USD DEFERRED SHARES - TERMS OF ISSUE

Reference No.: ...............................

INTRODUCTION
Under the Bank of Jamaica (Building Societies) Regulations 1995, a
deferred share is a share issued on terms that it shall not be withdrawable
for not less than three years and that it may be interest bearing. Deferred
shareholders may vote personally or by proxy except where the
shareholder has a personal interest on any question or transaction or may
have lost the right to vote pursuant to the Societys Rules.

INTEREST
Interest will be calculated on a 365 day basis (even in a leap year) and will
begin to accrue on the same day that the 1st lodgement is accepted.
The coupon rate will be fixed at 4.5% per annum until maturity on 01 May
2017.
Interest Payment Date
Interest will be paid semi-annually on the 30 June and 30 December. In
the event that a payment date occurs on a day other than a business day, the
interest payment will be made on the first business day following that date.
Interest will be credited to an account held with the Society, on the
instructions of the holder(s) of the shares.

Issue Date: ...........................

e)

In any other circumstances in which the account

holder shall give written authorization to make such
disclosure

RIGHT OF SET OFF

The Society shall have the right at any time without notice to apply any funds
credited to a members/depositors account towards full or partial satisfaction
of any liability overdue and owing to the Society by the member or depositor.
The right of set-off shall operate between accounts of any kind whatsoever
operated by the Society.

GOVERNING LAW AND JURISDICTION

This agreement is governed by the Laws of Jamaica and shall be subject to the
exclusive jurisdiction of the Courts of Jamaica.

OTHER
Deferred shares will not be used in considering qualification for a mortgage
loan, or to secure a share loan.

WITHHOLDING TAX
This instrument is subject to withholding tax.

Deferred Shares are classified as part of the Societys capital base under the
Bank of Jamaica (Building Societies) Regulations 1995. The deposit to which
this instrument relates is not insured under the Deposit Insurance Act, 1998.

CURRENCY
These shares are denominated in United States dollars.

I/We have read and I/We agree to the terms and conditions outlined on this
certificate.

APPLICATION
Applications should be made on the prescribed application form, at any
branch or authorized agent of The Victoria Mutual Building Society. The
Society may accept or refuse any application in whole or in part.

I/we further request that the interest paid should be

credited to savings account: ...............................................................................
Signature(s):........................................................................................................

The minimum application amount is 5,000 shares at US$1.00 each. Shares

must be purchased in multiples of 1,000.

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WITHDRAWALS
Withdrawals shall not be permitted before the expiration of thirty-six
months. All withdrawals shall be payable in United States dollars.

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TRANSFERS
All transfers must be done through the Society, and the relevant transfer
form duly completed.

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Where the shareholder decides to sell the shares, the onus is on the
shareholder to identify a buyer. The Society is to be advised of any
changes to the named beneficiary to whom interest will be due, at least ten
working days prior to the date of the next interest payment.
A transfer fee of 0.5% of the transfer amount together with General
Consumption Tax thereon will be applied to effect each transfer and shall
be paid by the account holder.

DISCLOSURE
The Society is hereby entitled to disclose to third parties any information
about the account holder and the accounts held by the account holder and
shall not be liable whatsoever in relation to any information disclosed in
any or all of the following circumstances:
a)
b)

c)

d)

To subsidiaries and affiliates of the Society including

overseas operations
To provide your personal and non personal information
to credit agencies or bureaus as a credit information
provider or in response to credit inquiries by other
financial institutions or credit agencies or bureaus
If the Society shall deem it necessary to make such
disclosures to protect the interest of the Society from
any harm, loss or injury
To comply with any requirement for disclosure imposed
by law, pursuant to the directives of the court or such
duly empowered government agency or department

Ref: BPI/MSW/tran-time
2014-02-14

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