Building Societies Act 1965

Reprint as at 12 November 2018

Coat of Arms of New Zealand

Building Societies Act 1965

Public Act
 
1965 No 22
Date of assent
 
17 September 1965
Commencement
 
see section 1(2)
Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This Act is administered by the Ministry of Business, Innovation, and Employment.

Contents

Title
1Short Title and commencement
2Interpretation
2ATransitional, savings, and related provisions
3Registrar of Building Societies
4Deputy Registrars of Building Societies
5Official seal [Repealed]
6Registers to be kept [Repealed]
7Annual report by Registrar [Repealed]
8Information as to societies, and inspection of documents kept by Registrars [Repealed]
9Purpose for which building society may be established [Repealed]
9AFunctions of building societies
9BPowers of building societies
9CUltra vires transactions
9DRegistration of documents not to constitute constructive notice
9EDealings between society and other persons
9FEffect of fraud
10Permanent and terminating societies
11Power to raise and repay funds
12Powers in relation to land [Repealed]
13Mode of establishing society
14Registration of rules of society
15Incorporation of society
16Appeal against refusal to register
17Contents of rules
18Effect of rules
19Alteration of rules
20Copies of rules to be supplied on request
21Restriction on registration of names
22Society to use registered name
23Change of name
24Members who are not shareholders
25Members under age of 20
26Joint shareholders
27Liability of members
[Repealed]
27AInterpretation [Repealed]
27BAgreements to purchase shares [Repealed]
27CRight of purchaser to cancel agreement [Repealed]
27DEffect of cancellation of agreement [Repealed]
27ENo contracting out [Repealed]
27FSchedule 7 may be amended [Repealed]
28Business not to be commenced before incorporation
29Minimum subscription by founding members
30Commencement of advertising [Repealed]
31Commencement of balloting for appropriations [Repealed]
31ABonus balloting shares and bonus ballots
32Union of societies
33Transfer of engagements
34Supplementary provisions as to union and transfer of engagements
34APower to dispose of part of business undertaking
[Repealed]
[Repealed]
35Advances on security of mortgage of land for residential purposes [Repealed]
36Ordinary limitations on special advances [Repealed]
37Permission to exceed limit for special advances [Repealed]
38Permission to make special advance to purchaser of mortgaged property [Repealed]
39Meaning of member for the purposes of this Part [Repealed]
40Valuation of security [Repealed]
41Additional security for advances [Repealed]
42Record of advances [Repealed]
43Security taken from third party [Repealed]
44Arrangement for excess advance in connection with sale of property [Repealed]
45Implied warranty on advance to purchaser, unless notice given to the contrary [Repealed]
46Representation as to sufficiency of security [Repealed]
47Restrictions on second or subsequent mortgages [Repealed]
48Advance for single premium life policy [Repealed]
49Restriction on commissions for introduction of mortgage business [Repealed]
50Provisions as to sale of mortgaged property [Repealed]
[Repealed]
51Limitation on advances on security of members’ shares [Repealed]
[Repealed]
51AAdvances on security other than mortgage of land or members’ shares, or without security [Repealed]
[Repealed]
52Power of Registrar to require actuary’s certificate as to appropriations by ballot [Repealed]
53Memorandum of discharge of mortgage [Repealed]
[Repealed]
54Interpretation [Repealed]
55Investment and banking of surplus funds [Repealed]
55ASocieties to hold certain public securities [Repealed]
56AInvestment powers
56BBorrowing powers
56CPower to give security
56DHome ownership accounts and farm ownership accounts
56EDepositor under age of 20
56FDesignation of societies for investments by trustees [Repealed]
56GMemorandum of discharge of mortgage
[Repealed]
56Borrowing powers [Repealed]
57Restrictions on savings bank deposits [Repealed]
57AHome ownership accounts and farm ownership accounts [Repealed]
58Interest on deposits [Repealed]
59Liability for borrowing in excess of powers [Repealed]
60Assistance to other building societies [Repealed]
61New investors and depositors to receive copies of accounts [Repealed]
62Depositor under age of 20 [Repealed]
63Designation of societies for investments by trustees [Repealed]
[Repealed]
64Power to order suspension of borrowing and subscriptions for shares [Repealed]
65Procedure to be followed in making order [Repealed]
66Provisions consequential on Registrar’s order [Repealed]
67Power to give directions as to advertising [Repealed]
68Procedure to be followed in giving direction [Repealed]
69Power to require documents and information [Repealed]
70Special powers of direction in relation to small societies [Repealed]
71Supplementary provisions as to small societies [Repealed]
72Registered office of society
73Change of registered office
74Duty to keep register
75Inspection of register of members
76Annual general meeting
77Length of notice of meetings
78Persons entitled to notice of meetings
79Proxies
80Right to demand a poll
81Special resolutions
82Notices of special resolutions
83Directors
84Giving of security by officers of society [Repealed]
85Duty of officers to account [Repealed]
86Disclosure of interest by directors
87Officers not to accept commissions
88Notice of changes in holding of certain offices
89Office management
90Accounting records must be kept
91Financial reporting
91ASummary financial statements [Repealed]
92Half-yearly financial statements must be prepared
93Form and content of financial statements [Repealed]
94Offences under sections 90 to 93 [Repealed]
95Directors’ report
96Distribution of copies of financial statements and reports
97Depositors and members entitled to be supplied with copy of financial statements
97AOffences relating to laying financial statements before annual general meeting, half-yearly financial statements, directors’ report, and distribution of financial statements
97BElection to receive summary financial statements [Repealed]
98Appointment of auditors
99Resolutions as to appointment and removal of auditors
100Qualifications of auditors and access to information
101Auditors’ report and right to attend meetings
102Accounts of groups in terminating society [Repealed]
103Duty to make annual return
104Annual return to disclose loans or other investments to certain officers or companies [Repealed]
105Additional annual return of certain transactions [Repealed]
106Auditors’ report on annual return
107Officers and auditors not to be exempted from liability
108General provisions as to disputes
109Determination of disputes by arbitration
110Determination of disputes by Registrar [Repealed]
111Determination of disputes by court
112Effect of determination
113Statement of case for High Court
113ABuilding society may approve scheme for conversion of society into company under Companies Act 1993
113BCancellation of approval of scheme for conversion by High Court
113CSpecial resolution approving scheme for conversion to be registered by Registrar of Building Societies
113DRegistrar of Companies to register society as company on receipt of certain documents
113EConsequential provisions on conversion of society
113FEnforceability of rights and liabilities altered by or arising under scheme for conversion
113GLiability of members of company
113HProhibition on issue of terminating or bonus balloting shares in company to which society converts
113IPreservation of rights of terminating shareholders
113JTerms and conditions of bonus balloting securities not to be substantially different from terms and conditions of bonus balloting shares
113KEmployees
113LApplication of Gambling Act 2003 to company ballots
113MProhibition on opening of new bonus balloting accounts after conversion date
113NRetention of trustee investment status for 5 years from conversion [Repealed]
113ORetention of approved status for accepting deposits in home ownership or farm ownership accounts
113PProhibition of bonus ballots after expiry of 3 years from conversion date
113QRegulations for purposes of this Part
113RTaxes and duties
113SRegisters
114Dissolution in accordance with rules
115Dissolution by consent
116Provisions as to dissolution under last 2 preceding sections
117Dissolution on award of Registrar [Repealed]
118Dissolution by appointment of liquidator
119Liability of members on dissolution or liquidation
120Notice of dissolution or liquidation
121Provision as to terminating societies
121ARegister of building societies
121BRegistration of documents
121CRegistrar may require document to be registrable or otherwise comply before registration
121DWhen documents are registered
121EAlterations to register
121FInspection of register
121GObtaining certified copy or extract from register
121HCertified copy or extract is evidence
122General control of advertisements [Repealed]
122APowers of inspection of Registrar
122BRegistrar may refuse to disclose information relating to inspection
122CAppeals from decisions under section 122B
122DPower of FMA to require actuary’s certificate as to appropriations by ballot
123Inspections and special meetings
124Compulsory cancellation or suspension of registration
125Cancellation of registration at request of society
126Effect of cancellation or suspension of registration
127Provisions as to shares held jointly
128Land acquired by exercise of powers as mortgagee to be sold [Repealed]
129Evidence of rules
130Form in which records may be kept
131Exemptions from stamp duties [Repealed]
132Offences in relation to property of societies
133False statements in documents
134Summary jurisdiction in respect of indictable offences [Repealed]
135Time for filing charging document
136General penalty for offences
136AJurisdiction of District Court
137Regulations
138Filing of rules of existing societies with District Registrars of Companies
139Repeals, consequential amendments, and savings
[Repealed]
[Repealed]
[Repealed]
[Repealed]
Reprint notes

An Act to consolidate and amend certain enactments of the Parliament of New Zealand relating to building societies

Title: amended, on 1 January 1987, pursuant to section 29(2) of the Constitution Act 1986 (1986 No 114).