BPWCCUL By-Laws Review 2025 – FINAL VERSION 55 EXISTING BY-LAW PROPOSED CHANGE RATIONALE DIVIDEND AND BONUS DIVIDEND AND BONUS By-law 72(1) The Society in annual general meeting shall declare a dividend, out of the net profits after setting aside the prescribed statutory reserves, provided that no dividend shall be greater than 2% above the savings rate set by the Central Bank of Barbados. By-law 72(1) The Society at its annual general meeting shall declare a dividend, out of the net profits after setting aside the prescribed statutory reserves, provided that no dividend shall be greater than the higher of any limit as specified in the Act, Regulations or 2% above the savings rate set by the Central Bank of Barbados. Amended to include potential regulatory changes. By-law 72(2) In order to qualify for a dividend or bonus, a member must retain his membership throughout any intervening period between the close of the financial year to which the dividend or bonus relates, and the date of record for that financial year. By-law 72(2) No changes By-law 72(3) For the purpose of determining members entitled to a dividend or bonus, the date of record shall be fifty (50) days following the end of the financial year in respect of which the dividend or bonus is to be paid, or such other date as the Board may prescribe, giving at least ten (10) days’ notice to the membership. By-law 72(3) No changes By-law 73 All dividends and bonus shall be credited to members’ deposit accounts, and shall be calculated on the minimum quarterly balance provided always that a member shall be By-law 73 No changes
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