BY-LAWS as of October 2017

Barbados Public Workers’ Co-operative Credit Union Limited - ByLaws | 11 (c) if a person who is interested in a contract later becomes an officer of the Society forthwith after he becomes an officer or senior management personnel. 47. The Director, officer or senior management personnel of the Society must disclose in writing to the Society, or request to have entered in the minutes of meetings of directors, the nature and extent of such interest forthwith after the Director, officer or senior management personnel becomes aware of the contract or proposed contract. 48. The Director shall not vote on any resolution to approve a contract in which he has declared an interest. 49. A contract between the Society and one or more of its directors, officers or senior management personnel, or between the Society and another body of which a director, officer or senior management personnel of the Society is a director or officer or in which he has an interest, is neither void nor voidable by reason only of that relationship. SECRETARY AND TREASURER 50. (1) The Secretary shall: (i) attend all meetings of the Society and the Board; (ii) keep the minutes of any meeting of the Society or Board; (iii) conduct any correspondence on behalf of the Society; (iv) keep charge of all records, books, papers and other documents of the Society; (v) issue notices for all meetings of the Board and general membership of the Society in accordance with the Regulations and By-Laws; (vi) sign and execute, jointly with the President, all deeds and conveyances of real or personal property and such other documents as the Board may specify; (vii) perform such other duties as are prescribed by the By-Laws or authorised by the Board; and (viii) summon all meetings as provided in the Regulations. (2) The Treasurer shall: (i) receive all monies due and payable to the Society and issue receipts for the same; (ii) deposit all monies received in the name of the Society in such bank or depository as specified by the Board; (iii) sign all cheques, notes, bills of exchange and other documents necessary to effect the business of the Society; (iv) record all transactions effected by the Society in the books provided for the purpose; (v) keep charge of all documents, books and vouchers for all payments made and receipts issued on behalf of the Society; (vi) prepare the annual statements of accounts, balance sheet, monthly financial statements and other state- ments as the Board may request; (vii) keep separate all monies belonging to the Society; (viii) produce a current statement of the Societies monies on demand; and (ix) make payments as authorised by the Board and obtain receipts for the same. DISCIPLINE/DISMISSAL OF INTERNAL AUDITOR 51. The Internal Auditor shall report to the Supervisory Committee. 52. The Internal Auditor shall only be disciplined or dismissed on the majority vote of each elected Committee. CREDIT COMMITTEE 53. (1) The Credit Committee shall consist of three (3) members, none of whom shall be a member of the Board, the

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