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BALBIN FIRST COUSINS ORGANIZATION

NON- PROFIT EMERGENCY REVOLVING FUND

PREAMBLE

The following By laws shall be subject to, and governed by the Balbin First Cousins
Organization’s Non-Profit Emergency Revolving Fund. The Articles shall be the
prevailing controlling law. In the event of a direct conflict between the provisions
of these Bylaws and the Articles in the BFCO By laws, it shall then be these By laws
of BFCO-ERF which shall be controlling.

ARTICLE 1 – NAME
Section 1: The legal name for this Non-Profit Revolving Fund shall be BALBIN FIRST
COUSINS ORGANIZATION EMERGENCY REVOLVING FUND (BFCO-ERF)

ARTICLE 2 – PURPOSE

The general purposes for which this fund has been established are as follows:
Section 1: The Balbin First Cousins Organization Emergency Revolving Fund (BFCO-ERF) is
established in case of dire need for major emergency cases solely for:

a) Major accident
b) Major surgery
c) Critical illness
d) Terminal illness
e) Medical bill that incurred P10,000.00 and up for 1 person during a
one time hospitalization
f) Funeral
g) Burial

ARTICLE 3 – MEMBERSHIP
Section 1: Membership is open to all first cousins but not limited to their spouses and their
children

Section 2: BFCO’s great grandchildren, adopted children, is open for membership

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Section 3: Application for membership shall be open to those that support the purpose of
all that is stated in these articles of the BFCO-ERF bylaws

Section 4: Membership shall be granted upon a majority vote of BFCO members as stated
in Article 5, Section 9

Section 5: There shall be P200.00 pesos lifetime membership for each members of BFCO
who are interested to join the Emergency Revolving Fund

Section 6: There shall be annual dues of P500.00 to procure and maintain the Emergency
Revolving Fund in-order for the fund to be at par of the current expense for
purposes stated in Article 2, Section 1 of these bylaws

ARTICLE 4 – MEETINGS
Section 1: Annual meeting. The date of the regular annual meeting shall be set by the Chair
of the Fund Administrators of the BFCO-ERF

Section 2: The annual meeting shall be but not limited to update report of the balance of
the fund, list of borrowers, existing arrears of members and receivables and
collectibles

Section 3: A special meeting shall be called to address pressing matters regarding BFCO-ERF
and announced by the Chair of Fund Administrator

Section 4: There shall be minutes of meeting recorded during special meetings and annual
meetings by the Treasurer

Section 5: Notice of each meeting shall be given to members, by email or by text messages,
Facebook messenger or mobile phone calls five days before the actual meeting
by the Chair

Section 6: Any expense incurred for the meeting, like personal expense for attending the
meeting, snacks, meals, or meeting locations shall not affect any amount from
the revolving fund of BFCO-ERF

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ARTICLE 5 – FUND ADMINISTRATORS, COMPOSITION AND FUNCTIONS

There shall be administrators that are responsible for the over-all direction for the
articles of these bylaws but not limited to verifying and approval for
withdrawal or disbursement of funds, collecting of membership and
annual dues, records of loaned amount and list of borrowers
Section 1: The BFCO-ERF shall have a Chair, Treasurer and Auditor which will compose as
the Fund Administrators

Section 2: The Fund Administrators are the persons whose names are in the TAMPCO
Savings Account where the annual dues are deposited.

Section 3: The Fund Administrators are responsible for making an unbiased verification of
members in order for them to be granted loan from the emergency Revolving
Fund and ensuring that the purpose to borrow from the fund is eligible and
according to the purpose as stated in Article 2, Section 1

Section 3: The Fund Administrators are responsible of qualifying, approving and signing the
amount to be withdrawn from the BFCO Emergency Revolving Fund

Section 4: The Chair shall preside or convene special meeting and annual meetings, keep
records and or files, oversee the minutes of the meeting, sending out meeting
announcements, and distributes copies of minutes and bylaws and assuring that
all the records and files are maintained. The Treasurer shall make financial
informations available during the meeting and all members who asks for it, takes
the minutes of the meeting, and helps develop the procurement of emergency
revolving fund. The Auditor shall review all the financial record submitted filed
by the Treasurer making sure that all monies are accounted for and balanced.
Treasurer and Auditor must be included as the Fund Administrators; their names
are also held in the savings account where the BFCO-ERF is deposited

Section 5: In the event of resignation or premature death of any of the Fund

Administrators, BFCO members shall appoint a replacement as stated Article 5,
Section 9

Section 6: Notice. A Fund Administrator shall announce his/her resignation in our BFCO-ERF
in the group chat 2 weeks prior to his resignation in order for all the members to
call for a meeting for replacement and transition

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Section 7: Proper turnover of all old, current or updated files and records pertaining to
BFCO-ERF shall be put to order for the replacement of any of the Fund
Administrators, there shall be no withholding of any records or files

Section 8: Terms. The Fund Administrators shall have 5 years term but are eligible for re-
appointment

Section 9: A quorum shall be 50 + 1 of the members of BFCO-ERF when appointing, re-

appointing or a voting is called to order

Section 10: Termination. A Fund Administrator shall be terminated in his/ her position on
the ground of proven misappropriating the BFCO-ERF

Section 11: Compensation. The Fund Administrator shall receive no compensation. The
positions held as Fund Administrators and membership to the BFCO-ERF is in the
spirit of volunteerism

ARTICLE 6 – DEDICATION OF ASSETS

Section 1: In the event of dissolution of the BFCO-ERF, all the existing borrowed amounts
from the BFCO-ERF shall be paid back and returned to the pool of money and
deposited to TAMPCO savings account dedicated for this purpose

Section 2: In the event of dissolution, the total amount of the contribution by each member
shall be refunded to each member who have actively contributed

Section 3: In case of dissolution of the BFCO-ERF, members who have existing loans to the
BFCO-ERF will not receive the full amount of their contribution but will have
their loans be paid first before they get refunded of their contributions

Section 4: Borrowed money from BFCO shall be payable within 1 year with a grace period
of 3 months, thus giving a 15 months ample time to pay the amount borrowed.
Mode of payments shall either in full cash payments or staggered payments of
monthly, quarterly or semi-annually. Receipts of every payment shall be given to
the borrower as well as recorded by the Treasurer

Section 5: A minimum interest of 10% is applied to borrowed money

ARTICLE 7 - AMENDMENTS

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Section 1: These Bylaws may be amended when necessary and setting forth the proposed
bylaw revision shall be written with explanation and such actions are authorized
only at a duly called and held meeting of all the BFCO-ERF members and require
the vote of a larger portion of the BFCO-ERF members

EXECUTED on October 11, 2022 at Tabuk City, Kalinga Province, Philippines.

____________________ _______________________ ______________________

BFCO Representative BFCO Advisers Representative BFCO-ERF Chair

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