Part 11Miscellaneous provisions
Transitional provisions relating to dissolution of District Law Societies
373Assets and liabilities of District Law Societies
If the members of any District Law Society to which section 372 applies resolve, before the close of the period of 6 months beginning with the date of the commencement of this section, that the assets and liabilities of the society become those of a society which is incorporated under the Incorporated Societies Act 1908 and which is named in the resolution, those assets and liabilities become, as from the close of that period, assets and liabilities of that incorporated society if, as at the close of that period, the assets of the District Law Society exceed its liabilities.
If the assets and liabilities of a District Law Society to which section 372 applies do not, under subsection (1) of this section, become, as from the close of the period of 6 months beginning with the date of the commencement of this section, those of an incorporated society, those assets and liabilities become, as from the close of that period, assets and liabilities of the New Zealand Law Society.
The assets vested by subsection (1) in an incorporated society do not include any records of the kind referred to in section 379(1).