents of the Philippines, have on this day voluntarily agreed to form a primary Development Cooperative, under the laws of the Republic of the Philippines.

And we hereby certify:

Article I Name of the Cooperative

That the name of this cooperative shall be GOVERNMENT OF LAOAG EMPLOYEES DEVELOPMENT COOPERATIVE (GLEDCO).

Article II Objectives

That the objectives for which this Cooperative is formed are:

Primary

To create funds in order to grant loans for productive and providential purposes to all members (regular and associate) and non-members who are employees of the City Government of Laoag.

Secondary

In addition to the objectives and purposes provided for under Republic Act No. 6938, which are hereby made an integral part of this Articles of Cooperation, this Cooperative adopts the following secondary objectives:

1. To actively support the government and other concerned organizations, both local and foreign, in promoting cooperatives as a practical means towards sustainable socio-economic development under a truly and just democratic society;
2. To develop the knowledge of the members on the principles and practices of cooperatives to enable them to actively and competently participate in managing the affairs of the Cooperative;
3. To institutionalize a dynamic savings mobilization and capital build-up schemes to sustain its developmental activities and long term investments, thereby ensuring optimum economic benefits to the members, their families and the general public;
4. To implement policy guidelines that will ensure the transparency, equitable access to its resources and services, and promote the interest of the members; and
5. To adopt such other plans as may help foster the welfare of the members, their families and the community.

Article III Powers and Practices

In the furtherance of and not in limitation to the powers and capacities conferred by Republic Act No. 6938, this Cooperative shall have the following juridical powers and capacities:

1. To draw, make, accept, endorse, guarantee, execute and issue promissory notes, bills of exchange, debentures, bonds, drafts, warrants, certificates and all other kinds of obligations and instruments in connection with its lawful business operation;
2. To contract indebtedness and/or enter into joint ventures with local or foreign entities in order to achieve its goals and economic plans and programs;
3. To purchase, receive, take or grant, hold, convey, sell, lease, pledge, mortgage and otherwise deal with such real and personal property as the transaction of its lawful affairs may reasonably and necessarily require, subject to the limitations prescribed by law and the Constitution of the Philippines;
4. To exercise such other powers as may be essential and necessary to carry out its objectives in accordance with law.

Article IV Area of Operation

That this cooperative shall operate within the City Government of Laoag and its principal office shall be located at the Brgy. # 10 San Jose, City Hall, 2900 Laoag City.

(The area of operation is defined as the place where the cooperative can recruit its members. It may either be a Barangay, inter-barangay, municipal, inter-municipal, city, inter-city, provincial, inter-provincial, regional, inter-regional, or national.)

Article V Term of Existence

That the term for which this cooperative shall exist is fifty (50) years from the date of its registration with the Cooperative Development Authority. (The term is 50 years.)

Article VI Common Bond of Membership

That the common bond of membership of this Cooperative is institutional (official / employees of the City Government of Laoag) and shall be open to all natural persons who are Filipino citizens, of legal age, with the capacity to contract and possess all the qualifications and none of the disqualifications provided for in the By-laws:

Notes:

1. The common bond of membership is defined as the pre-existing conditions that motivate persons to associate together for the achievement of their common objectives and goals;
2. Common bond of membership may either be:
   1. Residential - Which means the members are residing and/or working within the Cooperative’s area of operation.
   2. Institutional - Which means the members are employees of a certain company, public or private.
   3. Occupational/Professional - Which means the members belong to a certain association, organization, religious or civic groups whether formal or informal.
3. If the common bond of membership includes all categories, use Residential.

Article VII Name, Nationality and Address of Cooperators

Article VIII Board of Directors

That the number of directors of this Cooperative shall be seven (7) and the name, citizenship and the residence of the founding directors who are to serve until their successors shall have been elected and qualified as provided in the by-laws are:

Article IX Capitalization

That the authorized share capital of this Cooperative is Two Million Pesos (P2,000,000.00) Philippine currency, divided into four thousand (4,000) shares, with a par value of P500 per share:

Article X Subscribed and Paid-up Share Capital

That at least twenty five percent (25%) of the authorized share capital has been subscribed and at least twenty five percent (25%) of the total subscription has been paid by the following members-subscribers: (The minimum total paid-up common share is P125,000.00).

Be it known that:

Mrs. Nora M. Questin has been appointed as Treasurer of this Cooperative to act as such until her successor shall have been duly elected/appointed and qualified in accordance with the by-laws. As such Treasurer, she has been authorized to receive payments and issue receipts for membership fees, share capital subscription and other revenues for and in the name of this Cooperative.

IN WITNESS WHEREOF, we have hereunto signed our names this 29th day of November 2001 in Laoag City, Philippines.

Names and signature of cooperators

1. Lilian R. Abijero
2. Asuncion C. Fariñas
3. Fred C. Agpaoa
4. Laurel M. Mariano
5. Nelson P. Aquino
6. Renato R. Mateo
7. Eliezer P. Asuncion
8. Edgar R. Pascual
9. Enrico A. Aurelio
10. Gloria F. Peralta
11. Julia J. Bumanglag
12. Erlinda R. Ragasa
13. Arturo M. Cabello
14. Oscar R. Recta
15. Ma. Luisa F. Castro
16. Ulderito D. Root
17. Aurora M. Corpuz
18. Felicitas D. Santiago
19. Ruben J. Domingo
20. Edmundo H. Tamayo