The Portman Building Society said yesterday it had rejected two carpetbaggers' resolutions aimed at triggering cash windfalls through conversion to a bank.

The news came in a letter faxed to Mr Richard Yendall, leading light in carpetbagger.com, which is seeking the conversion of the Portman along with the Chelsea and Skipton building societies.

The letter from Portman said: "The board is satisfied that, having taken appropriate legal advice, the forms of notice do not comply with the requirements of the society's rules.

"Accordingly the board will not be putting either resolution at the society's next a.g.m."