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Building Societies Act 1965

Management and administration - Meetings and resolutions

76: Annual general meeting

You could also call this:

“Building societies must have a yearly meeting for members”

Every building society must have a yearly meeting called the annual general meeting. You need to have this meeting in the first four months of each financial year. This is in addition to any other meetings the society might have.

When you tell people about the annual general meeting, you must call it by that name in the notices.

If your society is new and just starting out, you don’t need to have an annual general meeting in the same year that you form the society.

If you don’t have the annual general meeting when you’re supposed to, the FMA (Financial Markets Authority) can step in. They can tell you to have the meeting or even organise it themselves. The FMA can also give you other instructions about how to run the meeting, even if these are different from your usual rules.

If you don’t have the annual general meeting when you should, or if you don’t follow the FMA’s instructions, your society is breaking the law. The people in charge of the society who didn’t make sure the meeting happened could also be in trouble.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM372007.

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Part 7 Management and administration
Meetings and resolutions

76Annual general meeting

  1. Subject to the provisions of this section, every society shall in the first 4 months of every financial year hold a meeting as its annual general meeting, in addition to any other meetings held in that year.

  2. The annual general meeting shall be described as such in the notices calling it.

  3. A society need not hold an annual general meeting in the financial year in which it is incorporated.

  4. If in any financial year default is made in holding an annual general meeting in accordance with this section, the FMA may—

  5. call or direct the calling of an annual general meeting in that financial year; and
    1. give any ancillary or consequential directions as the FMA thinks fit (including directions modifying or supplementing the operation of the society's rules in relation to the calling, holding, and conducting of the meeting).

      1. If default is made in holding an annual general meeting in accordance with subsections (1) and (2), or in complying with any directions of the FMA under subsection (4), the society, and every officer of the society who is in default, shall be guilty of an offence against this Act.

      Compare
      • Building Societies Act 1962 s 64 (UK)
      Notes
      • Section 76(4): replaced, on , by section 82 of the Financial Markets Authority Act 2011 (2011 No 5).
      • Section 76(5): amended, on , by section 82 of the Financial Markets Authority Act 2011 (2011 No 5).