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Building Societies Act 1965
Advances
General provisions as to advances on mortgage
45: Implied warranty on advance to purchaser, unless notice given to the contrary

Part 1:
Preliminary

2Interpretation 2ATransitional, savings, and related provisions 3Registrar of Building Societies 4Deputy Registrars of Building Societies 5Official seal 6Registers to be kept 7Annual report by Registrar 8Information as to societies, and inspection of documents kept by Registrars

Part 2:
Constitution of building societies

Part 3:
Advances

Special advances on mortgage

35Advances on security of mortgage of land for residential purposes 36Ordinary limitations on special advances 37Permission to exceed limit for special advances 38Permission to make special advance to purchaser of mortgaged property

General provisions as to advances on mortgage

39Meaning of member for the purposes of this Part 40Valuation of security 41Additional security for advances 42Record of advances 43Security taken from third party 44Arrangement for excess advance in connection with sale of property 45Implied warranty on advance to purchaser, unless notice given to the contrary 46Representation as to sufficiency of security 47Restrictions on second or subsequent mortgages 48Advance for single premium life policy 49Restriction on commissions for introduction of mortgage business 50Provisions as to sale of mortgaged property

Advances on security of members' shares

51Limitation on advances on security of members' shares

Unsecured or other advances

51AAdvances on security other than mortgage of land or members' shares, or without security

Supplementary provisions

52Power of Registrar to require actuary's certificate as to appropriations by ballot 53Memorandum of discharge of mortgage

Part 4:
Investment and banking of surplus funds

54Interpretation 55Investment and banking of surplus funds 55ASocieties to hold certain public securities

Part 5A:
Investment and borrowing

56AInvestment powers 56BBorrowing powers 56CPower to give security 56DHome ownership accounts and farm ownership accounts 56EDepositor under age of 20 56FDesignation of societies for investments by trustees 56GMemorandum of discharge of mortgage

Part 5:
Borrowing powers. Investors and depositors

56Borrowing powers 57Restrictions on savings bank deposits 57AHome ownership accounts and farm ownership accounts 58Interest on deposits 59Liability for borrowing in excess of powers 60Assistance to other building societies 61New investors and depositors to receive copies of accounts 62Depositor under age of 20 63Designation of societies for investments by trustees

Part 6:
Powers of control of Registrar

64Power to order suspension of borrowing and subscriptions for shares 65Procedure to be followed in making order 66Provisions consequential on Registrar's order 67Power to give directions as to advertising 68Procedure to be followed in giving direction 69Power to require documents and information 70Special powers of direction in relation to small societies 71Supplementary provisions as to small societies

Part 7:
Management and administration

Registered office

72Registered office of society 73Change of registered office

Register of members

74Duty to keep register 75Inspection of register of members

Meetings and resolutions

76Annual general meeting 77Length of notice of meetings 78Persons entitled to notice of meetings 79Proxies 80Right to demand a poll 81Special resolutions 82Notices of special resolutions

Directors and other officers

83Directors 84Giving of security by officers of society 85Duty of officers to account 86Disclosure of interest by directors 87Officers not to accept commissions 88Notice of changes in holding of certain offices

Office management

89Office management

Accounting records and financial reporting

Annual return

103Duty to make annual return 104Annual return to disclose loans or other investments to certain officers or companies 105Additional annual return of certain transactions 106Auditors' report on annual return

Liability of officers

107Officers and auditors not to be exempted from liability

Determination of disputes

108General provisions as to disputes 109Determination of disputes by arbitration 110Determination of disputes by Registrar 111Determination of disputes by court 112Effect of determination 113Statement of case for High Court

Part 7A:
Conversion to company

113ABuilding society may approve scheme for conversion of society into company under Companies Act 1993 113BCancellation of approval of scheme for conversion by High Court 113CSpecial resolution approving scheme for conversion to be registered by Registrar of Building Societies 113DRegistrar of Companies to register society as company on receipt of certain documents 113EConsequential provisions on conversion of society 113FEnforceability of rights and liabilities altered by or arising under scheme for conversion 113GLiability of members of company 113HProhibition on issue of terminating or bonus balloting shares in company to which society converts 113IPreservation of rights of terminating shareholders 113JTerms and conditions of bonus balloting securities not to be substantially different from terms and conditions of bonus balloting shares 113KEmployees 113LApplication of Gambling Act 2003 to company ballots 113MProhibition on opening of new bonus balloting accounts after conversion date 113NRetention of trustee investment status for 5 years from conversion 113ORetention of approved status for accepting deposits in home ownership or farm ownership accounts 113PProhibition of bonus ballots after expiry of 3 years from conversion date 113QRegulations for purposes of this Part 113RTaxes and duties 113SRegisters

Part 8:
Dissolution and winding up

114Dissolution in accordance with rules 115Dissolution by consent 116Provisions as to dissolution under last 2 preceding sections 117Dissolution on award of Registrar 118Dissolution by appointment of liquidator 119Liability of members on dissolution or liquidation 120Notice of dissolution or liquidation 121Provision as to terminating societies

Part 8A:
Register of building societies

121ARegister of building societies 121BRegistration of documents 121CRegistrar may require document to be registrable or otherwise comply before registration 121DWhen documents are registered 121EAlterations to register 121FInspection of register 121GObtaining certified copy or extract from register 121HCertified copy or extract is evidence

Part 9:
Miscellaneous provisions

122General control of advertisements 122APowers of inspection of Registrar 122BRegistrar may refuse to disclose information relating to inspection 122CAppeals from decisions under section 122B 122DPower of FMA to require actuary's certificate as to appropriations by ballot 123Inspections and special meetings 124Compulsory cancellation or suspension of registration 125Cancellation of registration at request of society 126Effect of cancellation or suspension of registration 127Provisions as to shares held jointly 128Land acquired by exercise of powers as mortgagee to be sold 129Evidence of rules 130Form in which records may be kept 131Exemptions from stamp duties 132Offences in relation to property of societies 133False statements in documents 134Summary jurisdiction in respect of indictable offences 135Time for filing charging document 136General penalty for offences 136AJurisdiction of District Court 137Regulations 137AValidation of fees used to recover costs of other Companies Office registers, etc 138Filing of rules of existing societies with District Registrars of Companies 139Repeals, consequential amendments, and savings

Schedule 1AA:
Transitional, savings, and related provisions

Schedule 1:
Standard rules for meetings

Schedule 2:
Requirements relating to founders' and directors' shares

Schedule 3:
Requirements relating to advertising

Schedule 4:
Societies authorised to accept savings bank deposits

Schedule 5:
Amendment to Part 2 of Schedule 1 of the Summary Proceedings Act 1957

Schedule 6:
Enactments repealed

Schedule 7:

Building Societies Act 1965

Advances - General provisions as to advances on mortgage

45: Implied warranty on advance to purchaser, unless notice given to the contrary

You could also call this:

"This rule about building societies giving money to property buyers no longer exists"

This section of the law used to be about an implied warranty when a building society gave money to someone buying property. However, this part of the law no longer exists. It was removed on 1 September 1987. This means that the rules that were once in this section no longer apply.

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 15 April 2025

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM371685.

Topics:

Money and consumer rights > Banking and loansHousing and property > Buying and selling homes

44: Arrangement for excess advance in connection with sale of property, or

"This rule about extra money for property sales no longer exists"

46: Representation as to sufficiency of security, or

"This rule about talking about enough security has been removed"

Part 3Advances
General provisions as to advances on mortgage

45Implied warranty on advance to purchaser, unless notice given to the contrary (Repealed)

Notes

Section 45: repealed, on 1 September 1987, by section 12 of the Building Societies Amendment Act 1987 (1987 No 175).