BYE-LAWS - TECU

1 BYE-LAWSR evised as at November 2015 BYE-LAWSR evised as at November 2015 TECU HOUSESOUTHERN MAIN ROADMARABELLA2 TECU Credit Union - Revised BYE-LAWS (November 2015)1. Interpretations 52. Name 63. Registered Address and Operations 64. Object 75. Qualification for Membership 76. Admission for Membership 77. Commencement of Membership 88. Cessation of Membership 89. Liability 1010. Capital 1011. Share-Holding 1012. Register of Members 1113. Share Transfer 1114. Share Transfer Restriction 1115. Annual General Meeting 1116. Special General Meeting 1217. Notice of General Meeting 1218. Quorum At Meetings 1319. Voting At Meetings 1320. Board of Directors 1321. Powers and Duties of the Board 1422. Officers 1523. Duties of the President 1624. Duties of the Vice President 1625. Duties of the Secretary 1626. Duties of the Assistant Secretary 1727.

2 Duties of the Treasurer 1728. Duties of the Assistant Treasurer 1729. Executive Committee 1830. Duties of the General Manager 18 Contents3 TECU Credit Union - Revised BYE-LAWS (November 2015)31. Investments 1832. Financial Year 1933. Loans 1934. Lien 1935. Enforcement of Charge 2036. Withdrawal of Shares or Deposits 2037. Credit Committee 2138. Powers and Duties of the Credit Committee 2139. Supervisory Committee 2240. Powers and Duties of the Supervisory Committee 2241. Deposit Accounts 2342. Joint Holdings 2343. Nomination of Beneficiaries 2444. Payment to Nominee 2445. Devolution of Shares 2546. Dividends 2547. Statements of Accounts 2648. Education Committee 2649. Duties of Education Committee 2650. Nominating Committee 2751. Allowances to officials 2752. Code of Ethics 2853. Confidentiality 2854. Audit 2855. Reserve Fund 2956.

3 Education Fund 2957. Seal 2958. Dissolution 3059. Amendments to BYE-LAWS 304 TECU Credit Union - Revised BYE-LAWS (November 2015)5 TECU Credit Union - Revised BYE-LAWS (November 2015)1. INTERPRETATIONSa) In these BYE-LAWS , unless, the context otherwise requires:-i. The Commissioner means the Commissioner for Co-operative Development;ii. The words he , his and him shall also mean she , hers and her ;iii. The Board means the Board of Directors;iv. Meeting of the Society means any General Meeting or any meeting of the Board or of the Credit or Supervisory Committee;v. The Act means the Co-operative Societies Act, Chapter 81:03 and any amendments thereto;vi. The Regulations mean the Co-operative Societies Regulations 1971 and any amendments thereto;vii. The Rules mean the Rules as can be decided by the Society from time to time in accordance with the Societies BYE-LAWS and the Co-operative Societies Act Chapter 81:03viii.

4 The Society means the TECU Credit Union Co-operative Society An Officer means the holder of an elected or appointed office on the Board, Supervisory Committee, Credit Committee or any other person so defined by the Wherever in these BYE-LAWS a Special Majority is required and the computation of that Special Majority includes a fraction of a person; the fraction shall be considered a A member in Good Financial Standing is a member who is neither delinquent nor A Delinquent Member is a member who is in default of payments of money when Term means1. For the Supervisory Committee one (1) year from one Annual General Meeting to Credit Union - Revised BYE-LAWS (November 2015)2. For the Credit Committee one (1) year from one Annual General Meeting to For the Board of Directors three (3) years.

5 Wherever a person is elected to serve for a portion of a term such portion shall be considered a term.(b) These BYE-LAWS are supplementary to the provisions of the Act and the Regulations and the Society shall be guided by the Act, Regulations and the BYE-LAWS read together.(c) Any doubts arising in respect of the meaning or interpretations of any of the provisions of these BYE-LAWS shall be referred to the Commissioner for NAMEThe Society shall be called TECU CREDIT UNION CO-OPERATIVE SOCIETY REGISTERED ADDRESS AND OPERATIONSThe registered address of the Society shall be at TECU House, 281-285 Southern Main Road, Marabella in the Republic of Trinidad & Tobago, or at such other place as may be decided by the Board of Directors from time to time, in accordance with Bye-Law 45. In the event of any change of the registered address, notice of such change shall be given within thirty (30) days thereafter to the Commissioner.

6 (a) The area of operations of the Society shall be throughout Trinidad and Credit Union - Revised BYE-LAWS (November 2015)4. OBJECTThe object of the Society shall be:To promote thrift among its members and to create a source of credit for provident and productive purposes including Mortgage of Real Property.(a) To provide recreational facilities for the benefit of members.(b) To provide a range of competitive financial products and services which satisfies members needs.(c) To engage in legitimate business activities that create wealth and contribute to the improvement of the quality of life of members as determined by the Board from time to QUALIFICATION FOR MEMBERSHIPi. Bona Fide employees and/or pensioners of Petroleum Company of Trinidad & Tobago Limited, its predecessors, successors or subsidiaries or associated companies, and other related Relatives of Such other persons who are recommended for membership by a bona-fide member of the Societyiv.

7 Such other persons, personnel of companies and of institutions approved by the ADMISSION FOR MEMBERSHIPA pplication for membership shall be made on the prescribed form and submitted to the Society for approval by the Board. No application shall be approved unless the applicant has been recommended by a member and has paid the sum of $ representing payment for one (1) Credit Union - Revised BYE-LAWS (November 2015)7. COMMENCEMENT OF MEMBERSHIPM embership shall be deemed to commence on the date of admission to the Register of CESSATION OF MEMBERSHIPi. A member may terminate membership at any time provided that he is not a debtor, an endorser, or a guarantor of any loan due to the If a member terminates membership, he shall (ipso facto) cease to be a member, provided always that he shall not be entitled to withdraw or transfer his shares (membership shall not be terminated)

8 Until all debts to the Society dated prior to the loss of qualification shall have been If any member violates the BYE-LAWS or otherwise acts in a manner prejudicial to the interest of the Society, the Board may be a 2/3 majority vote of its members present at the meeting suspend or terminate his membership after a Where a member is terminated or suspended, a concise statement in writing of the specific grounds for his termination or suspension must first have been served upon the member and he must have been given a reasonable opportunity of being heard by the Board in his The member shall be at liberty to call witnesses in his An appeal from the findings of the Board may be made by a terminated or suspended member by letter addressed to the Secretary to reach within fifteen (15) days of serving the order of Where the terminated or suspended member lodges an appeal of his expulsion or termination with the Secretary, the Board shall convene a Special General Meeting within forty-five (45) days of a notice of appeal.

9 The 9 TECU Credit Union - Revised BYE-LAWS (November 2015)Special General Meeting shall review the facts and issues involved and shall have the power by a vote of the majority of members present to confirm or disallow the expulsion of the Where the Board fails to hold a Special General Meeting within the forty-five (45) days allowed under the Bye-Law, the termination or suspension of the member shall be rescinded automatically and all lost benefits If any person who is a witness in any proceeding under this Bye-Law or has any direct or indirect interest herein sits in the position of Chairman at any Board or Special General Meeting held under this Bye-Law or be present when any charge or appeal is being determined, the whole of such proceedings shall be null and void and of no At the hearing of any appeal under this Bye-Law the terminated or suspended member shall be at liberty to call witnesses in his defence and to be represented by a person of his Members so expelled shall only be entitled to the receipt of dividend, patronage refund or other deposits which accrue prior to the date of expulsion.

10 And shall be:i. Debarred from offering himself for Disqualified from holding any office to which he is already Disentitled to the receipt of any dividends accruing during the term of such delinquency, whereupon such accruals would now be transferred to debts owing to the society and or to shares as determined by Disentitled to participate in any service supplied or offered to Credit Union - Revised BYE-LAWS (November 2015)9. LIABILITYThe liability of a member for the debts of the society shall be limited to the value of the members CAPITALThe capital of the Society shall be unlimited and shall consist of: An unlimited amount of shares of five dollars ($5) each from members. Accumulated surpluses Grants and Donations from Government, International Agencies and Co-operative Organisations Other funds determined by the BoardThe Capital funds of the Society shall only be used for the stated objects of the SHARE-HOLDINGNo member shall hold more than ten per centum of the total issued share capital of the Society at the date of purchase of such minimum share holding of a member shall be as prescribed by the Credit Union - Revised BYE-LAWS (November 2015)12.