Invest – Terms and Conditions for applying for Shares
You cannot withdraw your application for shares once we have received your application form. The Directors do not have to accept your application for shares. They may decide not to issue shares to you or may issue fewer shares than you have asked for. They do not need to give a reason for their decision. If membership is approved, a share certificate will be issued the following month.
We will inform you immediately, once payment has been received. The Directors may cash your cheque as soon as it is received. Cash payments cannot be received. Stockwood CBS will hold your funds in trust until the Board of Directors consider your application. The Directors will return your money to you within 28 days of making their decision if they decide not to accept your application. If paying by a Standing Order, a share certificate will be issued for each 100 shares purchased, including and until your full stated amount is reached.
Your promises to us
- You are at least 16 years of age.
- Your cheque will be honoured on presentation.
- You have authority to sign the application form.
- You will supply us with proof of your name and address if we ask for it. We may need this to comply with current Money Laundering Regulations.
Preventing Demutualisation – protection from “carpet-baggers”
You may not benefit financially from your shares if Stockwood CBS converts, or transfers its business or is wound up. In this case, the only financial benefits you may receive from your shares are:
- The possibility of interest (at a low rate)
- The possibility of the return of the money you paid for your shares
The Directors draw your attention to your obligations under Rule 14 of our Rules regarding the windfall if Stockwood CBS converts, transfers its business, or is wound up. Should any greater financial benefit come into your hands, it will belong to such charity or Community Benefit Society as we may nominate from time to time. You are to hold the benefit on trust for that charity or Community Benefit Society. To secure that (and your obligations under Rule 14 of our Rules) you appoint as your attorney the person holding office (from time to time) as our Secretary. That appointment is irrevocable. Your attorney has power to sign – on your behalf – an undertaking for which we may ask in accordance with Rule 14.
The Directors, whose details can be found on pages 10-11 accept responsibility for the information contained in this Offer document. They have taken all reasonable care in producing this document and, to the best of their knowledge, have not withheld any facts essential to its import.
Prospectus approved by the Board of Stockwood CBS on 16th May 2013.
Prospectus expires 31st October 2013.