Agreement to assign windfalls to charity

AGREEMENT TO ASSIGN WINDFALLS TO CHARITY

Note: This Agreement does not apply to you if (i) you have held shares in the Society at all times since 30 June 2000 or (ii) you have already entered into an agreement in either the same or similar terms with the Society and have held shares in the Society continuously since the date the account for which you were then applying was opened.

Where more than one of you is requesting to open this account, the above Note and, if applicable, the rest of this Agreement apply to each of you separately.

1. I agree with the Society that I will assign to the selected charity my right to receive any windfall benefits, unless the transfer to the successor is publicly announced more than five years after the day on which I become a holder (either sole or joint) of the account for which I am now applying. I authorise the Society and any successor to pass any windfall benefits direct to the selected charity (or to any other registered charity which the selected charity may nominate) without giving any notice to me.

2. I understand that the selected charity will have the benefit of this Agreement, and that neither it nor the Society will release me from it or vary its terms, even if the Society decides at some stage in the future that new shareholding members generally will not be required to enter into similar agreements.

3. I authorise the Society to give the selected charity any information about me and any account that I have with the Society (either now or in the future), but only if the selected charity reasonably needs it for any purpose arising out of this Agreement.

4. I understand that if the Society no longer exists following a merger with another building society, this Agreement will still apply between me and the other society.

5. In this Agreement:

(a) 'selected charity' means the Monmouthshire Building Society Charitable Foundation or, if it ceases to be registered as a charity, any other registered charity selected by it;

(b) 'windfall benefits' means any benefits which I may become entitled to as a shareholding member of the Society under the terms of any future transfer of the Society's business to a successor (i.e. on a conversion or take-over), other than the right to have savings in a share account with the Society replaced by savings in a deposit account with the successor; and

(c) 'successor' means any company or other corporate body to which the Society transfers its business under Section 97 of the Building Societies Act 1986 (or under any provision which amends or replaces it).

 
 


Privacy & Cookies

We use cookies on this website to help make your experience of this website better. In compliance with changes to EU cookie legislation, and to control and remove cookies, please view our Privacy & Cookie policy. Please note, by continuing on this site you are agreeing for cookies to be placed on your computer.

I accept

This notice should only appear the first time you visit the site.