Plain language law

New Zealand law explained for everyone

Building Societies Act 1965

Borrowing powers. Investors and depositors

59: Liability for borrowing in excess of powers

You could also call this:

"This rule about borrowing too much money from building societies no longer exists"

This law used to talk about what happens when someone borrows more money than they're allowed to from a building society. However, this rule doesn't exist anymore. It was removed on 1 September 1987 by another law that changed how building societies work. This means that if you want to know about borrowing rules for building societies now, you'll need to look at more recent laws.

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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=DLM371744.

Topics:
Money and consumer rights > Banking and loansHousing and property > Buying and selling homes
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58: Interest on deposits, or

"Rules about interest on savings no longer apply to building societies"

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60: Assistance to other building societies, or

"This section about helping other building societies was removed from the law"

Part 5Borrowing powers. Investors and depositors

59Liability for borrowing in excess of powers (Repealed)

    Notes
    • Section 59: repealed, on , by section 12 of the Building Societies Amendment Act 1987 (1987 No 175).