Member-consumers of the Benguet Electric Cooperative are being asked to pay their share capital at accredited collection centers to raise the paid up capital required by the Cooperative Development Authority.
Beneco is collecting a minimum of P500 from member-consumers as their share capital, the minimum contribution provided for under Beneco’s Articles of Cooperation and By-Laws, which were approved by the CDA.
Those who are willing to pay more than the minimum contribution may do so.
Beneco’s subscribed capital stock is P276 million of which P69M is paid up capital or share capital.
The share capital may be paid to the Beneco main office along South Drive, MaharIika Livelihood Complex, Bonuan Condominium, Barangay Salud Mitra, Beneco Building at Km. 4, La Trinidad; and Beneco Building at Bekes, Buyacaoan, Buguias.
The amount may also be settled with Beneco’s collection agents in the various barangays in Baguio City and Benguet.
Member-consumers have approved the collection of P500 share capital contribution during the Annual General Membership Assembly in October last year, in which they also ratified Beneco’s articles of cooperation and revised by-laws, a requirement for its conversion from its non-stock, non-profit setup into a regular stock cooperative.
The collection of share capital contribution is based on the account names appearing on the bill, which means member-consumers who own multiple meters will only pay P500 as minimum share contribution.
Beneco has also set a special membership assembly on Jan. 29 at the main office along South Drive.
Among the agenda in the special membership assembly is the discussion on where the share capital paid by member-consumers will be used and election of the audit and election committees, a requirement by the CDA. – Jane B. Cadalig
May 2, 2024
