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VINCENT SQUARE RESIDENTS’ ASSOCIATION
Special Notice for Members from the Chairman
The 2008 Annual General Meeting appointed Cedric Fan as Treasurer of the VSRA. Our bankers, the Nationwide, refused to accept his name on the account because their sub-contractor, which undertakes security and money laundering vetting on their behalf, was unable to process him.
As a result, the VSRA has no choice but to transfer the account to another bank. After researching the alternatives and in consultation with Cedric Fan and Mary Maxwell (the other signatory), I have decided to transfer the VSRA account to HSBC (the branch on the corner of Rochester Row and Vauxhall Bridge Road). I am satisfied that this move is in the best interest of members.
Apart from being able to keep Cedric as our Treasurer, one of the immediate benefits of using HSBC is its ability to apply variable rules to our account. Instead of having one signatory able to write cheques of any amount, I have set a limit of £300 as a desirable prudential control; cheques above that amount will need two signatures.
The following minute is proposed for adoption at the next Annual General Meeting:
- “The AGM noted the transfer of the VSRA account from Nationwide to HSBC, as announced by the chairman in a notice to members on the VSRA website www.VincentSquare.org.uk dated 1 November 2008. The AGM agreed that the ceiling of £300 for any one signatory for a payment out of the account provided appropriate prudential control without reducing flexibility and convenience in managing the account.”
Stephen McClelland
Chairman, VSRA
1 November 2008
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