Building Societies Act, 1989
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Members' entitlement to vote on resolutions. |
69.—(1) Subject to section 16 and this section, the persons entitled to vote on a resolution of a building society are— | |
(a) on a resolution, other than a conversion resolution, all the members who at the end of the last financial year of the society before the date of the meeting or the postal ballot, as the case may be, had held continuously shares to the value of not less than £100 for the preceding period of 6 months and continue to hold such shares on the voting date; and | ||
(b) on a conversion resolution, all members within the meaning of paragraph (a) and all other persons who were borrowing members within the meaning of section 71 (2) at the end of the last financial year and continue to be so on the voting date. | ||
(2) Subject to subsection (3), any provision in the rules of a society is void to the extent that it would have the effect of restricting the rights conferred by subsection (1) but nothing in this section implies that a society cannot in its rules grant voting rights to members of any description. | ||
(3) On a vote on a resolution, which under this Act will not be effective unless it is passed as a special resolution or a conversion resolution, each member entitled to vote shall have one vote. | ||
(4) In this section “voting date”, with reference to any resolution, means— | ||
(a) the date of the meeting at which the resolution is moved, except where paragraph (b) applies; and | ||
(b) where voting on the resolution is to be conducted by postal ballot, the date which the society specifies as the final date for the receipt of completed ballot papers. |