Charitable Assignment for Savings Accounts

If you had a share account or mortgage account with the Society on 22nd March 2000 and have maintained an open share account or mortgage account since that date, the following does not apply to you.

1. By applying to open a share account on or after 23rd March 2000 I/we agree with the Society and the Charities Aid Foundation (“the CAF”) that I/we will assign to the CAF (or to any charity(ies) nominated by it or by the Society under the provisions of a deed dated 22nd March 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/us if I/we fall within any class of person’s, 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/us. I/we understand that neither the Society nor the CAF will release me/us from this agreement or vary its terms and (except as set out in paragraph 2 below) I/we will continue to be bound by the above condition even if the Society decides at some time in the future (and announces any such decision by press release) 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/we 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(ie on a conversion or takeover) which is completed at any time within the seven years immediately following the date on which my/our 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.
   (b) If the Society merges with any other society, after the date of such merger the “Society” includes such other society.

3. I/we understand that the Society will pass to the CAF such information relating to me/us and my/our accounts with the Society as the CAF may reasonably require in order to administer this agreement to assign and the relevant conversion benefits and for no other purpose. 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 (this list may change from time to time but not with retrospective effect) is available on request from any Branch of the Society or the Society’s Secretary at its principal office.


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 (this list may change from time to time but not with retrospective effect) is available on request from any Branch of the Society or the Society’s Secretary at its principal office.