(1) If 25 members, or such lesser number as may be specified in the rules of a building society, who are entitled to vote on a resolution, give notice in writing to the society of their intention to move, or to cause to be moved on their behalf, at an annual general meeting, a resolution (the text of which is included in the notice), other than an exempted resolution, it shall be the duty of the society, subject to subsections (2), (3) and (9) -

(a) to include in the notice of the annual general meeting a notice specifying the intention to move the resolution, or to cause it to be moved on their behalf, at the meeting and, where applicable, the intention to move it as a special resolution; and

(b) at the request of the members intending to move the resolution, or to cause it to be moved on their behalf, to send to each member entitled to receive notice of the meeting a copy of a statement of not more than 300 words with respect to the matter referred to in the resolution.

(2) Subsection (1) does not require a society to send notices of a resolution or copies of a statement to members of the society in any case where -

(a) the contents of the resolution or, as the case may be, the statement would be likely to diminish substantially public confidence in the society;