Recommendations of the Members By-Laws Review Committee 1 Recommendations of the Members By-Laws Review Committee Current By-Laws (January 2023) (A) Board’s Proposed Change (B) Board’s Rationale (C) By-Law Committee’s Recommendation (D) By-Law Committee’s Rationale (E) Name By-law 1 1. The Name of the Society shall be the Barbados Public Workers’ Co-operative Credit Union Limited (hereinafter referred to as “the Society”). By-law 1 No changes. No changes. By-law 1 No changes were recommended by the Committee. No need to change. Interpretation By-law 2 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; By-law 2(1) No changes. No changes. By-law 2(1) No changes were recommended by the Committee. No need to change. By-law 2(2) (The definitions remain as is except where the changes are outlined.) “Act” should include the Co- operative Societies Act CAP, 378A of 1993 as amended by Act 2007-39, means the Financial Services Commission Act (201021), to the extent applicable, the Regulations made under these Acts, and any subsequent amendments to same as may be applicable. (a) “associate” means: 1. any co-operative society or company in which the Society holds twenty percent or more of shares, to which voting rights are attached; 2. a member of the Board or committee of the Society, an employee of the Society, or a business partner, or a trust or estate in which that person has a beneficial interest or in Interpretations/Definitions enhanced to provide additional clarity. They have been drawn from various sources including the definitions section of Acts, Governance Handbook, internet etc. The final set of definitions and interpretations will be cleaned up and circulated once the substantive by-laws are agreed. By-law 2(2) Amend By-law 2(2)(b)(2) to read: “external auditor” means independent of the organization and are usually hired by shareholders, the board, or external stakeholders. Their main task is to provide an independent opinion on the company’s financial statements, ensuring they present a true and fair view in accordance with standard accounting principles. By-law 2(2)(b)(2) “True and fair” is the correct term used in audit reports, not “accurate”.
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