BY-LAWS as of January 2023

Barbados Public Workers’ Co-operative Credit Union Limited - ByLaws | 13 (3) Any person(s) authorized under paragraph (2) to approve loans, shall submit a written report to the Credit Committee in accordance with section 208 (3) of the Act, stating the number of applications received; the number of loans granted; the security, if any, obtained for such loans ; and the number of loans referred to the Credit Committee Such report shall become a part of the records of the Credit Committee (4) A loan not approved by a Loans Officer shall be subject to review by the Credit Committee. (5) No individual shall have authority to disburse funds of the Society for any loan which has been approved by him in his capacity as a Loans Officer. (6) The Credit Committee and or the Loans Officer as applicable, shall enquire carefully into the character and financial condition of each applicant for a loan and his sureties to ascertain his ability to repay fully and promptly any obligation incurred and to determine whether the loan sought is for a purpose which will be to the economic, social or financial benefit or advancement of the applicant. 55 (1) No loan shall be made unless approved by:- a. the Credit Committee; or b. the Extra-ordinary Credit Committee; or c. an employee(s) authorized under By-Law 54 (2); or d the In-house Loans Committee which shall comprise of:- i. the Chief Executive Officer ii the Manager of Operations iii the Finance Manager iv. the Branch Operations Officer v the Senior Financial Services Representative -Underwriting (2) An Extraordinary Credit Committee shall comprise the members of the Board, the Credit Committee and the Supervisory Committee and shall be convened if an Officer, Director, Credit Committee member, Supervisory Committee member or employee, requires a loan in excess of his total holdings in shares, deposits and accumulated earnings or if any loan is referred to it by the Credit Committee (3) (a) For the purposes of this paragraph, “fiduciary relationship” means a relationship where a person is legally appointed and authorized to hold assets in trust for another person (b) No member of the Credit Committee, the Board, the Supervisory Committee or any other person who has been authorized to approve loans, shall be present at the discussion of, or approval of, a loan to himself, to a person for whom he is proposed as surety, or any other person with whom he has a fiduciary relationship SUPERVISORY COMMITTEE 56. (1) The Supervisory Committee shall consist of three (3) members, none of whom shall be a member of the Board, the Credit Committee or an employee of the Society (2) Any member of the Supervisory Committee shall in addition to By-Law 41, be deemed to have vacated his office if he fails to perform any of the duties allotted to him as a member of the Committee. (3) A vacancy on the Committee shall be filled by the remaining members of the Committee who may appoint a qualified member until the next Annual General Meeting at which a member shall be elected to fill the vacancy for the unexpired term 57. The Supervisory Committee shall choose from its number a Chairman and a Secretary. These offices shall not be held by the same person 58. (1) The Supervisory Committee shall meet at least once a month to perform the duties as provided in the Act, regulations and By-Laws and to:- a) appraise the policies and operating procedures and make any recommendations to the Board and to the Credit Committee;