Charitable Assignment

It is our intention to continue to operate as an independent mutual building society and to provide the benefits of mutuality to an ever increasing membership. The Society requires all new investors to agree to assign to charity any windfall benefit to which they may become entitled, in the unlikely event of our conversion or take over during the first five years following the account opening. Existing shareholding members as at 30 June 2000 who continuously maintain a shareholding are not affected by this change.

The above is only a summary of the arrangement, complete terms are set out in the information section of our General Terms and Conditions for Savings Accounts. If you require any further information please ask at any of our branch offices.


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