This SUBSCRIPTION AGREEMENT entered into by and between:The Mandaue City Public Market Vendors Multi-purpose Cooperative – MAVENCO, cooperative duly registered with the Cooperative Development Authority (CDA), with principal offices at Suson Street Centro Mandaue City, herein represented by its Chairperson Luisita O. Valdueza , hereinafter referred to as the FIRST PARTY,and{client} of legal age, single/married, Filipino citizen and a resident of {placeOf} , Philippines, hereinafter referred to as the SECOND PARTY,
WHEREAS; the FIRST PARTY is a cooperative organization and is authorized by the Cooperative Development Authority (CDA) to issue share certificates to its owner-members, as authorized by the Cooperative Code of the Philippines, to indicate their share and participation in the ownership of the said primary cooperative;
WHEREAS; the SECOND PARTY is not prohibited by the By-laws of the cooperative to become a member and acquire shares of the said cooperative;
WHEREAS; upon resolution of its Board of Directors the SECOND PARTY, whose application for membership with the FIRST PARTY have already been approved by the Board of Directors, would like to subscribe to shares of the FIRST PARTY;
WHEREFORE; the FIRST PARTY hereby accepts the application for subscription and hereby sells its own shares to the SECOND PARTY under the following terms and conditions, to wit: