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Building societies bite back against carpetbaggers

Building societies will be given more teeth to fight off carpetbaggers under new regulations to be launched next month.


The legislation will make it easier for mutuals to fight conversion to banks.


In future, the number of members required to call a special general meeting will rise to 500 from 100.


Candidates for the board will now require backing from 50 to 250 members, depending on the size of society.


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