New Zealand Legislation: Acts
Acts are laws made by Parliament
Reprint as at 1 April 2008
| Private Act | 2007 No 1 |
| Date of assent | 22 August 2007 |
| Commencement | see section 2 |
Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this reprint.
A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.
Part 2
Incorporation and governance
5 Transfer of incorporation and change of name
7 Capacity, powers, and validity of actions
14 Alteration of constitution by members
15 Court may alter constitution
16 Registration of consolidated constitution
17 Rights and powers attached to membership
22 Who is entitled to receive notice and to vote
23 Directors and their powers and duties
24 Majority of directors to be members
Other provisions of Companies Act 1993 applied
27 Accounting records and audit
Application of Financial Reporting Act 1993
39 Continuation of legal and other proceedings
40 References to Farmers' Mutual Insurance Association in existing instruments, etc
41 Status of contracts and other instruments
(1) The Farmers' Mutual Insurance Association (the FMIA) was formed from the merger of a number of associations incorporated under the Mutual Insurance Act 1955 (the 1955 Act). Those associations were incorporated to provide fire and other insurance to their members, being principally farmers and persons that service or support farmers:
(2) The FMIA is now the only association incorporated under the 1955 Act:
(3) The FMIA can operate only within the limited powers and authorities conferred upon it by the 1955 Act, and must comply with the governance requirements specified in the 1955 Act. Those powers, authorities, and requirements are outdated and inappropriate, and restrict the FMIA's ability to compete with others in its industry and to provide relevant products and services:
(4) The FMIA wishes to preserve its mutual status, but modernise its powers and authorities. At the same time, the FMIA wishes to maintain its current principal business and to grant membership rights to policyholders insuring risks to rural property. Accordingly, this Act removes the FMIA from the jurisdiction of the 1955 Act, renames it the Farmers' Mutual Group, and incorporates it as a mutual association under this Act with the powers, capacity, and governance regime of a company under the Companies Act 1993:
(5) The objects of this Act cannot be achieved without the authority of Parliament.
