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EXCERPTS FROM THE MINUTES OF THE MEETING OF THE BOARD OF

DIRECTORS OF ------------------------------- HELD LAST ----------------------- AT
----------------------------.

RESOLUTION NO. 03-2017

A RESOLUTION AUTHORIZING THE CHAIRMAN, ----------------- OF
------------------TO ENTER INTO A CONTRACT OF LOAN WITH -------------- IN THE
AMOUNT OF THREE HUNDRED THOUSAND PESOS (Php 300,000.00)

WHEREAS; in line with the formulation of the Development Plan 2017,

a Board Meeting was held for the purpose of determining the financial
requirement to carry out the various projects and programs for fiscal year
2017;

WHEREAS; it has been agreed that the Chairman shall be authorized to

enter into a Contract of Loan with _____________________ in the amount of
Three Hundred Thousand Pesos (Php 300,000.00) which shall be utilize for
funding source as reflected in the development plan;

WHEREAS; several banking institutions had offered to grant loan to the

cooperative however ___________________ has the least interest rate;

WHEREAS, finding the said loan to be in order and necessary for the
development of the cooperative and of its members in general, the Board
has authorize the Chairman to enter into a Contract of Loan;

NOW, THEREFORE, in motion by Director ____________ duly seconded by

________________, the Chairman, ________________, is hereby authorized to
enter into a contract of loan with __________________ in the amount of Three
Hundred Thousand Pesos (Php 300,000.00);

BE IT RESOLVED, as it is hereby resolved by the Board of Directors to

authorize the Chairman to enter into a contract of loan with
_________________________ in the amount of Three Hundred Thousand Pesos
(Php 300,000.00), let copy of this resolution be duly furnished for the General
Assembly to ratify this resolution and for information and guidance.

APPROVED EN MASSE.

I hereby certify to the correctness of the foregoing resolution.

_________________________
Board Secretary

Noted:

__________________
Chairman
________________________
Credit Committee Chairman

____________________________
Treasurer