Terms & Conditions
In this small print “we”, ”us” and “our” refer to Shared Interest Society Limited, registered number 27093R, Fifth Floor, The Pearl Building, New Bridge Street West, Newcastle upon Tyne, NE1 8AQ. Shared Interest Society Limited is a society registered under the Co-operative and Community Benefit Societies Act 2014, governed in accordance with its registered rules, a copy of which can be obtained, free of charge, from the above address.
BEING A MEMBER
Members invest in risk share capital and accept
the possibility of loss. As a result Shared Interest
Society Limited can use members’ money in ways
that a bank would find difficult. We aim to benefit
people in the less developed parts of the world
and we put this before financial benefit to our
members. You cannot lose more than you invest.
The mechanism by which a loss of your share
capital could arise is set out in our Rules.
If the auditors or any independent qualified
accountants appointed for the purpose by the
Directors certify at any time that the aggregate of
Shared Interest Society Limited’s liabilities and the
amount of its issued share capital exceeds its
assets then (unless in the meantime the excess
has been removed) the Directors may determine
that the amount of the excess or any part of it
shall be apportioned among the members in
proportion to but not beyond the amount of the
nominal value of the shares paid up and held by
each member at the close of business on the date
of such determination and the appropriate
number of shares held by each member shall be
cancelled accordingly notwithstanding that the
number of shares held by any member may
thereby be reduced
USING YOUR ACCOUNT
The minimum investment is £100. You can make
investments in your account up to the legal limit,
currently £100,000. You can invest by standing
order on a regular basis provided your regular
investments are £10 each month or more.
You can make a withdrawal using a withdrawal
slip or by simply sending us a letter. The minimum
withdrawal is £50. Withdrawals require the
signature of every account holder. We will pay by
cheque to the account holders or by transfer to a
bank account in the name of the account holder.
There must be sufficient cleared funds in your
Society account before we can make a payment.
The rules relating to withdrawing capital are
shown below. Directors have waived the
notice of withdrawal (in accordance with
paragraph (c) below) at the date of this booklet
and have authorised withdrawal without notice
until further notice
Shares may be withdrawn by members upon giving
six months’ notice to the society provided that:
(a) all withdrawals shall be paid in the order in
which the notices were received by the society;
(b) except where a member withdraws from the
society as provided for by the following rule
members shall not be entitled to withdraw shares
so as to leave them with less than the minimum
shareholding;
(c) the directors may waive the notice required for
a withdrawal and may direct payment to be made
without notice or on such shorter notice as they
consider fit;
(d) the right to withdraw may by resolution of the
directors be suspended either wholly or partially
and either indefinitely or for a fixed period. The
suspension shall extend and apply to all notices of
withdrawal which have been received and remain
unpaid at the time the resolution suspending the
right to withdraw is passed by the directors. Where
the suspension is for a fixed period such period
may be extended from time to time by a resolution
of the directors;
(e) during any period when the right of withdrawal
has been suspended under clause (d), the shares
of deceased members may, if the directors so
determine, be withdrawn by their personal representatives
upon giving such notice as the directors
may require;
(f) the amount to be paid to a member on withdrawal
shall be the amount paid up or credited on the
shares to be withdrawn;
(g) interest shall be payable on any share in respect
of which a notice of withdrawal has been given until
the date of repayment; and any share withdrawn in
accordance with this rule shall be cancelled.
Members may withdraw from the society by withdrawing
all their shares in the society in accordance
with the preceding rule or, if the right to withdraw
has been suspended as provided for in that rule,
by surrendering all their shares to the society. Upon
such surrender the directors may in their discretion
pay to the withdrawing member the amount paid
up or credited in the shares surrendered.
TRANSFERS ON DEATH OR BANKRUPTCY OF MEMBERS
Members may nominate any person or persons
to whom any of their property in the society at the
time of their death shall be transferred. On receiving
satisfactory proof of death of a member who has
made a nomination the directors shall if and to the
extent that the nomination is valid under the Act
either transfer or pay in accordance with the Act the
full value of the property comprised in the nomination
to the person entitled thereunder
Upon a claim being made by the personal representative
of a deceased member or the trustee in
bankruptcy of a bankrupt member to any property
in the society belonging to the deceased or bankrupt
member the directors shall transfer or pay
such property to which the claimant has become
entitled as the claimant may direct them.
On the death of a joint holder of any share it
shall be registered in the name of the survivor or
survivors.
INTEREST
On your application form for membership you indicated whether you would like interest to be donated each year, waived or to remain in your account. You can alter these arrangements at any time. Interest is calculated at our published rate on the closing daily balance of your account. Interest rate changes are advised to members as soon as practicable, usually through our regular newsletter, Quarterly Return or on our website (www.sharedinterest.com). The Directors decide in advance what the interest rate will be, with any interest credited to members’ accounts on 31st March for the year ended on the previous 30th September
TAX
Interest is paid gross of tax for UK residents. It is your duty to declare any gross payment to the Inland Revenue.
STATEMENTS
Each quarter you will be sent a statement detailing the transactions on your share account. At any time you can opt, in writing, to receive monthly or twice yearly statements.
TRANSFERABILITY
Shares in Shared Interest Society Limited are not transferable except on death or bankruptcy.
GOVERNING LAW AND INVESTOR PROTECTION
Your membership is governed by the laws of England. Shared Interest Society Limited is registered in England. Shared Interest Society Limited is an exempt person from regulated activity for the purpose of the issue of shares by it pursuant to paragraph 24 of the Financial Services and Markets Act 2000 (Exemption) Order 2001. The shares are not a specified investment for the purpose of section 22 of the Financial Services and Markets Act 2000 pursuant to paragraph 76 of the Financial Services and Markets Act (Regulated Activities) Order 2001. It is not an offer within Section 85 Financial Services and Markets Act 2000 because the shares issued are withdrawable and not transferable. To the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the case), the information contained in this document is fair, clear and verifiable. If you have any doubt about the contents of this document, please contact a person authorised to advise on this investment under the Financial Services and Markets Act 2000. Shared Interest Society Limited is not a member of any investor protection scheme
ACCOUNTS FOR YOUNG PEOPLE
Accounts opened in trust for persons under 16 years of age by parents or guardians will pass to the child when they reach 16 years of age and a copy of their signature and appropriate proof of identity is provided to us
DATA PROTECTION
By completing the application for membership you consent to Shared Interest Society Limited, Shared Interest Foundation, our contractors and agents holding personal data about you in accordance with the Data Protection Act 1998. Shared Interest Society Limited will use the details you have provided to administer your account. We also may use your data for anonymous analysis
