BY-LAWS as of October 2017

14 | Barbados Public Workers’ Co-operative Credit Union Limited - ByLaws (2) In the process of their examination, the Committee shall audit a sample of the applications for loans made during the period and satisfy themselves that for each of those sample loans, an application is on file and that those loans state the purpose for which the loans are made, the description of the security offered, if any, and that they bear the signature of approval of the Credit Committee, authorized Loan Officer(s) or the In-house Loan Committee , that a loan agreement have been prepared for those loans and that they are properly filled out and signed by the borrowers. (3) Due notice of each meeting shall be given to the other members of the Committee by the Secretary. A majori- ty of the members of the Committee shall constitute a quorum. (4) Within twenty-one (21) days of the end of each month, the Treasurer or Manager shall submit for attestation by the Supervisory Committee, the monthly returns as required by Section 127(2) of the Act. (5) The Supervisory Committee shall keep minutes of its meetings and shall in accordance with Section 216(2) of the Act:- a) within seven (7) days of each meeting report the results thereof in writing to the Board; and b) submit a written report to the Annual General Meeting of the members of the Credit Union. 59. (1) If in the opinion of the Supervisory Committee, the funds, securities or other property of the Society have been misappropriated or misdirected, or in the event that the By-Laws of the Society, the Act or the Regu- lations have been contravened by the Board of Directors, the Credit Committee or a member thereof or an officer or employee engaged by the Board, the Supervisory Committee shall act in accordance with Sections 215 of the Act. (2) Where any violation, misconduct, malpractice, misappropriation or misdirection involves an employee of the Society, the Supervisory Committee shall forthwith inform the Registrar in writing and the Board shall take action as appropriate. 60. (1) Any Supervisor shall be deemed to have vacated his office if: (a) he resigns by giving notice to the Supervisory Committee in writing; or (b) he ceases to be qualified in accordance with By-Law 21 (a)&2l (b);or (c) without due excuse approved by the Supervisory Committee he fails to attend three (3) consecutive meetings; (d) without due excuse approved by the Board he becomes delinquent in his repayment to the Society and such delinquency continues for a period of ninety (90) days. (2) In the event of a vacancy, the remaining Supervisors shall fill such vacancy by the election of his successor. LOANS TO MEMBERS 61. The Society shall make loans to its members only and for provident and productive purposes. All loans made shall be applied by the borrowing members to such purpose as has been approved. 62. The terms and conditions on which loans may be made to members shall be fixed by the Board from time to time provided always that the interest shall be computed on the monthly unpaid balance of the loan. 63. No loan shall be made to any member who is not in good standing, or is otherwise a defaulter, except as provided in By-Law 68 (g). 64. A member may repay his loan prior to maturity in whole or in part on any business day of the Society. 65. A member failing to pay any installment of a loan at the time fixed shall, unless the time has been extended, pay such fine as the Board may from time to time determine. 66. If a member fails to pay an installment of a loan within the time allowed in the instrument provide for in By-Law 68 (f), and if no extension of time has been granted, or if any other event specified in the instrument occurs, then the principal sum and the interest thereon and all other moneys owing shall become due and payable as prescribed in the instrument.

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