| Commentary

49 General

| Commentary

D: MEMBERSHIP AND ADMINISTRATION

1: MEMBERSHIP

49 General

Membership1 of a building society is one of the matters to be covered by the society’s rules2. There are two categories of member, shareholding members and borrowing members, and the rules of a building society must provide that no person shall be a member of the society unless he is either one or both3. A shareholding member is a person who holds a share in the building society4. A borrowing member is an individual who is indebted to the building society in respect of a

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