BY-LAWS as of October 2017

Barbados Public Workers’ Co-operative Credit Union Limited - ByLaws | 9 (b) holds twenty four (24) qualifying shares; (c) is not otherwise in breach of Section 57 of the Act. 36. (1) Nominated members and their consent to nomination shall be established through the following procedures:- i. fourteen (14) days before the date set for elections a nomination in writing by not less than four (4) members shall be given to the Society proposing the member for election; and ii. the nomination must be accompanied by a letter of consent signed by that member confirming his willingness to be nominated as a candidate for the Board of Directors, the Credit Committee or the Supervisory Committee. (2) On receipt of a nomination referred to in By-Law 36 the Secretary shall at the time of publishing notice of a general meeting of members, include in the notice a statement that the member nominated has offered himself for election to the Board of Directors, the Credit Committee or the Supervisory Committee. 37. (1) The Board of Directors shall appoint a person who is not a member of the Board, the Credit Committee or the Supervisory Committee nor a candidate for any vacancy, to chair the elections. (2) The Chairman of Elections shall:- i. make any announcements of the withdrawal of candidates or the absence of candidates vying for the Board of Directors, the Credit Committee or the Supervisory Committee; ii. declare the voting process open; iii. manage the voting process and ensure that at the conclusion of voting for election to the Board of Direc- tors, the Credit and Supervisory Committees that all ballot boxes are sealed in his presence; iv. receive and secure all remaining unused ballot books and ballot papers; v. manage the ballot counting process in the pre-designated counting area; vi. manage the process for any additional voting required in the event of a tied vote; and vii. announce the results of the elections for the Board of Directors, Credit Committee and Supervisory Com- mittee TENURE OF OFFICE 38. (1) Each member of the Board of Directors, the Credit Committee and the Supervisory Committee shall hold office until his successor is elected or appointed and may be eligible for re-election. (2) Directors shall be elected at the Annual General Meeting and may hold office for two (2) consecutive terms of three (3) years each, before retiring for a minimum of one (1) year providing that at least three (3) members shall retire each year. (3) Members of the Supervisory and Credit Committees shall be elected at the Annual General Meeting and may hold office for two (2) consecutive terms of three (3) years each, before retiring for a minimum of one (1) year, providing that at least one (1) member shall retire each year. ROTATION OF DIRECTORS 39. (1) Where persons are to be elected for varying terms, the member receiving the highest number of votes cast, is to be declared elected for the longest or longer term as the case may be. (2) Where two (2) or more candidates receive an equal number of votes, the members present may by resolution provide that a second ballot be cast or where the meeting does not decide to hold a second ballot to break the tie, the Chairman of Elections shall draw lots and the candidate whose lot is drawn, is to be declared elected for the longest or longer term. (3) Where candidates are elected unopposed, the members present may by resolution provide that a ballot be cast to determine the term of office for each member or where the meeting does not decide, the Chairman of Elections shall draw lots to determine the tenure of office for each candidate.

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