Plain language law

New Zealand law explained for everyone

Building Societies Act 1965

Constitution of building societies - Union or transfer of engagements

32: Union of societies

You could also call this:

“Building societies can join together to become one society”

When two or more building societies want to join together and become one society, they can do this. You can call this a union of societies. The societies can choose whether they want to dissolve or split up their funds when they join together. For this to happen, each society needs to have a special vote where they agree to the terms of joining together.

After the societies join together, they need to tell the Registrar about it. They have to send a notice to the Registrar to register the union.

If a society doesn’t send this notice to the Registrar, they’re breaking the law. The society itself, and any officer of the society who didn’t make sure the notice was sent, can get in trouble for not following this rule.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM371645.

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Part 2 Constitution of building societies
Union or transfer of engagements

32Union of societies

  1. Two or more building societies may unite and become 1 society, with or without a dissolution or division of the funds of any 1 or more of those societies, if the terms of the union are approved by a special resolution of each of the societies.

  2. Notice of every union of societies shall be sent to the Registrar for registration.

  3. If any society fails to send notice to the Registrar under subsection (2), the society, and every officer of the society who is in default, shall be guilty of an offence against this Act.

Notes
  • Section 32: replaced, on , by section 11 of the Building Societies Amendment Act 1987 (1987 No 175).
  • Section 32(2): amended, on , by section 7 of the Building Societies Amendment Act 2007 (2007 No 43).