Borrowing Members' Resolution - Definition - Law Dictionary Home Dictionary Definition borrowing-members-resolution

Definition :

Borrowing members' resolution, A resolution is a borrowing members' resolution when it has been passed by a majority of the borrowing members of the building society voting either in person or by proxy on a poll on the resolution at a meeting of which notice specifying the intention to move the resolution as a borrowing member's resolution has been duly given, or in a postal ballot on the resolution of which notice specifying that the resolution will not be effective unless it is passed as a borrowing member's resolution has been duly given, Halsbury's Laws of England, Vol. 4(2), 4th Edn., Para 827, p. 517.