North Lanarkshire Municipal Bank Minutes 30 July 2003

Councillors, J Pentland, F Griffin , J Jones and G Murray - Directors
A Crichton, Director of Finance North Lanarkshire Council (Company Secretary),T Cartwright, Income Manager, North Lanarkshire Council, J Quinn, Assistant Treasury Manager North Lanarkshire Council.

Apologies

Councillors, W Wilson, J Shaw, and V Mathieson - Directors

Approval of Minutes of Previous Meeting

The minutes of the meeting held on 21 May 2002 were tabled and unanimously approved.

Annual Accounts

A set of audited accounts was tabled and circulated. It was noted that draft accounts had previously been circulated. The Directors unanimously agreed to the signing of the accounts and agreed that they should be presented to all shareholders at the Annual General Meeting to be held on the 14th January 2003.

Resolution to re-appoint Auditors

BDO Stoy Hayward offered themselves for re-appointment in accordance with S385 of the Companies Act 1985. The Directors unanimously agreed to the re-appointment.

Press Coverage

At the request of one of the directors the Company Secretary provided an update in respect of the recent press coverage given to the bank with reference to accounts formerly held by the bank.

Authorised Signatories

Councillor Murray sought clarification as to the number of signatories required to withdraw monies from accounts and in particular those accounts held by clubs/associations. The Income manager for NLC explained that it was normal practice for the bank to advise clubs at the time of the account opening that any withdrawal slip must have any 2 from 3 authorised signatories.

Interest Rate Review 30 July 2003