The countdown has begun in the controversial process that could transform Kent Reliance Building Society into a bank.

Information packs including a transfer document have gone out to more than 100,000 members of the century-old society urging them to vote for the plans ahead of a crunch meeting in Tonbridge on November 19.

The plan would see private equity firm JC Flowers inject £50m into the Chatham-based society.

Kent Reliance would cease to exist as a building society with members automatically joining a Kent Reliance Provident Society (KRPS). Flowers would take a 49 per cent stake in the business.

All building society business, assets and liabilities would be transferred to a bank provisionally named OneSavings Bank Plc.

The bank would become a subsidiary of KRPS. Members would not benefit from any windfall.

The society says it has to take this action to inject more capital into the business to meet its regulatory obligations which have been tightened since the banking crisis.

It claims there were no other ways to raise the necessary funds but denies that the society is being demutualised, something it has always previously rejected.

Chairman Malcolm McCaig has told members: "Having reviewed the options, the Board is unanimous in agreeing that the proposals, including the transfer, are in the best interests of the society and its members."

But the society does acknowledge the move risks its independence.

But the plan has provoked fierce opposition from some members. Peers Carter, from Southfleet, accused the society of breaking promises and claimed that senior executives have "paid themselves enormous and unwarranted salaries."

He dubbed it "a rotten proposal" and said savers and borrowers should "protest and object...before it's too late."

John Hardy, from Mersham, claimed there was "absolutely nothing" in the proposal for existing members but the directors would benefit financially whenever JC Flowers decided to exit the deal.