New Zealand Legislation: Acts
Acts are laws made by Parliament
Reprint as at 1 May 2011
| Public Act | 1982 No 118 |
| Date of assent | 1 December 1982 |
| Commencement | see section 1(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.
This Act is administered by the Ministry of Economic Development.
1 Short Title and commencement
3 Registrar of Friendly Societies and Credit Unions
4 Deputy Registrar of Friendly Societies and Credit Unions
5 Registry Office and registers
6 Appointment of officers and employees
8 Powers of inspection of records by Registrar
9 Registrar may publish statements, etc
Part 2
Friendly and other societies
11 Societies which may be registered
12 Applications for registration of societies
13 Certain societies not disentitled to registration because of division of funds
14 Branches to be registered concurrently with society
15 Actuary to certify rates of contributions before registration
16 Revising Barrister may examine rules
17 Acknowledgment of registration
19 Establishment of new branches
20 Secession or expulsion of branches
21 Seceded or expelled branch may apply for registration
22 Acknowledgment of registration deemed to be acknowledgment of rules
24 Revising Barrister or actuary may examine amendments
25 Acknowledgment of registration of amendment of rules
26 Amendment of rules by Registrar
27 Society or branch to supply copy of rules
29 Property to vest in trustees
30 Registrar may authorise transfer of property to existing trustees
31 Delegation of duties by trustee
32 Notice to District Land Registrar of names of trustees
33 Dealing with land under Land Transfer Act
34 Officers required to give security
35 Duty of officers to account
36 Priority on death, bankruptcy, etc, of officer
Membership and rights of members
37 Members generally to have 1 vote only
38 Members' subscriptions not generally recoverable
41 Inspection of books and accounts of society
42 Maximum gross sum for contracts of insurance
43 Member may nominate person to receive money on death
44 Payment on death of nominator
46 Restriction on payments on account of death of minors
47 Power to make loans against surrender value of policies
48 Money payable by friendly societies to their members protected
Investment, funds, and property
49 Duties of trustees in relation to investments
50 Trustees of society may make investments for branch, etc
51 Borrowing powers, overdrafts
53 Society providing medical or surgical requisites may issue debentures and invest in certain shares
54 Subscriptions to hospitals or other institutions
55 Donations for charitable or other purposes
56 Participation in government of other society or branch or contribution to its funds
57 Powers of society or branch with respect to land
58 Public Trust or trustee company may hold securities and invest funds for societies
60 Accounting records to be kept
61 General provisions relating to accounts and statement of financial position
62 Obligation to appoint auditors
63 Qualifications for appointment as auditor
64 Audit of exempt societies and branches
65 Reappointment and removal of auditors
66 Notice of resolution relating to appointment and removal of auditors
67 Proceedings subsequent to notice of intention to move resolution
71 Annual return by society under dissolution, etc
72 Annual return to be supplied to members
73 Accounts and statement of financial position to be available
74 Actuarial valuation and report
75 Obligation on branches to supply particulars for annual return or actuarial valuation and report
76 Appropriation and transfer of surplus funds
77 Registrar may advise society on financial position
78 Settlement of disputes generally
79 Reference of dispute to Registrar
80 Statement of case, etc, in settlement of dispute
81 Reference of disputes to court otherwise than under rules
Amalgamations, transfers of engagements, and conversions
83 Amalgamation of societies and transfer of engagements
84 Society may apply to be registered as company
85 Objections to amalgamations and transfers of engagements
86 Registrar may approve amalgamations, transfers, and conversions
87 Branches amalgamating, transferring engagements, or converting to company
88 Conversion of society into branch
Inspection, winding up, and suspension of business
89 Registrar may appoint inspectors or call special meeting
90 Registrar may apply to put society into liquidation
90A Transitional provisions applying to liquidation of societies
91 Registrar may forbid new business or the accepting of new members of society
Cancellation and suspension of registration, and dissolution
92 Registrar may cancel or suspend registration
93 Dissolution of societies and branches
96 Notice to Registrar of proceedings to oppose dissolution
97 Property to be transferred before final dissolution
98 Credit unions to be registered
99 Exemptions from registration
100 Society may register as credit union
102 Qualifications for admission to membership of credit union
103 Name to contain words “credit union”
104 Registration and rules of credit union
105 Effect of rules on members of credit union
106 Membership of credit union, voting rights
107 Credit union to have shares
108 General prohibition on taking deposits
109 Power of credit union to borrow money
109A Power of credit union to appoint trustee for debt securities
110 Credit union may make loans to members
111 Minister may fix maximum amount of loans to members
112 Credit union property to vest in trustees
113 Credit union may hold land for limited purposes
114 Officers of credit union to give security
115 Duty of officers of credit union to account
116 Priority on death, bankruptcy, etc, of officer
117 Investment of surplus funds
118 Disputes in relation to credit unions
119 Credit union to maintain general reserves
120 Financial year of credit union
121 Accounting records and statement of financial position
122 Credit union to be audited
123 Qualifications for appointment as auditor
124 Audit of certain exempt credit unions
125 General matters relating to auditors, the auditors' report, and auditors' rights of access
126 Registrar may advise credit union on financial position
128 Annual return by credit union under dissolution
129 Annual return to be supplied to members
130 Register of members of credit union
131 Inspection of books and accounts of credit union
132 Accounts and statement of financial position to be available
133 Credit union to be insured against fraud or other dishonesty
135 Amalgamation of credit unions and transfer of engagements
136 Registrar may approve amalgamations or transfers of engagements of credit unions
Inspection, liquidation, and suspension of business
137 Registrar may appoint inspectors or call special meeting
138 Registrar may apply to put credit union into liquidation
138A Transitional provisions applying to liquidation of credit unions
139 Registrar may suspend business of credit union
140 Cancellation or suspension of registration, and dissolution of credit union
141 Liability of members on winding up
142 Nomination of shares in credit union
143 Associations of credit unions to be registered
145 Application for registration of association
146 Registration of association
Part 4
Miscellaneous provisions
148 Exemptions from Customs duty
149 Recovery of costs, etc, awarded by Registrar
150 Certain persons prohibited from managing societies or credit unions
154 Recovery of fines, etc, imposed on society, branch, or credit union
155 Status of trustees and officers for purposes of Crimes Act 1961
156 Liability of officers and of members of committee on commission of offence
157 Institution of legal proceedings by or against society or branch or credit union
159 Fines imposed under rules recoverable as a debt
160 Savings and transitional provisions
161 Amendments, repeals, and revocations
Schedule 1
Purposes for which friendly societies may be established
Schedule 2
Matters to be provided for by the rules of societies registered under Part 2
Schedule 3
Matters to be provided for by the rules of or for branches registered under Part 2
Schedule 4
Matters to be provided for in rules of credit unions
Schedule 5
Persons, societies, or bodies of persons exempt from registration as a credit union
An Act to consolidate and amend the law relating to friendly and certain other societies, to make better provision for the formation and administration of credit unions, and to provide for matters related thereto
