1 Title
2 Commencement
3 Principal Act amended
4 Membership of credit union, voting rights
5 New section 107A inserted
107A Credit union may offer credit union securities
6 Section 108 repealed
7 New section 109 substituted
109 Power of credit union to borrow money
8 New section 110 substituted
110 Credit union may make loans to members
9 Section 111 repealed
10 Credit union may hold land for limited purposes
11 Officers of credit union to give security
12 Investment of surplus funds
13 New heading and sections 117A to 117D inserted
Distribution to members
117A Meaning of distribution
117B Distribution must be authorised
117C Distribution must not be authorised unless credit union solvent
117D Solvency test
14 Section 119 repealed
15 Guarantee funds
16 Liability of members on winding up
17 Registration of Association
18 Consequential revocation of Friendly Societies and Credit Unions (Limit on Shareholdings) Order 2000
Legislative history
The Parliament of New Zealand enacts as follows: