Friendly Societies and Credit Unions (Regulatory Improvements) Amendment Act 2018

Reprint as at 1 April 2019

Coat of Arms of New Zealand

Friendly Societies and Credit Unions (Regulatory Improvements) Amendment Act 2018

Public Act
 
2018 No 17
Date of assent
 
4 July 2018
Commencement
 
see section 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

1Title
2Commencement
3Principal Act
4Section 2 amended (Interpretation)
5New section 2A inserted (Transitional, savings, and related provisions)
2ATransitional, savings, and related provisions
6Section 5 amended (Registry Office and registers)
7Section 16 repealed (Revising Barrister may examine rules)
8Section 23 amended (Amendment of rules)
9Section 24 amended (Revising Barrister or actuary may examine amendments)
10Section 25 replaced (Acknowledgment of registration of amendment of rules)
25Registration of amendment of rules
11Section 51 amended (Borrowing powers, overdrafts)
12New sections 58A to 58E and cross-heading inserted
58ARegistered friendly society that is licensed insurer may offer friendly society securities
58BMeaning of distribution
58CDistribution must be authorised
58DDistribution must not be authorised unless registered friendly society solvent
58ESolvency test
13Cross-heading above section 98 replaced
14Section 98 amended (Credit unions to be registered)
15Section 99 amended (Exemptions from registration)
16Section 100 replaced (Society may register as credit union)
100Persons eligible to incorporate credit union
100AApplication for incorporation of credit union
100BIncorporation of credit union
17Section 101 amended (Objects of credit union)
18Section 102 amended (Qualifications for admission to membership of credit union)
19Section 103 amended (Name to contain words “credit union”)
20Section 104 repealed (Registration and rules of credit union)
21Section 105 amended (Effect of rules on members of credit union)
22Section 106 amended (Membership of credit union, voting rights)
23New sections 106A to 106C inserted
106AMembers not liable for obligations of credit union
106BAmendment of credit union’s rules
106CCredit union to supply copy of rules
24Cross-heading above section 107 replaced
25Section 107A amended (Credit union may offer credit union securities)
26New sections 107B to 107F and cross-heading inserted
107BCapacity and powers of credit union
107CValidity of actions
107DDealings between credit union and other persons
107ENo constructive notice
107FHigh Court may restrain credit union from acting contrary to Act or credit union’s rules
27Sections 109 and 109A repealed
28Section 110 replaced (Credit union may make loans to members)
110Credit union may make loans to members and enterprises related to members, etc
29Sections 112 to 117 repealed
30Section 127 amended (Annual return)
31Section 128 amended (Annual return by credit union under dissolution)
32Section 133 amended (Credit union to be insured against fraud or other dishonesty)
33New sections 133A and 133B inserted
133AMethod of contracting
133BAttorneys
34Section 134 repealed (Guarantee funds)
35Section 135 replaced (Amalgamation of credit unions and transfer of engagements)
135Amalgamation of credit unions and transfer of engagements of 1 credit union to another credit union
135AMembers of credit union to be given information about proposed amalgamation or transfer of engagements
135BSecured creditors and public notice
135CRegistration of special resolutions for amalgamation or transfer of engagements
135DOther registers
135EPowers of court in relation to proposed amalgamation or transfer of engagements
36Section 136 amended (Registrar may approve amalgamations or transfers of engagements of credit unions)
37Cross-heading above section 137 amended
38New section 137A inserted (Members may resolve to put credit union into liquidation)
137AMembers may resolve to put credit union into liquidation
39Section 138 amended (Registrar may apply to put credit union into liquidation)
40Section 139 amended (Registrar may suspend business of credit union)
41Section 140 replaced (Cancellation or suspension of registration, and dissolution of credit union)
140Removal from register
140ANotice of intention to remove from register
140BObjection to removal from register
140CObjections under section 140B(1)(a), (b), or (c)
140DObjections under section 140B(1)(d) or (e)
140ERegistrar must send information to person who requests removal
140FHigh Court may order that credit union not be removed
140GLiability of officers, members, and others to continue
140HRestoration of credit union to register
140IRegistrar may restore credit union to register
140JNotice of proposed restoration
140KHigh Court may order restoration of credit union
140LRegistrar or High Court may require provisions of this Act to be complied with
140MOther High Court orders
42Section 141 amended (Liability of members on winding up)
43Section 143 amended (Associations of credit unions to be registered)
44Section 145 amended (Application for registration of association)
45Section 146 replaced (Registration of association)
146Incorporation of association
46Section 151 amended (Appeals)
47Section 152 amended (Regulations)
48Section 154 amended (Recovery of fines, etc, imposed on society, branch, or credit union)
49Section 155 amended (Status of trustees and officers for purposes of Crimes Act 1961)
50Section 156 amended (Liability of officers and of members of committee on commission of offence)
51Section 157 amended (Institution of legal proceedings by or against society or branch or credit union)
52New Schedule 1AA inserted
53Schedule 4 amended
54Schedule 5 amended
55Amendment to Administration Act 1969
56Amendment to Insurance (Prudential Supervision) Act 2010
11Application of Act to friendly societies
57Amendment to Financial Reporting Act 2013
58Amendment to Income Tax Act 2007
59Amendments to New Zealand Business Number Act 2016
60Amendment to Property Law Act 2007
61Amendment to Receiverships Act 1993
62Amendment to Social Security Act 1964
Reprint notes

The Parliament of New Zealand enacts as follows: