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Schedule 1 DEED ESTABLISHING THE CO-OPERATIVE DEPOSIT PROTECTION SCHEME

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(As amended by qualifying resolutions of Participating Societies dated 29th May 1989 which also continued the Scheme in force for a further period of ten years after the initial period and by qualifying resolutions of Participating Societies dated 15th January 1997)

THIS DEED is made the 29th day of February 1980 between CO-OPERATIVE UNION LIMITED of Holyoake House Hanover Street Manchester (hereinafter called “the Union”) of the one part and CO-OPERATIVE BANK LIMITED of New Century House Corporation Street Manchester (hereinafter called “the Bank”) of the other part

WHEREAS:

(a)

It is the purpose of this Deed to set up a scheme to grant certain protection on the terms and conditions and subject to the limitations hereinafter contained to persons who have deposited money with or who have withdrawable shares in a co-operative society in membership of the Union against the consequences of the insolvency of that society;

(b)

The Treasury is empowered by section 4(4) of the Banking Act 1987 to make regulations prescribing for the purpose of that Section certain transactions;

(c)

It is intended that a co-operative society so in membership which has elected to join the Scheme established by this Deed shall be able to have its taking of deposits so prescribed by the Treasury and that its withdrawable share capital shall be included within the definition of “Deposit” for the purposes of the Scheme.

  1. 1NOW THIS DEED WITNESSETH AND IT IS HEREBY DECLARED as follows:
  2. 2NOW THIS DEED WITNESSETH AND IT IS HEREBY DECLARED as follows:
  3. 3NOW THIS DEED WITNESSETH AND IT IS HEREBY DECLARED as follows:
  4. 4NOW THIS DEED WITNESSETH AND IT IS HEREBY DECLARED as follows:
  5. 5NOW THIS DEED WITNESSETH AND IT IS HEREBY DECLARED as follows:
  6. 6NOW THIS DEED WITNESSETH AND IT IS HEREBY DECLARED as follows:
  7. 7NOW THIS DEED WITNESSETH AND IT IS HEREBY DECLARED as follows:
  8. 8NOW THIS DEED WITNESSETH AND IT IS HEREBY DECLARED as follows:
  9. 9NOW THIS DEED WITNESSETH AND IT IS HEREBY DECLARED as follows:
  10. 10NOW THIS DEED WITNESSETH AND IT IS HEREBY DECLARED as follows:
  11. 11NOW THIS DEED WITNESSETH AND IT IS HEREBY DECLARED as follows:
  12. 12NOW THIS DEED WITNESSETH AND IT IS HEREBY DECLARED as follows:
  13. 13NOW THIS DEED WITNESSETH AND IT IS HEREBY DECLARED as follows:
  14. 14NOW THIS DEED WITNESSETH AND IT IS HEREBY DECLARED as follows:
  15. 15NOW THIS DEED WITNESSETH AND IT IS HEREBY DECLARED as follows: