Rights of a member of society are the following:
1.) He has the right to get notices from the Society.
2.) He has the right to cast the vote to elect the governing body of the Society.
3.) He has the right to receive the copy of bye-laws of the Society.
4.) He has the right to receive the copy of bank accounts statement
5.) He has the right to attend general meetings held at the Society.
As a member of a building society you are more than just a customer; unlike a depositor with, or borrowed from, a bank you have certain rights to receive information and to voice your opinions on the way your building society is run. This leaflet is designed to explain what members’ rights are and how to exercise them. As a member you are entitled to receive notice of, take part in and vote at, the society’s Annual General Meeting (AGM). Other meeting held after ngo registration.
The AGM must be held within four months of the end of the society’s financial year. The majority of societies have a financial year ending in December, and usually, hold their AGMs in the following April.
society registration act
The AGM is held to present the annual accounts and directors’ report, to consider the auditors’ report on the accounts, to appoint the auditors and to elect the directors. Most societies now also hold an advisory vote on the directors’ remuneration report (which gives details of how much directors earn and how their remuneration is determined) at the AGM, although this is not required by law.
Any changes to the society’s memorandum or rules (the memorandum describes those activities that the society can undertake and the rules govern its relationship with its members) would also be considered at an AGM.
During an AGM, members are able to ask questions of the board and make comments on the society’s business.
Most people taking out a mortgage or opening a savings account with a building society become members and therefore have the rights mentioned above. However, some building society investors have deposit accounts (although this is increasingly rare); depositors are not members and have no member rights.
Also, customers of a subsidiary of a building society are not members of society.
Your society will be able to tell you which type of account you hold. Also, saving members with less than £100 in their account, borrowing members with a mortgage of less than £100, and members under the age of 18 have restricted rights, allowing them only to receive information on request.
