What is it?
- the scheme under which all investing members of the Society who joined after 19th November 1998 are obliged to assign any potential conversion benefits to the Foundation
- this is an irrevocable condition of new members opening new investment accounts.
...why was the scheme established?
- the Society, along with a number of other building societies in the past, has suffered disruption to its business as a result of the high number of enquiries from people wishing to open accounts, largely to benefit from potential windfall gains which might be paid in the event of the Society being taken over or converting to a public limited company.
...what if I was a member of the Society before 19th November 1998, but decide to open another account?
- if you have been a constant member of the Society, with no break, since before 19th November 1998 and open another account now, charitable assignment will not apply.
