Dear Editor,
The New Building Society (NBS) held its AGM recently which just under 200 persons attended, something which has been the norm for the past 5 decades.
During the years 2007 and 2008, a group of concerned members of NBS requested the Board to convene special general meetings to discuss matters which were of concern to them in accordance with Section 12 (2) of the NBS Act. This section which was enacted to protect minorities‘ rights states: “The Board shall on the requisition of at least one-tenth of the whole number of members of the Society or of fifty members, whichever is less, forthwith proceed to convene a special general meeting of the Society.”
In 2010, the government, following discussions with the Board, decided to amend this section by deleting the words “or of fifty members whichever is less.”
The implication of this is that approximately an 8,000 member minimum is now required to requisition a special meeting. Isn’t this ludicrous, absurd and vindictive? Less than 200 members attend an AGM but for a special meeting for aggrieved members over 8,000 are required. This amendment of the law which has prevented members from intervening in matters of concern to them in the operations of their Society is undemocratic and should be repealed.
Yours faithfully,
J G Lewis
