The Rules of the Society were amended at the 2014 Annual General Meeting (AGM).
The Society had previously altered its Rules in 2013, but has now done so again following recommendation of the Prudential Regulation Authority (PRA) that all building societies and banks adopt the powers to enable them, should the need ever arise, to issue capital instruments including Core Capital Deferred Shares (CCDS) now permitted under new European regulations.
The Board of Directors recognised that this, and the other alterations made to the Society’s Rules are in the interests of members and the Society since they reflect further changes in the law, confirm developments in practice or clarify/simplify existing provisions and, in particular, give the Society the updated powers it needs regarding capital instruments.
These latest Rules changes were drafted by the Building Societies Association (BSA), updating their Model Rules for Building Societies (6th Edition), on which the Society’s existing Rules are largely based. The partial alteration of the Society’s Rules was registered with the Financial Conduct Authority on 1st July 2014 and came into effect on that date.
Please click the link below to download a full copy of the amended Rules. Copies are also available from the Society’s Principal Office (telephone 01455 894090).