Important Information

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If you had a share account with the Society on 31 May 2000 and have kept a share account ever since that date, or if you have a mortgage with the Society at today’s date, the wording in paragraphs 1 and 2 below does not apply to you, however it must be included in the information provided to you.

1) By applying to open a share account on or after 1 June 2000 I agree with the Society and the Charities Aid Foundation (“The CAF”) that I will assign to The CAF (or to any charity(ies) nominated by it or by the Society under the provisions of a deed dated 31 May 2000 between the Society and The CAF, in which case references to The CAF shall include references to any other charity(ies), but to no other person)the rights to any relevant conversion benefits (defined below). This obligation will not apply to me if I fall within any class of persons which, as at today’s date, the Society wishes to be excluded from such obligation. This agreement is irrevocable and authorises the Society to transfer to The CAF any such benefits without further notice to me. I understand that neither the Society nor The CAF will release me from this agreement or vary its terms and I will continue to be bound by the above condition even if the Society decides at some point in the future (and announces any such decision by press release or otherwise) that it is no longer in the best interests of the Society to continue with the above assignment condition generally in respect of new members.

2)a “Relevant conversion benefits” means any benefits to which I might become entitled as a shareholding member of the Society under the terms of any future transfer of the Society’s business to a company (i.e. on a conversion or takeover) which is completed at any time within five years immediately following the date on which my share account is opened (or, if applicable, the shorter period as set out in the list available from the Society’s Secretary). “Relevant conversion benefits” does not include the statutory right to have shares in the Society (including any balances on share accounts) converted into deposits with the company on a conversion or takeover.

2)b If the Society merges with any other society, after the date of such merger the “Society” includes such other society.

A list of the classes of persons which the Society currently wishes to be excluded from the obligation to assign or in respect of which a shorter period applies (which list may change from time to time but not with retrospective effect) is available on request from the Society’s Secretary at its Principal Office.