Commentary

50 Voting rights of members

BUILDING SOCIETIES vol 6(1)

50 Voting rights of members

50 Voting rights of members

Borrowing and shareholding members have certain rights1, which cannot be overridden by the rules2, in relation to mergers and transfers of business. In this context an individual who is indebted to a building society in respect of a loan fully secured on land3 is not a ‘borrowing member’ if at that time the amount of his mortgage debt is less than the prescribed amount4.

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