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Building Societies Act 1965

Management and administration - Directors and other officers

84: Giving of security by officers of society

You could also call this:

"Building society officers no longer need to provide a deposit or guarantee to do their job"

Illustration for Building Societies Act 1965

The law used to require officers of building societies to give security. This meant they had to provide a guarantee or deposit to show they would do their job properly. However, this rule no longer exists. The government removed it on 1 September 1987. Now, building society officers don't have to give security anymore.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM372023.

Topics:
Money and consumer rights > Banking and loansHousing and property > Buying and selling homes
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"This rule about how building society officers had to explain their actions was removed"

Part 7Management and administration
Directors and other officers

84Giving of security by officers of society (Repealed)

    Notes
    • Section 84: repealed, on , by section 17 of the Building Societies Amendment Act 1987 (1987 No 175).