Overview

mutual


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A company that is owned by its members or depositors. In the UK building societies used to have this structure, but most have now demutualized, becoming public limited companies. Mutual life-assurance companies developed out of the Friendly Societies. There are no shareholders and apart from benefits and running expenses there are no other withdrawals from the fund; thus any profits are distributed to policyholders.

Subjects: Accounting.


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