Building Societies Act 1965

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

9B: Powers of building societies

You could also call this:

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

A building society can do anything this law allows it to do, as well as other things that help it do its job, as long as its own rules don't say it can't. The society's rules might limit what it can do, but if they don't, the society has a lot of freedom.

When a building society uses its powers, it can act in different ways. It can act as the main person doing something, or it can act for someone else. It can also act as a lawyer for someone, as a worker, as someone who looks after money for others, or in other ways.

The society can also get other people or companies to use its powers for it. These could be people acting for the society, lawyers, workers, people who look after money, or others.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

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=DLM371367.


Previous

9A: Functions of building societies, or

"Building societies can help people with money and property"


Next

9C: Ultra vires transactions, or

"Building societies' actions can't be called wrong just because they weren't allowed to do them"

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

9BPowers of building societies

  1. Subject to any restrictions or prohibitions contained in the rules of a society, a society shall have all such powers, rights, and authorities as are conferred on it by this Act and all such other powers not inconsistent with this Act as may be reasonably necessary to enable it to carry on its functions.

  2. Any power, right, or authority that a society has pursuant to this Act may be exercised—

  3. as a principal, agent, attorney, contractor, trustee, or otherwise:
    1. by or through an agent, attorney, contractor, trustee, or otherwise.
      Notes
      • Section 9B: inserted, on , by section 4(1) of the Building Societies Amendment Act 1987 (1987 No 175).