• Preamble

  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: