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The Banking Act 1987 (Exempt Transactions) Regulations 1997

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NOW THIS DEED WITNESSETH AND IT IS HEREBY DECLARED as follows:

5.—(1) Societies which are or are seeking to be Participating Societies shall make 2 classes of contribution, namely

(i)joining contributions, and

(ii)supplementary contributions.

(2) At the Founding Date or on joining the Scheme Societies shall make a joining contribution of an amount prescribed by the Union being (a) 0.5 per cent of the deposit base of the Society at that time, such deposit base being the aggregate amount of the deposits recorded in the then most recent annual return of the Society made to the Union provided that such annual return shall not be in respect of a period ending earlier than 2 years before the Founding Date or joining the Scheme as the case may be, but if the amount under (a) above is not calculable or not readily calculable, (b) such amount as the Union shall determine, being an amount (so far as the Union can estimate) equal to or greater than such percentage joining contribution would have been.

(3) The Union shall maintain the net assets of the Fund at such an amount, not being less than £1,000,000 at any time, as the Union and the Bank shall in their absolute discretion consider to be not less than reasonable so as to afford protection to Deposits to the extent provided for in this Scheme and for this purpose the Union may at any time (including on the Founding Date and on joining the Scheme) require Participating Societies to make supplementary contributions of such an amount and on such occasions and in such manner as the Union may determine, it being the intention that the Union (whilst not being required or bound so to do) should exercise its power to require supplementary contributions by fixing the amount of such contributions in proportion to the deposit base (calculated in such manner as the Union shall in its discretion consider reasonable) for each of the Participating Societies.

(4) The failure of a Participating Society to make any supplementary contribution required by the Union pursuant to clause 5(3) above within such time as may be stipulated by the Union may result in the expulsion of that Society from the Scheme pursuant to clause 15 hereof.

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