See below key provisions of the Barbados Association of Compliance Professionals Inc. (BACP). You can also click the button above for the full By-laws document.
BACP Membership Process
Application for membership should be made through the BACP membership application form;
Applications for membership will be approved by a simple majority of the Executive Committee;
If approved a certificate of membership will then be issued to the applicant.
Requirements for retention of membership
The member must have paid any membership fees required and these must not be more than three months overdue in order for the member to be considered current.
Attendance at meetings
Members are required to make a good faith effort to attend all meetings of the Association to ensure that it remains a vibrant association which is truly representative of the views and aspirations of the membership;
To vote in person, when in attendance, upon all questions and resolutions raised and which require a vote by the member for resolution;
To vote by voice confirmation upon all questions and resolutions raised and which require a vote by the member for resolution where such meetings are held by electronic communication devices;
Attendance may be made via conference calls where provision is made to facilitate this at a particular meeting.
Organizational structure of the Association
The organizational structure of the association shall be made up of the following elements:
The Executive Committee which comprises:
o The President: The President shall, if present, preside at all meetings of the directors and members; act as spokesperson of the Company, sign all instruments which require his signature and shall perform all duties incidental to his office and shall have such other powers and duties as may from time to time be assigned to him by the directors.
o The Vice-President: The Vice-President shall be vested with all the powers and shall perform all the duties of the President in the absence of disability or refusal to act of the President. The Vice-President shall have such powers and duties as may from time to time be assigned to him by the directors
o Secretary: The Secretary shall, when present, act as Secretary of all meetings, shall have charge of the minute books of the Company and the documents and registers referred to in Section 170 of the Companies Act 1982 and shall perform such other duties as the directors require of him.
o Treasurer: The Treasurer shall have the care and custody of all the funds and securities of the Company and shall deposit the same in the name of the Company in such bank or banks or with such depository or depositories as the directors may direct and shall perform such other duties as the directors may require of him.
o Assistant Secretary: The Assistant Secretary shall assist the Secretary in the execution of his duties and deputises in the absence of the Secretary.
o Public Relations Officer: The Public Relations Officer shall be responsible for media management, membership development, relationship management particularly the management of relationships with the various industries under the purview of the anti- money laundering legislation of Barbados and regulators.
o Training & Development Chairperson: The Training and Development Chairperson shall be responsible for membership education and growth, support for requesting financial institutions, and networking.
o Policy Chairperson: The Policy Chairperson shall be responsible for apprising members of legal and regulatory changes, regulatory consultation, and changes to the corporate governance of the company.
o Membership Chairperson: The Membership Committee Chairperson shall be responsible for admitting new members, maintaining the membership database, and maintaining & improving the value of membership.
Terms of Office for Executive Members
Term of Office: Unless sooner determined, a director’s term of office shall, be for two years.
Elections for directors shall take place biennially.
In the event that there is no annual meeting a director’s term shall continue until such time as elections may be held on a date set by decision of a majority of members present at an annual meeting.
Annual General Meeting (AGM)
The AGM will be held once a year;
On first call for an AGM a quorum is duly constituted by two thirds of the Executive plus ten members of the eligible membership;
Should the first call for the AGM fail to produce the stipulated quorum as detailed above a second call for an AGM will be made;
On the second call for an AGM a quorum is duly constituted by two thirds of the Executive Committee plus the eligible members in attendance;
Association Meetings
Meetings for the general membership will be held quarterly;
A quorum is duly constituted by one third of the eligible membership.
Amendments to the Governance Document
Amendments may be made in the following ways:
Material Changes:
o By the Executive Committee if duly authorized in terms of the existing voting protocol for the Executive;
o By petition of the current membership supported by a two thirds majority vote of the current eligible membership.
Non-material Changes:
o Non-material changes may be made by the Executive if duly authorized in terms of the existing voting protocol for the executive.
Mandatory Review of the Governance Document
A review of the Governance Document is mandated to be undertaken every two (2) years by the Executive Committee with recommended changes to be ratified by the Executive Committee.
