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Building societies are financial institutions which offer loans and mortgages to their members. These British mutual societies act like banks by investing and holding the savings of their members. Unlike other more common financial institutions, building societies are owned by their members, thus they can influence how the business is run.
Building Societies' Role in Society
The first building societies were established in the late 18th and early 19th century when major economic changes reshaped British society. Housing was, and still is today, the main field of business in which building societies operate. As a mutual society, members have a say in running the business of building societies.
Board of Directors Election in Building Societies
In mutual organisations like building societies, members elect the board of directors. In addition, the board of directors has to be re-elected and appraised annually to ensure that they continue to do the best work for their building society.