BENECO boosts campaign on capital share payments
The Benguet Electric Cooperative is continuously conducting information education campaign to explain the P500 share capital being collected from the member-consumers.
Beneco Community Relations Officer Chris Gonzales said the share capital is part of the conversion process from non-stock to stock cooperative.
He said they are reaching the barangays, clustered sitios, and sectoral groups to explain not only the collection of share capital but also other issues concerning the member-consumers.
“We update them not only about the collection of capital share and conversion from non-stock to stock cooperative, but also the registration with the CDA (Cooperative Development Authority) and issues affecting the member-consumers,” Gonzales bared.
He said Beneco will issue dividends provided there is net surplus at the end of the year or when the board declares so that dividends will be given.
A member-consumer must pay a minimum capital share of P500 and will be issued a certificate of share capital.
A member-consumer who pays their share capital becomes an owner of the cooperative, aside from enjoying dividends.
A member-consumer can sell or transfer their share later provided that the buyer is also a member-consumer, the shares were owned for more than a year, and the transfer is approved by the Beneco board of directors.
“We hope that all member consumer owners will pay their share capital. This is our investment to our cooperative and at the same time, it will strengthen also our ownership of the cooperative,” Gonzales said.
The CDA earlier explained that in a cooperative, a member must have a share capital. The CDA stressed that if a person did not give any share, he/she is not considered a member of the cooperative. – Debbie Gasingan