Building Societies Act 1965

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Reprint as at 30 May 2017

Building Societies Act 1965

Public Act		1965 No 22
Date of assent		17 September 1965
Commencement		see section 1(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.

	Title
1	Short Title and commencement
	Part 1 Preliminary
2	Interpretation
2A	Transitional, savings, and related provisions
3	Registrar of Building Societies
4	Deputy Registrars of Building Societies
5	Official seal [Repealed]
6	Registers to be kept [Repealed]
7	Annual report by Registrar [Repealed]
8	Information as to societies, and inspection of documents kept by Registrars [Repealed]
	Part 2 Constitution of building societies
	Functions and general powers of building societies
9	Purpose for which building society may be established [Repealed]
9A	Functions of building societies
9B	Powers of building societies
9C	Ultra vires transactions
9D	Registration of documents not to constitute constructive notice
9E	Dealings between society and other persons
9F	Effect of fraud
10	Permanent and terminating societies
11	Power to raise and repay funds
12	Powers in relation to land [Repealed]
	Establishment and incorporation of societies
13	Mode of establishing society
14	Registration of rules of society
15	Incorporation of society
16	Appeal against refusal to register
	Rules of society
17	Contents of rules
18	Effect of rules
19	Alteration of rules
20	Copies of rules to be supplied on request
	Name of society
21	Restriction on registration of names
22	Society to use registered name
23	Change of name
	Membership
24	Members who are not shareholders
25	Members under age of 20
26	Joint shareholders
27	Liability of members
	Purchase of shares in terminating societies [Repealed]
27A	Interpretation [Repealed]
27B	Agreements to purchase shares [Repealed]
27C	Right of purchaser to cancel agreement [Repealed]
27D	Effect of cancellation of agreement [Repealed]
27E	No contracting out [Repealed]
27F	Schedule 7 may be amended [Repealed]
	Commencement of business
28	Business not to be commenced before incorporation
29	Minimum subscription by founding members
30	Commencement of advertising [Repealed]
31	Commencement of balloting for appropriations [Repealed]
	Bonus balloting shares and bonus ballots
31A	Bonus balloting shares and bonus ballots
	Union or transfer of engagements
32	Union of societies
33	Transfer of engagements
34	Supplementary provisions as to union and transfer of engagements
	Disposal of part of business undertaking
34A	Power to dispose of part of business undertaking
	Part 3 Advances [Repealed]
	Special advances on mortgage [Repealed]
35	Advances on security of mortgage of land for residential purposes [Repealed]
36	Ordinary limitations on special advances [Repealed]
37	Permission to exceed limit for special advances [Repealed]
38	Permission to make special advance to purchaser of mortgaged property [Repealed]
	General provisions as to advances on mortgage
39	Meaning of member for the purposes of this Part [Repealed]
40	Valuation of security [Repealed]
41	Additional security for advances [Repealed]
42	Record of advances [Repealed]
43	Security taken from third party [Repealed]
44	Arrangement for excess advance in connection with sale of property [Repealed]
45	Implied warranty on advance to purchaser, unless notice given to the contrary [Repealed]
46	Representation as to sufficiency of security [Repealed]
47	Restrictions on second or subsequent mortgages [Repealed]
48	Advance for single premium life policy [Repealed]
49	Restriction on commissions for introduction of mortgage business [Repealed]
50	Provisions as to sale of mortgaged property [Repealed]
	Advances on security of members’ shares [Repealed]
51	Limitation on advances on security of members’ shares [Repealed]
	Unsecured or other advances [Repealed]
51A	Advances on security other than mortgage of land or members’ shares, or without security [Repealed]
	Supplementary provisions [Repealed]
52	Power of Registrar to require actuary’s certificate as to appropriations by ballot [Repealed]
53	Memorandum of discharge of mortgage [Repealed]
	Part 4 Investment and banking of surplus funds [Repealed]
54	Interpretation [Repealed]
55	Investment and banking of surplus funds [Repealed]
55A	Societies to hold certain public securities [Repealed]
	Part 5A Investment and borrowing
56A	Investment powers
56B	Borrowing powers
56C	Power to give security
56D	Home ownership accounts and farm ownership accounts
56E	Depositor under age of 20
56F	Designation of societies for investments by trustees [Repealed]
56G	Memorandum of discharge of mortgage
	Part 5 Borrowing powers. Investors and depositors [Repealed]
56	Borrowing powers [Repealed]
57	Restrictions on savings bank deposits [Repealed]
57A	Home ownership accounts and farm ownership accounts [Repealed]
58	Interest on deposits [Repealed]
59	Liability for borrowing in excess of powers [Repealed]
60	Assistance to other building societies [Repealed]
61	New investors and depositors to receive copies of accounts [Repealed]
62	Depositor under age of 20 [Repealed]
63	Designation of societies for investments by trustees [Repealed]
	Part 6 Powers of control of Registrar [Repealed]
64	Power to order suspension of borrowing and subscriptions for shares [Repealed]
65	Procedure to be followed in making order [Repealed]
66	Provisions consequential on Registrar’s order [Repealed]
67	Power to give directions as to advertising [Repealed]
68	Procedure to be followed in giving direction [Repealed]
69	Power to require documents and information [Repealed]
70	Special powers of direction in relation to small societies [Repealed]
71	Supplementary provisions as to small societies [Repealed]
	Part 7 Management and administration
	Registered office
72	Registered office of society
73	Change of registered office
	Register of members
74	Duty to keep register
75	Inspection of register of members
	Meetings and resolutions
76	Annual general meeting
77	Length of notice of meetings
78	Persons entitled to notice of meetings
79	Proxies
80	Right to demand a poll
81	Special resolutions
82	Notices of special resolutions
	Directors and other officers
83	Directors
84	Giving of security by officers of society [Repealed]
85	Duty of officers to account [Repealed]
86	Disclosure of interest by directors
87	Officers not to accept commissions
88	Notice of changes in holding of certain offices
	Office management
89	Office management
	Accounting records and financial reporting
90	Accounting records must be kept
91	Financial reporting
91A	Summary financial statements [Repealed]
92	Half-yearly financial statements must be prepared
93	Form and content of financial statements [Repealed]
94	Offences under sections 90 to 93 [Repealed]
95	Directors’ report
96	Distribution of copies of financial statements and reports
97	Depositors and members entitled to be supplied with copy of financial statements
97A	Offences relating to laying financial statements before annual general meeting, half-yearly financial statements, directors’ report, and distribution of financial statements
97B	Election to receive summary financial statements [Repealed]
98	Appointment of auditors
99	Resolutions as to appointment and removal of auditors
100	Qualifications of auditors and access to information
101	Auditors’ report and right to attend meetings
102	Accounts of groups in terminating society [Repealed]
	Annual return
103	Duty to make annual return
104	Annual return to disclose loans or other investments to certain officers or companies [Repealed]
105	Additional annual return of certain transactions [Repealed]
106	Auditors’ report on annual return
	Liability of officers
107	Officers and auditors not to be exempted from liability
	Determination of disputes
108	General provisions as to disputes
109	Determination of disputes by arbitration
110	Determination of disputes by Registrar [Repealed]
111	Determination of disputes by court
112	Effect of determination
113	Statement of case for High Court
	Part 7A Conversion to company
113A	Building society may approve scheme for conversion of society into company under Companies Act 1993
113B	Cancellation of approval of scheme for conversion by High Court
113C	Special resolution approving scheme for conversion to be registered by Registrar of Building Societies
113D	Registrar of Companies to register society as company on receipt of certain documents
113E	Consequential provisions on conversion of society
113F	Enforceability of rights and liabilities altered by or arising under scheme for conversion
113G	Liability of members of company
113H	Prohibition on issue of terminating or bonus balloting shares in company to which society converts
113I	Preservation of rights of terminating shareholders
113J	Terms and conditions of bonus balloting securities not to be substantially different from terms and conditions of bonus balloting shares
113K	Employees
113L	Application of Gambling Act 2003 to company ballots
113M	Prohibition on opening of new bonus balloting accounts after conversion date
113N	Retention of trustee investment status for 5 years from conversion [Repealed]
113O	Retention of approved status for accepting deposits in home ownership or farm ownership accounts
113P	Prohibition of bonus ballots after expiry of 3 years from conversion date
113Q	Regulations for purposes of this Part
113R	Taxes and duties
113S	Registers
	Part 8 Dissolution and winding up
114	Dissolution in accordance with rules
115	Dissolution by consent
116	Provisions as to dissolution under last 2 preceding sections
117	Dissolution on award of Registrar [Repealed]
118	Dissolution by appointment of liquidator
119	Liability of members on dissolution or liquidation
120	Notice of dissolution or liquidation
121	Provision as to terminating societies
	Part 8A Register of building societies
121A	Register of building societies
121B	Registration of documents
121C	Registrar may require document to be registrable or otherwise comply before registration
121D	When documents are registered
121E	Alterations to register
121F	Inspection of register
121G	Obtaining certified copy or extract from register
121H	Certified copy or extract is evidence
	Part 9 Miscellaneous provisions
122	General control of advertisements [Repealed]
122A	Powers of inspection of Registrar
122B	Registrar may refuse to disclose information relating to inspection
122C	Appeals from decisions under section 122B
122D	Power of FMA to require actuary’s certificate as to appropriations by ballot
123	Inspections and special meetings
124	Compulsory cancellation or suspension of registration
125	Cancellation of registration at request of society
126	Effect of cancellation or suspension of registration
127	Provisions as to shares held jointly
128	Land acquired by exercise of powers as mortgagee to be sold [Repealed]
129	Evidence of rules
130	Form in which records may be kept
131	Exemptions from stamp duties [Repealed]
132	Offences in relation to property of societies
133	False statements in documents
134	Summary jurisdiction in respect of indictable offences [Repealed]
135	Time for filing charging document
136	General penalty for offences
136A	Jurisdiction of District Court
137	Regulations
138	Filing of rules of existing societies with District Registrars of Companies
139	Repeals, consequential amendments, and savings
	Schedule 1AA Transitional, savings, and related provisions
	Schedule 1 Standard rules for meetings [Repealed]
	Schedule 2 Requirements relating to founders’ and directors’ shares
	Schedule 3 Requirements relating to advertising [Repealed]
	Schedule 4 Societies authorised to accept savings bank deposits [Repealed]
	Schedule 5 Amendment to Part 2 of Schedule 1 of the Summary Proceedings Act 1957
	Schedule 6 Enactments repealed
	Schedule 7 [Repealed]
	Building Societies Amendment Act 1980
	Building Societies Amendment Act 1987
	Building Societies Amendment Act 1993
	Building Societies Amendment Act 2007
	Reprint notes

An Act to consolidate and amend certain enactments of the Parliament of New Zealand relating to building societies

Title: amended, on 1 January 1987, pursuant to section 29(2) of the Constitution Act 1986 (1986 No 114).

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