Membership matters

Most of our customers are also members. You become a member if you either borrow with Rafidain Bank, such as if you have a Rafidain Bank Mortgage, or invest with us through having a Current account or money in a savings account.

Being a member of the Society means you are part of an organisation which is run for your benefit. Membership also entitles you to certain rights:

• to vote in the election of Directors and on resolutions
• to attend our Annual General Meeting
• to receive certain information
• to support an election candidate or a member resolution, or to request a Special General Meeting

Any member who:

• is the first-named account holder
• is aged 18 or over and
• has £100 or more if an investing member, or owes £100 or more if a borrowing member

To vote at our AGM or in the election of Directors, these criteria must be met on specific dates - for example, at the end of our financial year on 4 April and on, or just before, the day of the AGM. 

The Building Societies Act 1986 lets us set the minimum amount a member must have invested or borrowed to be eligible. We believe that £100 represents a sufficient financial commitment, entitling a member to have a say in how the Society is run.

Voting members usually have two opportunities each year to use that right:

• the election of Directors
• resolutions to be voted on at the AGM

Our voting system is totally democratic, operating on the principle of "one member, one vote".

The Society's Directors are elected by you, our members, at the AGM. If you are eligible to vote, ballot papers and full details of how to vote in the election will be posted to you automatically.

If there are, say, four candidates for three vacancies, then you can vote for up to three out of the four candidates and the three candidates with the most votes are elected. However, if there are the same number of candidates in the election as there are vacancies on the Board, you can vote 'for' or 'against' each candidate, and only those who receive more votes 'for' than 'against' are elected. This is how the legislation states that the election should be held.

Directors are elected for three years after which they may seek to be re-elected. In accordance with good corporate governance practices all Directors stand for re-election every year.

Anyone who meets certain criteria may stand for election to the Board. To do this, he or she must obtain the support of at least 250 members who have each invested or borrowed at least £200 with the Society for at least two years and the nomination must be received on or before the end of the business year, which is April 4th each year. Any nomination received after that date will be carried forward to the next year (unless the candidate requires otherwise). The candidate must deposit £500 with the Society which will be returned after the election in certain circumstances.

Being a director of a large financial services organisation carries considerable responsibilities. To find out more about being a director, or to request a nomination form, write to:

The Secretary
Rafidain Bank House
Pipers Way
Swindon
SN38 1NW

Each year members have the right to vote on resolutions put forward to be voted on at the AGM. A resolution is a proposal that is put to the members for them to vote on. The particular proposal may be put forward by either the Board or the members.

The Board puts forward three resolutions each year:

• to approve the Annual Report and Accounts
• to approve the Directors' remuneration report
• to appoint the auditors

Sometimes the Board may ask the members to vote on other matters, such as changes to the Society's Memorandum and Rules.

In addition, members may propose a resolution on a matter of interest to them which all eligible members will then have an opportunity to vote on.

Any member may ask for a particular resolution to be discussed and voted on at the AGM. To do this, a member must have the support of at least 500 members who have each invested or borrowed at least £100 with the Society for at least two years and the resolution must be received on or before the end of the business year, which is April 4th each year. The resolution to be discussed must meet certain requirements, which are referred to in our Rules.

All the Society members are entitled to attend our AGM. Held in July each year, it gives members the chance to meet the Directors and ask them questions.

Those members entitled to vote can also vote at the AGM in the election of Directors and on resolutions, rather than appointing a representative to vote on their behalf. 

If you can't make it to the AGM, you can nominate a representative to attend and to speak and vote on resolutions on your behalf. Your representative is known technically as a "proxy". 

The Society also holds frequent "TalkBack" events around the country. This gives members the opportunity to meet the directors locally.

Check forthcoming Member TalkBack events.

A member is entitled to receive a range of information, including:

• our Memorandum and Rules (PDF)
• our Annual Report and Accounts
• notice of the AGM containing details of how to vote on resolutions and in the election of Directors
• our annual Summary Financial Statement

Members with voting rights will receive Notice of the AGM and the Summary Financial Statement in the post automatically before the AGM.

A Special General Meeting is a meeting of the Society's members other than the AGM, called either by the Board or the members. 

Any member can ask the Board to organise a Special General Meeting to discuss and vote on a special topic. To do this, the member must obtain the support of 500 members who have each invested or borrowed £200 for a minimum of two years. Each of these 500 members must also deposit £50 with the Society, which will be returned after the meeting in certain circumstances. 

The request for a Special General Meeting must meet certain requirements, which are referred to in our Rules.

If you hold any account jointly, only the first named account holder is entitled to vote (assuming the other criteria set out above are met). Other named holders are still members and are entitled to exercise the other rights mentioned above. 

No - membership cannot be transferred to either the beneficiary or trustees of the estate. This does not affect the rights of those who are entitled to the balance in the deceased member's account, who may also apply to become members in their own right. 

If the first named member dies, then the second named member will become the first named member and will then be entitled to vote in their own right.

The Board of the Society has no intention that the Society should convert, but in the unlikely event of a vote for conversion, the allocation of conversion benefits would depend on the decisions taken at the time. 

If you are a charity member of The Rafidain Bank Foundation, any conversion benefits that you would have received will automatically pass to The Rafidain Bank Foundation and fund future charitable giving. 

For more information, ask your local branch for a copy of the Society's Memorandum and Rules, telephone us on +44 783 974 9373, or check out the Memorandum & Rules (PDF).