SCHEDULES
C3SCHEDULE 2 Establishment, Incorporation and Constitution of Building Societies
C1C2Part III Meetings, Resolutions and Postal Ballots
Sch. 2 Pt. III (paras. 20–36) excluded (temp.) by S.I. 1986/2168, art. 3(1)(2)
Sch. 2 Pt. III (paras. 20–36) modified by S.I. 1987/426, art. 4
Borrowing members’ resolutions
29
F11
A resolution of a building society shall be a borrowing members’ resolution when it has been passed by a majority of the borrowing members of the society voting in person or by proxy on a poll on the resolution at a meeting of the society of which notice specifying the intention to move the resolution as a borrowing members’ resolution has been duly given.
F22
For the purposes of this Part of this Schedule, an individual who is indebted to a building society in respect of a loan fully secured on land is not a borrowing member of the society at any time if at that time the amount of his mortgage debt is less than the prescribed amount.
3
Where a borrowing member’s resolution approving a transfer of engagements by a building society is moved, only those borrowing members whose mortgages are to be transferred shall be entitled to vote on the resolution.
4
In any rules made by a building society after the commencement of this paragraph, “borrowing members’ resolution”, unless the context otherwise requires, means a borrowing members’ resolution as defined in this paragraph.
Sch. 2 modified (3.1.1995) by 1994 c. 40, ss. 17(3), 82(2)