Friendly Societies and Credit Unions (Maximum Gross Sum) Order 2008
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2008/353
Friendly Societies and Credit Unions (Maximum Gross Sum) Order 2008
Anand Satyanand, Governor-General
Order in Council
At Wellington this 29th day of September 2008
Present:
His Excellency the Governor-General in Council
Pursuant to section 42(2) of the Friendly Societies and Credit Unions Act 1982, His Excellency the Governor-General, acting on the advice and with the consent of the Executive Council, makes the following order.
Order
1 Title
This order is the Friendly Societies and Credit Unions (Maximum Gross Sum) Order 2008.
2 Commencement
This order comes into force on the 28th day after the date of its notification in the Gazette.
3 Maximum gross sum for contracts of insurance
The maximum gross sum of assurances (as specified in section 42(1) of the Friendly Societies and Credit Unions Act 1982) is increased from $60,000 a year to $100,000 a year.
4 Revocation
The Friendly Societies and Credit Unions Order 1998 (SR 1998/41) is revoked.
Rebecca Kitteridge,
Clerk of the Executive Council.
Explanatory note
This note is not part of the order, but is intended to indicate its general effect.
This order, which comes into force on the 28th day after the date of its notification in the Gazette, increases from $60,000 a year to $100,000 a year the maximum gross sum for contracts of insurance that a member of a society registered under Part 2 of the Friendly Societies and Credit Unions Act 1982, or a person claiming through that member, is permitted to receive from the society, a branch, or the society including its branches taken together.
Date of notification in Gazette: 2 October 2008.
This order is administered by the Ministry of Economic Development.
Versions
Friendly Societies and Credit Unions (Maximum Gross Sum) Order 2008
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