Title
Preamble
1 Short Title
2 Interpretation
3 Society may decide to be registered as company
4 Registration as company
5 Undertaking of society belongs to company
6 Relationship with depositors
7 Status of contracts and other instruments
8 Status of securities
9 References to society in existing instruments
10 Continuation of legal and other proceedings
11 Effect of this Act and things done under it
12 Employees
13 Taxes and duties
14 Application of sections 14A and 14B of Industrial and Provident Societies Act 1908
15 Private Act
An Act to enable The Public Service Investment Society Limited to be registered as a company under The Companies Act 1993
WHEREAS:
A. The Public Service Investment Society Limited is a society incorporated under The Industrial and Provident Societies Act 1908 with approximately 130,000 members:
B. The society wishes to be registered as a company under The Companies Act 1993 with the initial shares in the company held by the members of the society:
C. Section 14A of the Industrial and Provident Societies Act 1908 enables industrial and provident societies to be registered as companies, but requires an application for registration as a company to be signed by all the initial shareholders:
D. It is impracticable for the society to obtain the signatures of all its members to an application for registration as a company:
E. Registration of the society as a company in accordance with section 14A of the Industrial and Provident Societies Act 1908 may result in the company becoming liable for the payment of taxes and duties:
F. It is not considered appropriate that liability for taxes and duties should be incurred as a result solely of a change in the legal status of the society:
G. The society wishes that provision is made for other matters in connection with its registration as a company:
H. Legislation is the only means by which the society can be registered as a company conveniently and without the risk of adverse tax and other consequences:
I. The objects of this Act can be attained only by legislation:
BE IT THEREFORE ENACTED by the Parliament of New Zealand as follows: