Share Account Terms

In this small print "we", "us" and "our" refer to Shared Interest Society Limited, registered number 27093R, Pearl Assurance House, 7 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 (the “Act”), governed in accordance with its registered rules, a copy of which can be obtained, free of charge, from the above address (the “Rules”). 

BEING A MEMBER

Membership is subject to the Rules. 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 below the minimum shareholding.     

USING YOUR SHARE ACCOUNT

The minimum investment is £100. You can make investments in your share account up to the legal limit, currently £100,000. You can invest by standing order and through the member online portal.

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 a sole signatory or at least two signatories where there are multiple signatories. 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 share 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.shared-interest.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 HM Revenue & Customs. 

STATEMENTS                                                                

You will be sent a regular statement detailing the transactions on your share account. At any time you can opt to receive monthly or half 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 and Wales. Shared Interest Society Limited is registered in England and Wales.

Shared Interest Society Limited is an exempt person from regulated activity of accepting deposits for the purpose of the issue of shares by it pursuant to paragraph 24 of Part II of the Schedule 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 article 76 of the Financial Services and Markets Act (Regulated Activities) Order 2001. Section 85 Financial Services and Markets Act 2000 does not apply to Shared Interest Society Limited’s shares because the shares issued are withdrawable and not transferable.

Section 21 of the Financial Services and Markets Act sets out a restriction on financial promotion. Article 35 of the Financial Services and Markets Act (Financial Promotion) Order 2005 provides that financial promotion restrictions do not apply to non-transferable, withdrawable shares, such as those issues by Shared Interest Society Limited, in certain circumstances.

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 for persons under 16 years of age must have at least one parent or guardian as a second signatory on the account.   

DATA PROTECTION                                                                                   

By completing the application for membership, you consent to Shared Interest Society Limited, Shared Interest Foundation, our contractors, agents and any third parties where we have a legal or statutory responsibility to do so, holding personal data about you in accordance with all data protection legislation currently in force. Shared Interest Society Limited will use the details you have provided to administer your Share Account and to use your data for anonymous analysis in accordance with our Privacy Policy.