§ Mr. Weetch
asked the Chancellor of the Exchequer if he will take steps to allow members of a building society to pass resolutions requiring the management of their building society to quote annual percentage rates of interest in any literature provided to borrowers and potential borrowers.
§ Mr. Bruce-Gardyne
There is nothing in law to prevent members of a building society putting down a resolution in the terms suggested, to be moved at a general meeting of members—whether an annual general meeting or a special general meeting—provided that the procedure for so doing, set out in the rules of the society, is observed. Members may then vote on the resolution to determine whether it should be passed.