Friendly Societies and Credit Unions Amendment Act 2004

Friendly Societies and Credit Unions Amendment Act 2004

Public Act2004 No 28
Date of assent14 April 2004

The Parliament of New Zealand enacts as follows:

1 Title
2 Commencement
  • This Act comes into force on the day after the date on which it receives the Royal assent.

3 Settlement of disputes generally
  • (1) Section 78(2)(a) of the principal Act is amended by inserting, after the words through a member, the words (unless that member or person is a trustee appointed under section 33(2)(a) of the Securities Act 1978).

    (2) Section 78(2)(b) of the principal Act is amended by inserting, after the words such person aggrieved, the words (unless that person aggrieved or other person claiming through that person is a trustee appointed under section 33(2)(a) of the Securities Act 1978).

4 New section 109A inserted
  • The principal Act is amended by inserting, after section 109, the following section:

    109A Power of credit union to appoint trustee for debt securities
    • Regardless of anything to the contrary in the rules of a credit union, a credit union may appoint a trustee and sign or amend a trust deed for the purposes of section 33(2) of the Securities Act 1978.

5 Credit union property to vest in trustees
  • Section 112 of the principal Act is amended by inserting, after subsection (1), the following subsection:

    • (1A) However, regardless of the rules of a credit union, if a trustee has been appointed in respect of a security under section 33(2)(a) of the Securities Act 1978, then that trustee may exercise any rights it has under that Act in respect of the property of the credit union.

6 Schedule 3 amended
  • Schedule 3 of the principal Act is amended by repealing clause 9, and substituting the following clause:

    9
    • The manner in which disputes of a kind referred to in section 78(2) must be settled.

7 Schedule 4 amended
  • Schedule 4 of the principal Act is amended by repealing clause 13, and substituting the following clause:

    13
    • The manner in which disputes of a kind referred to in section 78(2) must be settled.


Legislative history

6 April 2004Divided from Business Law Reform Bill (Bill 56-2), third reading