On the 19th day of October, 1955, the Bank was incorporated by the adoption and subsequent filing of Memorandum of Association and Articles of Association to govern the internal corporate structure of the Company.

Over 55 years have passed since the momentous establishment of the first indigenous financial institution within the State of Antigua and Barbuda.

In accordance with the relevant provisions of the Companies Act, 1995, No. 18 of 1995, all Companies incorporated under previous legislation (The Companies Act, Chapter 358), are required to adopt new Bylaws, similar in format to the draft Bylaws contained in the Companies Regulations, 1997. The Board of Directors is now pleased to present to you the proposed NEW BYLAWS for the Company.

Special Recognition is given to the former Members of the "Bylaws Committee" who spearheaded the review process in 2003/ 2004- Dr. Carle J. Walter; Sir Clare Roberts; Mrs. Evelyn Sheppard; Ms. Heather Mannix; Mr. Anthony Greer; Ms. Allison Hull; Ms. Sharon Nathaniel and Mrs. Alincia Williams- Grant. Our Legal Counsel/ Corporate Secretary, Ms. Rhodette Browne, was also instrumental in suggesting further amendments to the document, which was subsequently reviewed by the Members of the Governance and Executive Committee and approved by the Board.

The Members conducted a thorough and comprehensive examination of the Company's existing Articles of Association with a view to strengthening the guidelines provided, to ensure that they meet the changing circumstances of the time. Many of the sections of the existing Articles were retained with amendments where appropriate, while some sections were replaced with more updated provisions. (see attached Table)

The Board of Directors therefore recommends that the attached "Draft Bylaws - Antigua Commercial Bank Ltd." be adopted and approved by the Shareholders of the Company.

By Order of the Board
C. Davidson Charles- Chairman

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