BY-LAWS as of October 2017

6 | Barbados Public Workers’ Co-operative Credit Union Limited - ByLaws 16. A member shall cease to be a member and his membership shall be terminated if he: (a) dies; (b) withdraws from the Society by giving written notice to the Secretary; (c) ceases to hold the required number of shares prescribed in By-Law 21(a) or By-Law 21(b); (d) is expelled as provided in the Act, Regulations or By-Laws. 17. Any member who: (a) fails to pay any contribution or debt due to the Society; or (b) is convicted of a criminal offence involving dishonesty; or (c) in the opinion of the Board acts in anyway detrimental to the interests of the Society may be suspended by the Board until the next general meeting when he may be expelled as provided in the Act. 18. Subject to Section 102 of the Act, after payment of any amount due to the Society, or to any contingent liability to the Society, all amounts paid on shares or deposits by members whose membership has been terminated shall be paid to them in order of termination, but only as funds are available. 19. The Society shall keep a register of its members in accordance with the provisions of the Act. SHARES 20. In accordance with Section 30 (1) of the Act, the par value of one share shall be $5.00. 21. (a) In accordance with the provisions of Section 10 of the Act, a member shall pay and thereafter maintain con- tributions to the value of twenty-four (24) qualifying shares. (b) A member whose name was entered in the Society’s register of members prior to the enactment of this By- Law, shall within the first six (6) months of enactment of this By-Law, pay and thereafter maintain contribu- tions to the value of twenty-four (24) qualifying shares. 22. Shares may be transferred in accordance with Section 48 & 49 of the Act, but no transfer shall be registered until a transfer fee of $5.00 has been paid. 23. Subject as hereinafter provided the amount of any share or the amount paid on any share may be withdrawn at any time provided that the Board shall have the right at any time to require members to give seven (7) days notice in writing or in any given emergency such additional notice as the Board may fix, of his intention to do so. 24. Where a member’s liability to the Society exceeds his savings, such savings may only be withdrawn in accordance with the Society’s loan policy. 25. If the whereabouts of any member are not known to the Society and no claim is made within one year from the date of his last transaction with the Society, the Board may transfer his share or interest, after deducting any sum due to the Society to an unclaimed Share Account. Any sums remaining unclaimed in this account for five years may be transferred to the Reserve Fund. MEETINGS OF MEMBERS 26. The supreme authority of the Society shall be vested in a general meeting of members at which every member has the right to attend and vote on all questions except the member is on suspension. 27. (a) Members shall vote by a show of hands or a secret ballot as determined by the meeting. (b) Meetings of members shall be convened and held in accordance with the provisions of the Act. (c) General meetings of members shall be held from time to time at the discretion of the Directors.

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