Commentary

22 Alteration of the memorandum and rules

BUILDING SOCIETIES vol 6(1)
| Commentary

22 Alteration of the memorandum and rules

| Commentary

22 Alteration of the memorandum and rules

A building society may alter the contents of its memorandum or any of its rules by special resolution. Specifically, it may alter its purposes, alter its powers or alter its rules1. No alteration may be made otherwise than by special resolution: a provision in the rules purporting to permit that is void2. Rules cannot be altered incidentally: a resolution cannot alter the rules unless it is expressed to do so and specifies the alteration3.

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