Paragraph 11 NOW THIS DEED WITNESSETH AND IT IS HEREBY DECLARED as follows:
The Scheme shall continue in force, unless earlier terminated, for an initial period of 10 years. (NOTE: By a qualifying resolution of Participating Societies dated 29th May 1989 the Scheme is continued in force for a further period of ten years after the initial period.)
Subject to sub-clause (3) below, the Scheme may be
terminated during such initial period, or
continued in force after the initial period or
altered at any time
by a qualifying resolution or resolutions (as hereinafter provided).
The perpetuity period applicable in respect of the Scheme shall be the period of eighty years commencing on the Founding Date, and the Scheme shall not be capable of being continued, or of being altered so as to be continued, beyond that period.
A qualifying resolution may be moved by—
the Union; or
the Bank; or
any Participating Society.
and it shall be moved by giving at least 28 days' clear notice to the Union, and the Bank and all participating Societies of (a) the business to be transacted and (b) the date time and place of the meeting.
Such notice shall be given in writing and sent by post to the last known address of the person or body so to be notified, but the accidental omission to give one or more notices shall not invalidate the meeting or any resolution passed thereat.
A qualifying resolution shall be duly passed and valid if adopted by Participating Societies at such meeting holding between them 75% of the Deposits held at the date of the resolution by Participating Societies and afforded protection by this Scheme (and so that such percentage shall be calculated by reference to the full amount of such Deposits).
The Union or the Bank may veto any qualifying resolution for the alteration or termination of the Scheme moved by a Participating Society which they may in their absolute discretion regard as prejudicial to the best interests of the Scheme of the Union or of the Bank.