Building Societies Act 1965

87 Officers not to accept commissions

(1)

No director, manager, secretary, or other officer of a society shall, in addition to that person’s remuneration as an officer of the society, accept from any other person any commission for or in connection with—

(a)

any loan made by the society; or

(b)

any policy of insurance effected through the society or issued by a person nominated or selected by the society.

(2)

If any director or other officer contravenes any of the foregoing provisions of this section—

(a)

that director or other officer commits an offence and shall be liable on conviction to imprisonment for a term not exceeding 6 months or to a fine not exceeding $100, or to both; and

(b)

if, having been convicted of an offence against subsection (1), that director or other officer fails to pay to the society the amount or value of the commission referred to in that subsection, as and when directed to do so by the convicting court, that director or other officer commits a further offence and shall be liable on conviction to imprisonment for a term not exceeding 6 months or to a fine not exceeding $100, or to both.

(3)

If any person pays to any director or other officer any commission to which this section applies, that person commits an offence and shall be liable on conviction to imprisonment for a term not exceeding 6 months or to a fine not exceeding $100, or to both.

(4)

In this section, commission includes any gift, bonus, or benefit.

Section 87: replaced, on 1 September 1987, by section 19 of the Building Societies Amendment Act 1987 (1987 No 175).

Section 87(2)(a): amended, on 1 July 2013, by section 413 of the Criminal Procedure Act 2011 (2011 No 81).

Section 87(2)(b): amended, on 1 July 2013, by section 413 of the Criminal Procedure Act 2011 (2011 No 81).

Section 87(3): amended, on 1 July 2013, by section 413 of the Criminal Procedure Act 2011 (2011 No 81).