BYLAWS OF COCKPIT ARENA

KNOW ALL MEN BY THESE PRESENTS:

We, the undersigned Filipino citizens, of legal age, and residents of the Philippines, representing
at least majority of the members of this Service Cooperative, do hereby adopt this By-laws.

ARTICLE 1 – Profit Sharing

1. There shall be a lot sharing of 20% total net profit to all members.

ARTICLE 2 – MOA
2. There shall be an agreement between landowner and investor (MOA).

ARTICLE 3 – Land Agreement

3. The Land Agreement shall consist of the following:
3.1. There shall be an agreement until existing franchise;
3.2. Upon franchise expiry, there shall be at least 3 years redemption.
3.3. The Canteen operation shall be under the landowner.
3.3.1.1. Canteen operation shall pay rent to the establishment amounting to
Php __________.
3.4. All further vendor requests must receive the operator's permission.
3.5. The Parking area shall be under the cockpit operator.

ARTICLE 4 – Land Area

4. The Land Area as per MOA is _________sqm.

ARTICLE 5 - Maintenance
5. Maintenance of the following are under Operator or Management:
a. Road.
b. Water.
c. Building.
d. Electricity.
 ARTICLE 6 – Cockpit Operation Rules
6. Rules for Cockpit Operation:
6.1. Saturdays, Sundays and all Special Holidays are for Management’s
exclusive use.
6.2. Any other cockpit rental request shall be catered only for weekday use.
6.2.1. Exemptions under management approval are:
a. Use for National Derby;
b. Use for Local Association Derby; and
c. Use for CWIC Organization Derby.
6.3. Local and national rentals are subject to management approval and must
be included in the 40% net revenue.
6.4. Any request from a member for a Derby shall be subject to a rental fee and
be counted toward the 40% net income.
6.5. All cockpit manpower is under the management control.

ARTICLE 7 – Revolving Fund

7. In every Derby schedule, all members are required to contribute amounting to Php
5,000.00 for the revolving fund.

ARTICLE 8 – Credit Line

8. Credit line for members shall only be limited to Php ___________.

ARTICLE 9 - Meetings
9. Members are obliged to attend the Board Meetings.
9.1. Regular Meetings are scheduled every first Sunday of the month, except
for Special Meetings requested by any member.
9.2. In order to have a majority number, accumulative attendance of 50% plus
1 of the members is required.
9.3. The majority of the members present must approve the Meeting's Minutes.

ARTICLE 10 – Deceased or Withdrawing Members

10. Only immediate family may replace deceased or withdrawing relatives.
10.1.Upon withdrawal of member, the Management has the full authority to choose
replacement.
10.2. The member shall also be refunded the amount of ___________ Capital
Share.

ARTICLE 11 - Members
 11. Total number of Members or Investors shall be 10 only.

ARTICLE 12 – Shares
12. Total amount of shares per investors shall be Php______________.

ARTICLE 13 – Schedule of Profit Sharing

13. There shall be profit sharing every June and December and a deduction of 20% for
member contribution to the trust fund.

IN WITNESS WHEREOF, we, the undersigned incorporators and/or members present at said
meeting and voting thereat in favor of the adoption of said by-laws, have hereunto subscribed our names
this _________ day of _____________ at __________________________________.

NAME SIGNATURE

We, constituting the Members of the Cockpit Arena do hereby certify that the foregoing
instrument is the Code of By-laws of this Cooperative. Signed this of ____________, 20___, in
______________.