BY-LAWS as of January 2023

Barbados Public Workers’ Co-operative Credit Union Limited - ByLaws | 3 Name 1 The Name of the Society shall be the Barbados Public Workers’ Co-operative Credit Union Limited (hereinafter referred to as “the Society”) Interpretation 2. (1) In these By-Laws, unless the context otherwise requires, expressions defined in the Act or the Regulations, shall have the meaning so defined, and words importing the singular shall include the plural and vice versa, and words importing the masculine gender shall include the feminine gender and words importing persons shall include the bodies corporate (2) In these By-Laws: (a) “Act” means the Co-operative Societies Act 1990-23 (b) “auditor” includes a partnership of auditors; (c) “Board” means the Board of Directors; (d) “business” includes undertaking carried on by the Society; (e) “bonus” means a share of the surplus of the Society divided among its members in proportion to their patronage with the Society; (f) “By-Laws” mean the registered By-Laws made by the Society in the exercise of any power conferred by this Act, and includes a registered amendment of the By-Laws; (g) “debt obligation” means a bond, debenture, member loan, note savings certificate or other evidence of indebtedness or guarantee of the Society whether secured or unsecured; (h) “Director” means an individual occupying the position of director of the Society, by whatever name called; (i) “dividend” means a share of the surplus of the Society divided among its members in proportion to the share capital held by them; (j) “general meeting” shall be defined as a mode of congregation that allows members to participate in the business of the Society whether in-person, by way of virtual attendance or a hybrid combination of both methods simultaneously (k) ”legal representative”, in relation to the Society, member or other person, means a person who stands in place of and represents the Society, member or other person and, without limiting the generality of the foregoing, includes, as the circumstances require, a trustee, executor, administrator, assignee, or receiver of the Society, member or other person; (l) “member” includes a person joining in the application for the registration of the Society and a person or society admitted to membership after registration in accordance with this Act and the By-Laws of the Society; (m) “membership fee” means any amount paid by a member to the Society as a condition of his becoming or remaining a member, but does not include an amount paid by a member to the Society for; (i) goods, services or accommodation that the society provides to the member, or (ii) shares, loans or other securities of the society; (n) “officer” includes a president, secretary, treasurer, director or other person empowered under the Regulations or By-Laws to give directions respecting the business of the Society; (o) “Qualifying Shares” means the number of shares required for membership in the Society, as prescribed by the By-laws in accordance with Section 10(1)(a)(v) of the Act. (p) “Registrar” means the Registrar of Co-operative Societies; (q) “regulations” means Regulations made under the Co-operative Societies Act 1990-23; (r) “security” (i) means a share or a debt obligation of the Society, and

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