BY-LAWS as of October 2017

Barbados Public Workers’ Co-operative Credit Union Limited - ByLaws | 5 10. The Society in general meeting shall in accordance with the provisions of the Act from time to time fix the maxi- mum amount which it may at any one time owe in respect of deposits and loans. 11. The funds of the Society may be applied to the following purposes only, namely: (a) The expense of management, (b) Loans to its members for provident and productive purposes, (c) Any other purpose authorised by the Act, Regulations and these By-Laws. 12. The liability of a member to make contributions to the assets of the Society in case of liquidation shall be limited to his shares. MEMBERSHIP 13. (1) A member of the Society shall be of any age. Notwithstanding the foregoing and subject to section 82A of the Co-operative Societies Act, an individual who has not yet attained the age of sixteen (16) may be admit- ted as a member. Every member shall be: (a) a bona fide public worker; or (b) a relative of a member; or (c) an employee of the Society; or (d) an employee of a statutory body; or (e) former employees of qualifying organizations under these By Laws; or (f) employees of privatized qualifying entities under these By Laws; or (g) returning nationals of related organizations which ordinarily qualified under these By Laws; or (h) an employee of the National Union of Public Workers; or (i) an employee of a Regional or International Organization based in Barbados; or (j) an employee of the Barbados Institute of Management and Productivity (BIMAP); or (k) an employee of a government associated company or organization; or (l) existing bona fide member; or. (m) a person proposed for membership by a member. (2) Persons who have the necessary qualifications for membership and are desirous of becoming joint members may apply in writing to the Secretary. The application shall state the residence and occupation of each person, whether the tenancy will be a joint tenancy or a tenancy in common and shall contain such other information as the Board may from time to time decide. (3) An application of a joint membership to withdraw from the Society or to vary the composition of the joint membership must be signed by all the persons comprising the joint membership. 14. Any person who has the necessary qualifications and who is desirous of becoming a member shall apply in writing to the Secretary. His application shall state his residence and occupation and contain such other information as may be prescribed from time to time. 15. The election of applicants for membership shall be by the Board but no person thus admitted to membership shall become a member or be entitled to any of the rights or privileges of membership until he has paid an entrance fee of $5.00, subscribing and paying for not less than one share of the Society. All such entrance fees shall go into the Reserve Fund.

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