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New Zealand law explained for everyone

Building Societies Act 1965

Constitution of building societies - Membership

26: Joint shareholders

You could also call this:

"Sharing ownership of building society shares with others"

You and your friends can own shares in a building society together. This means more than one person can have the same shares at the same time. If you do this, you need to follow the rules in section 127 of the law. These rules tell you how to manage shares when more than one person owns them.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM371616.

Topics:
Money and consumer rights > Banking and loansHousing and property > Buying and selling homes
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25: Members under age of 20, or

"Young people can join building societies but have limited rights"

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27: Liability of members, or

"Members only owe what they agreed to pay for their share or loan"

Part 2Constitution of building societies
Membership

26Joint shareholders

  1. Two or more persons may jointly hold shares in any society.

  2. The provisions of section 127 apply to any shares so held.

Compare
  • 1908 No 18 s 43
  • Building Societies Act 1962 s 10 (U K)