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New Zealand law explained for everyone

Building Societies Act 1965

Constitution of building societies - Functions and general powers of building societies

9A: Functions of building societies

You could also call this:

"Building societies can help people with money and property"

A building society registered under this Act can do many things for its members and other people. These things include lending money, providing credit, giving guarantees and indemnities, buying and selling financial obligations and debts, discounting credit instruments, banking, investing, insurance, acting as a trustee, and dealing with foreign exchange.

The society can also buy, rent, or get land in other ways. They can develop, improve, manage, sell, rent, or deal with land in various ways.

A building society doesn't have to do all of these things. They can choose to do just one or more of these activities.

Remember, these functions might be limited by the rules of the building society. So, the society can only do these things if their own rules allow it.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM371365.

Topics:
Money and consumer rights > Banking and loansHousing and property > Buying and selling homes
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9: Purpose for which building society may be established, or

"This part of the law explaining why people could start a building society has been removed"

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9B: Powers of building societies, or

"Building societies can do many things to help them work, unless their rules say they can't"

Part 2Constitution of building societies
Functions and general powers of building societies

9AFunctions of building societies

  1. Subject to any restrictions or prohibitions contained in the rules of a society, the functions of every building society registered under this Act shall be—

  2. to provide services of any kind for its members or other persons, including, without limiting the generality of the foregoing, to provide services consisting of, or relating to,—
    1. the lending of money:
      1. the provision of credit:
        1. the giving of guarantees and indemnities:
          1. the sale and purchase of financial obligations, debts, and securities:
            1. the discounting of credit instruments:
              1. banking:
                1. investment:
                  1. insurance:
                    1. trusteeship:
                      1. foreign exchange dealing:
                      2. to acquire by purchase, lease, exchange, or in any other way, land or any interest in land:
                        1. to develop, improve, manage, sell, lease, exchange, or otherwise deal in land or any interest in land.

                          1. No society registered under this Act shall be required to carry on all of the functions referred to in subsection (1) if the society carries on 1 or more of those functions.

                          Notes
                          • Section 9A: inserted, on , by section 4(1) of the Building Societies Amendment Act 1987 (1987 No 175).