The fourth resolution is a special resolution proposing amendments to the Memorandum of the Society. The Society’s Memorandum is based on the model version supplied by the Building Societies Association. As the BSA has revised the model Memorandum the Society is taking this opportunity to update its Memorandum to reflect the latest changes. The changes follow the abolition of a prohibition on Building Societies issuing floating charges.
It is intended that, if the Memorandum changes are agreed at the AGM, they will take effect on 01/04/16 (subject to registration by the Financial Conduct Authority).
To view a copy of the Memorandum with the proposed changes highlighted in green, please click here.