New Zealand Legislation: Acts
Acts are laws made by Parliament
Reprint as at 1 May 2011
| Public Act | 1965 No 22 |
| Date of assent | 17 September 1965 |
Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this eprint.
A general outline of these changes is set out in the notes at the end of this eprint, together with other explanatory material about this eprint.
This Act is administered in the Ministry of Commerce.
1 Short Title and commencement
3 Registrar of Building Societies
4 Deputy Registrar of Building Societies
5 Official seal [Repealed]
6 Registers to be kept [Repealed]
7 Annual report by Registrar [Repealed]
8 Information as to societies, and inspection of documents kept by Registrars [Repealed]
Part 2
Constitution of building societies
Functions and general powers of building societies
9 Purpose for which building society may be established [Repealed]
9A Functions of building societies
9B Powers of building societies
9D Registration of documents not to constitute constructive notice
9E Dealings between society and other persons
10 Permanent and terminating societies
11 Power to raise and repay funds
12 Powers in relation to land [Repealed]
Establishment and incorporation of societies
13 Mode of establishing society
14 Registration of rules of society
16 Appeal against refusal to register
20 Copies of rules to be supplied on request
21 Restriction on registration of names
22 Society to use registered name
24 Members who are not shareholders
28 Business not to be commenced before incorporation
29 Minimum subscription by founding members
30 Commencement of advertising [Repealed]
Bonus balloting shares and bonus ballots
31A Bonus balloting shares and bonus ballots
Union or transfer of engagements
34 Supplementary provisions as to union and transfer of engagements
Disposal of part of business undertaking
34A Power to dispose of part of business undertaking
[Repealed]
35 Advances on security of mortgage of land for residential purposes [Repealed]
General provisions as to advances on mortgage
39 Meaning of member for the purposes of this Part [Repealed]
40 Valuation of security [Repealed]
41 Additional security for advances [Repealed]
42 Record of advances [Repealed]
43 Security taken from third party [Repealed]
44 Arrangement for excess advance in connection with sale of property [Repealed]
45 Implied warranty on advance to purchaser, unless notice given to the contrary [Repealed]
46 Representation as to sufficiency of security [Repealed]
48 Advance for single premium life policy [Repealed]
49 Restriction on commissions for introduction of mortgage business [Repealed]
50 Provisions as to sale of mortgaged property [Repealed]
51 Limitation on advances on security of members' shares [Repealed]
51A Advances on security other than mortgage of land or members' shares, or without security [Repealed]
52 Power of Registrar to require actuary's certificate as to appropriations by ballot [Repealed]
53 Memorandum of discharge of mortgage [Repealed]
Part 4
Investment and banking of surplus funds
[Repealed]
54 Interpretation [Repealed]
55 Investment and banking of surplus funds [Repealed]
Part 5
Borrowing powers, investors and depositors
[Repealed]
56 Borrowing powers [Repealed]
57 Restrictions on savings bank deposits [Repealed]
57A Home ownership accounts and farm ownership accounts) [Repealed]
58 Interest on deposits [Repealed]
59 Liability for borrowing in excess of powers [Repealed]
60 Assistance to other building societies [Repealed]
61 New investors and depositors to receive copies of accounts [Repealed]
62 Depositor under age of 20 [Repealed]
63 Designation of societies for investments by trustees [Repealed]
Part 5A
Investment and borrowing
56D Home ownership accounts and farm ownership accounts
56F Designation of societies for investments by trustees [Repealed]
56G Memorandum of discharge of mortgage
Part 6
Powers of control of Registrar
64 Power to order suspension of borrowing and subscriptions for shares [Repealed]
65 Procedure to be followed in making order [Repealed]
66 Provisions consequential on Registrar's order [Repealed]
67 Power to give directions as to advertising [Repealed]
68 Procedure to be followed in giving direction [Repealed]
69 Power to require documents and information [Repealed]
70 Special powers of direction in relation to small societies [Repealed]
71 Supplementary provisions as to small societies [Repealed]
Part 7
Management and administration
72 Registered office of society
73 Change of registered office
75 Inspection of register of members
77 Length of notice of meetings
78 Persons entitled to notice of meetings
82 Notices of special resolutions
84 Giving of security by officers of society [Repealed]
85 Duty of officers to account [Repealed]
86 Disclosure of interest by directors
87 Officers not to accept commissions
88 Notice of changes in holding of certain offices
91 Annual financial statements
91A Summary financial statements
92 Half-yearly financial statements
93 Form and content of financial statements
94 Offences under sections 90 to 93
95 Signing of financial statements
96 Documents required to be annexed to balance sheets
97A Distribution of copies of financial statements and reports
97B Election to receive summary financial statements
99 Resolutions as to appointment and removal of auditors
100 Disqualifications for appointment as auditor
101 Auditors' report, right of access to books, and right to attend meetings
102 Accounts of groups in terminating society
103 Duty to make annual return
104 Annual return to disclose advances to certain officers or companies
105 Additional annual return of certain transactions [Repealed]
106 Auditors' report on annual return
107 Officers and auditors not to be exempted from liability
108 General provisions as to disputes
109 Determination of disputes by arbitration
111 Determination of disputes by Court
113 Statement of case for High Court
113A Building society may approve scheme for conversion of society into company under Companies Act 1955
113B Cancellation of approval of scheme for conversion by High Court
113C Special resolution approving scheme for conversion to be registered by Registrar of Building Societies
113D Registrar of Companies to register society as company on receipt of certain documents
113E Consequential provisions on conversion of society
113F Enforceability of rights and liabilities altered by or arising under scheme for conversion
113G Liability of members of company
113H Prohibition on issue of terminating or bonus balloting shares in company to which society converts
113I Preservation of rights of terminating shareholders
113J Terms and conditions of bonus balloting securities not to be substantially different from terms and conditions of bonus balloting shares
113L Application of Gambling Act 2003 to company ballots
113M Prohibition on opening of new bonus balloting accounts after conversion date
113N Retention of trustee investment status for 5 years from conversion [Repealed]
113O Retention of approved status for accepting deposits in home ownership or farm ownership accounts
113P Prohibition of bonus ballots after expiry of 3 years from conversion date
113Q Regulations for purposes of this Part of Act
Part 8
Dissolution and winding up
114 Dissolution in accordance with rules
116 Provisions as to dissolution under last 2 preceding sections
117 Dissolution on award of Registrar [Repealed]
118 Dissolution by appointment of liquidator
119 Liability of members on dissolution or liquidation
120 Notice of dissolution or liquidation
121 Provision as to terminating societies
Part 8A
Register of building societies
121A Register of building societies
121B Registration of documents
121C Registrar may require document to be registrable or otherwise comply before registration
121D When documents are registered
121G Obtaining certified copy or extract from register
121H Certified copy or extract is evidence
Part 9
Miscellaneous provisions
122 General control of advertisements [Repealed]
122A Powers of inspection of Registrar
122B Registrar may refuse to disclose information relating to inspection
122C Appeals from decisions under section 122B
122D Power of FMA to require actuary's certificate as to appropriations by ballot
123 Inspections and special meetings
124 Compulsory cancellation or suspension of registration
125 Cancellation of registration at request of society
126 Effect of cancellation or suspension of registration
127 Provisions as to shares held jointly
128 Land acquired by exercise of powers as mortgagee to be sold [Repealed]
130 Form in which records may be kept
132 Offences in relation to property of Societies
133 False statements in documents
134 Summary jurisdiction in respect of indictable offences
135 Offences punishable on summary conviction
136 General penalty for offences
138 Filing of rules of existing societies with District Registrars of Companies
139 Repeals, consequential amendments, and savings
Schedule 1
Standard rules for meetings
[Repealed]
Schedule 2
Requirements relating to founders' and directors' shares
Schedule 3
Requirements relating to advertising
[Repealed]
Schedule 4
Societies authorised to accept savings bank deposits
[Repealed]
Schedule 5
Amendment to Part 2 of Schedule 1 to the Summary Proceedings Act 1957
[Repealed]
An Act to consolidate and amend certain enactments of the General Assembly relating to building societies
BE IT ENACTED by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows:
