In attendance:
Tyrone S. Tan, Rinofel Q. Coronel, Junnel M Relativo, Jason L. Balbedina, Edgar A. Basares Jr., Henri Arnulfo E. Deri, Eric G. Gojar, Domingo M. Lee III, and Faustino E. Taclan Jr.
The meeting started around 11:00 pm, with Tan presiding. At the outset, Tan broached the idea of the class taking on outreach programs, programs aimed at helping the more needy sectors of our society and programs that would contribute in the progress of our nation, as a way of giving back to the society and, at the same time, doing our part in nation-building.
The idea caught on and everyone agreed to raise funds through business ventures not only to finance the outreach projects but also to generate income for the individual members of the class. In furtherance of this objective, the group agreed on the following:
1. Form a corporation that will go into big business ventures like real estate development.
2. For the corporate identity, the following names (chosen by way of votation) will be submitted to the SEC for approval:
a) Maelstrom Trading Corporation (7 votes),
b) Maelstrom Incorporated (6 votes),
c) Maelstrom 86 Trading Corporation (5 votes),
d) Maelstrom Ventures Incorporated (5 votes), and
e) OLPS ’86 Corporation (5 votes).
3. The Corporation will have:
INVESTORS (the members who will take care of the financial requirements) and
INDUSTRIAL PARTNERS (those who will compose the administrative staff).
A member may choose to be both.
4. Tan, Relativo, Taclan, Coronel, Balbedina, Lee, and Gojar compose the Board of Directors.
Tan was elected Chairman of the Board;
Relativo, Corporate Secretary; and
Taclan, Treasurer.
Since everyone was in the dark on what the other positions were in a corporation, it was agreed that Balbedina, Lee, Gojar, and Coronel, in this order, would fill up such positions, if any, after Relativo has read up on corporate positions.
5. Members of the class who didn’t make it to the Cebu reunion would be sent letter-offers to join the corporation for its first venture alone since the offer of membership to each member of the batch stands for a lifetime. In a general assembly slated for June 17, 2006 at the OLPS, the members will be asked to give their final answers in writing to the offer of membership. Each member who has not joined the corporation is given the leverage to join in the succeeding ventures.
6. The group pegged the paid-up capital at ___ million, with Tan pledging to take care of the balance if the individual share capitals do not add up to that amount.
Relativo has committed P___, 000.00;
Taclan, P___, 000.00;
Coronel, P___, 000.00;
Balbedina, P___, 000.00;
Lee, P___, 000.00;
Gojar, P___, 000.00; and
Tan, P___, 000.00.
Tan’s share capital will decrease as pledges from classmates who didn’t attend the Cebu reunion but who would like to be part of the endeavour start coming in.
Priority of investment is enjoyed by classmates who have not made it big in life (meaning, Erwin, Kit, and Nono will not only be asked to step aside in favour of a “poorer” classmate if there is a shortage of investor slots but also be discouraged from putting too much money should no one else decide to invest in the ventures.)
7. Profit-sharing will be based on share capital.
8. The Treasurer should open a bank account at UCPB Sorsogon immediately upon arrival from Cebu. The board of directors will each have to deposit the 10% of their pledged share capital within this week. The remainder has to be in on the first week of July. Failure to give the total amount would mean forfeiture of the 10 % in favour of the Corporation.
9. Balbedina’s been appointed manager, with Deri and Basares as members of his staff. Upon arrival in Sorsogon, they will immediately get down to work: having the corporation registered, getting the business permits, scouting for prime lots, setting up the office, writing the sales pitch, etc.
The meeting adjourned at 1:30 am the following day, May 22, 2006.
