Management and administration - Accounting records and financial reporting
91: Financial reporting
You could also call this:
"Building societies must follow rules for reporting their money and sharing the information"
When you're part of a building society in New Zealand, you need to know about some important rules for keeping track of money. Your society has to follow certain laws about financial reporting. These laws are found in a special part of the Financial Markets Conduct Act 2013.
The society must prepare financial statements, which are documents that show how much money the society has and how it's being used. These statements need to be checked by an expert (this is called an audit) and then sent to the right place.
Also, the people in charge of the society (called directors) have a job to do. They must make sure that everyone in the society gets to see these financial statements at a big yearly meeting. This meeting is called the annual general meeting.
These rules help make sure that everyone knows what's happening with the society's money and that everything is being done properly.
"Law about shortened money reports for building groups no longer exists"
Part 7Management and administration Accounting records and financial reporting
91Financial reporting
Every society must comply with subpart 3 of Part 7 of the Financial Markets Conduct Act 2013 (which relates to the preparation, audit, and lodgement of financial statements).
The directors of every society must ensure that the financial statements of the society are laid before the society at the annual general meeting.
Notes
Section 91: replaced, on , by section 6 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).
