BY-LAWS as of October 2017

4 | Barbados Public Workers’ Co-operative Credit Union Limited - ByLaws (r) “relative” means a spouse, child, father, mother, brother, sister, uncle, aunt, nephew and niece. (s) “Returning National” means a citizen of Barbados who has lived in a foreign country for five or more consecutive years. (t) “Loan Policy” refers to the loan policy of the Society as determined by the Board of Directors from time to time”. REGISTERED ADDRESS 3. The registered address of the Society shall be “Melbourne”, Belmont Road, St. Michael or at any other place as may from time to time be determined by the Society or the Board and notified to the Registrar. OBJECTS 4. The objects of the Society shall be: (a) To promote thrift among its members by providing means whereby savings can be effected and shares in the Society can be acquired. (b) To educate its members in co-operative principles and methods and the efficient management of its affairs. (c) To create out of the savings of its members and otherwise, a source of credit available to its members on reasonable terms and conditions; and (d) To pursue business and other activities geared towards the enhancement of the financial, economic and social well-being of its members. (e) To do other acts and things as are incidental or conclusive to or consequential upon the attainment of the above objects. AREA OF OPERATIONS 5. The area of operations of the Society shall be the Island of Barbados and such jurisdictions outside Barbados as the Laws of Barbados and that jurisdiction permits. CAPITAL AND FUNDS 6. The capital and funds of the Society shall be raised by means of: (a) The savings of its members received as payments or contributions to shares; (b) The deposits of members or non-members; (c) Loans from members or non-members; and (d) Entrance and other fees, fines, interest on loans and investments and other contributions received from mem- bers and non-members. 7. Each share of the Society shall be of the par value of $5.00 and the minimum number of shares which may be held by each member shall, subject to the provisions of the Act, Regulations and By-Laws, be prescribed from time to time by the Board. 8. Deposits may be received from any member or non-member at rates of interest not exceeding 8% and for agreed terms of up to five (5) years. Deposits shall not be withdrawn or transferred by depositors by a cheque, any other bill of exchange or any other negotiable instrument. 9. Subject as hereinafter provided and in accordance with the provisions of the Act, the Directors with the sanction of a General Meeting, may borrow or raise money from any source in any manner the Society thinks fit.