BY-LAWS as of October 2017

Barbados Public Workers’ Co-operative Credit Union Limited - ByLaws | 15 67. Members in general meeting may from time to time fix the maximum loan limit which may be lent to any member. This limit is fixed at six hundred thousand dollars ($600,000). 68. Loans shall be made and granted in accordance with the following provisions: (a) Members who wish to obtain a loan shall submit an application to the Credit Committee stating the amount and the purpose for which the loan is required, the terms for which it is asked, whether it is desired to repay it by installments, and the names of any proposed sureties or any other security which is offered subject to the Act. (b) The Credit Committee or authorized staff shall consider at a meeting every application for a loan, and if that Committee is satisfied with the trustworthiness of the applicant, the sufficiency of the security offered in accordance with existing policies, and the prospects of advantage to the borrower in the way of increased production or economy or otherwise, it may sanction the loan. (c) A member of the Credit Committee or other officer or an employee who applies for a loan or who is pro- posed as surety for a loan must withdraw while the relevant application is being discussed. If there is a differ- ence of opinion concerning the granting of a loan, the voting shall be taken by ballot. The proceedings with regard to loans at committee meetings shall be kept secret, and any member of the Committee or officer of the Society infringing this By-Law, shall be liable to immediate expulsion or dismissal. (d) At an Extraordinary Credit Committee Meeting eight (8) persons shall form a quorum provided that a quorum of the Credit Committee is present. The loan shall be approved by a two-thirds majority vote. (e) Notwithstanding the provisions of By-Law 68 (b) loans may be granted on personal security in accordance with an annual budgeted line of credit. (f) When a loan is approved, the borrower and his sureties shall execute an instrument in writing setting out the terms of repayment of the loan and containing such other terms and conditions as the Credit Committee may consider necessary. (g) Where a member is in default in the payment of a loan or of an installment of a loan, and does not satisfy the Credit Committee that such default is due to a good cause, such a member shall not be entitled to receive an- other loan from the Society, except a share secured loan, until such time as the borrowing rights are restored by the Board. (h) If by reason of sickness or some other cause, a member finds that he will be unable to discharge his obli- gations to the Society, and notifies the Secretary in writing before a loan is due, the Credit Committee may extend the time fixed for payment on such conditions as it thinks fit. (i) Where the Credit Committee is satisfied that a member of the Society who has obtained a loan has applied the proceeds thereof to a purpose other than the purpose which is stated in the application therefore under By-Law 68 (a), the Board may, by notice in writing to the debtor, demand repayment of the loan forthwith. (j) Where a loan or an installment of a loan has not been paid on the date on which it became due; and no extension for the payment thereof has been given to the debtor by the Credit Committee under By-Law 68 (h), the Board shall take steps for the recovery of the loan or installment of a loan: (i) by applying any monies standing to the credit of members towards the payment of that debt; or (ii) any other action which the Society deems necessary including recourse to the Law Courts. 69. For the purpose of By-Laws 66 and 68, interest shall be deemed to be an installment of a loan and shall be deemed to be due as specified in the instrument provided for in By-Law 68 (f). RESERVE FUND 70. The Society shall create and maintain a Reserve Fund in accordance with the provisions of the Act. 71. The Reserve Fund shall not be lent to members nor be used or applied except as provided in the Act and the Regu- lations.

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