Membership
Effective from 1 September 2008
7. Status and Rights of Members
(a) A person may be an investing member or a borrowing member or both. A body corporate cannot become an investing member (except as a holder of a deferred share investment) or a borrowing member. No other person may be a member.
(b) A person is an investing member while he holds a share investment and will no longer be a member when he ceases to hold a share investment.
(c) A person is a borrowing member while he owes the Society money on a mortgage loan; both where he owes the money directly and where he owes it to another person who holds the benefit of what he owes for the Society. Membership will end when the person no longer owes the Society money on a mortgage loan or where the Society or the other person:
i. takes possession of, or exercises a power of sale in relation to, the whole or any part of the land on which the loan is secured;
ii. obtains an order for foreclosure absolute or, in Scotland, foreclosure in respect of the whole or any part of that land.
(d) Any member may attend and speak at a general meeting.
(e) A qualified voting member may vote at a general meeting and in a postal ballot on any resolution (other than one on which he is not eligible to vote under Rule 23).
(f) A qualified two year member may join in nominating a candidate for election as a Director, requesting a Special General Meeting or requesting that a resolution be put at an Annual General Meeting (see Rules 14,15 and 30).
(g) Where a person was a member of another building society which merges with the Society, membership will be treated as having started when he became a member of the other society (where this date is earlier than the start of any existing membership).
(h) Membership automatically ends on death. In the case of a sole member the personal representative (or if no one is acting as such then any other person) may apply for membership upon production of satisfactory evidence of entitlement.
(i). The Society shall maintain a register of members in such form as the Board may decide.
8. Joint Members
(a) A person may be a member jointly with others subject to any maximum numbers the Society may set for different types of share investment or mortgage loan.
(b) Joint members may together choose the order in which they are named in the Society's records.
(c) Only the first named joint member is entitled to vote (if a qualified voting member) and to receive notice of general meetings and postal ballots (if an eligible member).
(d) On the death of a joint member the surviving joint member will automatically continue as a member.
9. Young Persons
An individual who is under the age of 18 may be a member but is not entitled:
(a) to vote;
(b) to join in requesting the Society to call a Special General Meeting or to put a resolution to an Annual General Meeting;
(c) to hold any office in the Society; or
(d) to join in nominating any candidate for election as a Director.
10. Incapacity or Infirmity
If after reasonable enquiry it appears to the Society that a member is incapable of managing his financial affairs through age, infirmity or mental disorder and that no-one has been appointed with lawful authority to look after his financial affairs the Society may allow withdrawal of all or part of his share investment (subject to its terms and conditions) by any one who appears to have custody or care of the member or the management of his financial affairs. The receipt of that person shall be binding on the member.
11. Trusts
The Society need not recognise any trust or charge or other claim of anyone else over a share investment or other property unless obliged to do so by law or by order of a competent court or other authority.