Consumers
What is the difference between a 'deposit' account and a 'share' account?
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People and institutions investing in building societies can be divided into two categories - the depositor and the investing member (or shareholder). Depositors are not members of the society and have no say in its running.
Shareholders, as members, have the right to receive information on the activity of the society, including the summary financial statement, and notification of the annual general meeting and any special general meeting. Shareholders can vote in elections for the board of directors, attend annual general and other meetings and, providing the correct procedures are followed, propose motions or stand for election themselves. Most individuals are members of their society.
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