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Nationwide throws out conversion resolution

Nationwide Building Society has thrown out a conversion resolution attempting to trigger windfalls for members on the grounds it is “legally invalid”.
The decision rules out a demutualisation vote at the society&#39s AGM in July. The resolution, issued by carpetbagger Andrew Muir, challenged Nationwide&#39s windfall foundation which insists on new members signing away any demutualisation payouts to charity.
Nationwide says it had repeatedly told Muir his proposal was destined to fail as the windfall clause is “irrevocable”.

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