In that case, I shall not outline those deficiencies. I certainly cannot support the amendment, as worded. I do not think that it achieves the hon. Gentleman's objectives, and it poses a number of potential threats to mutual societies which I am sure he does not intend.

However, I believe that there is something to be said for the broad principle that the amendment embodies. I shall be interested to hear the Minister respond to that point, and to whether the operation of clause 41, unamended, would discourage building societies from converting.