BY-LAWS as of October 2017

Barbados Public Workers’ Co-operative Credit Union Limited - ByLaws | 13 55. (1) No loan shall be made unless approved by:- a. the Credit Committee; or b. the Extra-ordinary Credit Committee; or c. an employee(s) authorized under By-Law 54 (2); or d. the In-house Loans Committee which shall comprise of:- i. the Chief Executive Officer ii. the Manager of Operations iii. the Finance Manager iv. the Branch Operations Officer v. the Senior Financial Services Representative -Underwriting (2) An Extraordinary Credit Committee shall comprise the members of the Board, the Credit Committee and the Supervisory Committee and shall be convened if an Officer, Director, Credit Committee member, Supervisory Committee member or employee, requires a loan in excess of his total holdings in shares, deposits and accu- mulated earnings or if any loan is referred to it by the Credit Committee. (3) (a) For the purposes of this paragraph, “fiduciary relationship” means a relationship where a person is legally appointed and authorized to hold assets in trust for another person. (b) No member of the Credit Committee, the Board, the Supervisory Committee or any other person who has been authorized to approve loans, shall be present at the discussion of, or approval of, a loan to him- self, to a person for whom he is proposed as surety, or any other person with whom he has a fiduciary relationship. SUPERVISORY COMMITTEE 56. (1) The Supervisory Committee shall consist of three (3) members, none of whom shall be a member of the Board, the Credit Committee or an employee of the Society. (2) Any member of the Supervisory Committee shall in addition to By-Law 41, be deemed to have vacated his office if he fails to perform any of the duties allotted to him as a member of the Committee. (3) A vacancy on the Committee shall be filled by the remaining members of the Committee who may appoint a qualified member until the next Annual General Meeting at which a member shall be elected to fill the vacancy for the unexpired term. 57. The Supervisory Committee shall choose from its number a Chairman and a Secretary. These offices shall not be held by the same person. 58. (1) The Supervisory Committee shall meet at least once a month to perform the duties as provided in the Act, regulations and By-Laws and to:- a) appraise the policies and operating procedures and make any recommendations to the Board and to the Credit Committee; b) confirm the cash instruments, property and securities of the Society; c) monitor the management of the Society; d) verify the assets of the Society and monitor whether the assets are properly protected; e) receive and investigate any complaints made by any member affecting the proper management of the Society; f) at least once a year, cause the accounts of members to be verified with the records of the Society; g) ensure that all advances, loans, deposits and other transactions involving Directors, committee members and employees, are in keeping with the Act, the Regulations, By-Laws and Policies of the Society; and h) attest to the monthly returns filed in compliance with Section 127(2) of the Act.

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