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Portman and Yorkshire dismiss carpetbagger motions

Portman and Yorkshire Building Societies have confirmed their determination to retain mutual status by kicking carpetbagger Michael Hardern&#39s conversion proposals into touch.


Both say that Hardern&#39s board nomination and conversion resolutions failed to satisfy their rules.


Both societies say Hardern failed to attract the 50 votes required to stand as director and his conversion resolution failed the &#39Hickmott&#39 test which entitles boards to reject resolutions which interfere with the exercise of their managerial powers.


Portman chief executive Ken Culley says: &#34The board and management resolutely believe that the long term interests of our members are best served by Portman continuing as an independent building society.&#34

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