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Building Societies Act 1965

Management and administration - Accounting records and financial reporting

95: Directors' report

You could also call this:

“Directors must write a report about the society's performance for the yearly meeting”

If you’re part of a building society, the directors have to do some important things. They need to write a report about how the society is doing. This report has to be ready for the big yearly meeting that everyone in the society can attend.

The directors can’t just keep this report to themselves. They have to attach it to the financial statements. Financial statements are like a report card that shows how much money the society has and how it’s been spent.

When the directors give out copies of the financial statements, they need to make sure two other things are included too. First, they need to include their report about how the society is doing. Second, they need to include a report from the auditor. An auditor is someone who checks that the financial statements are correct.

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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=DLM372050.

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Part 7 Management and administration
Accounting records and financial reporting

95Directors' report

  1. The directors must prepare for submission at the annual general meeting a report on the state of the affairs of the society.

  2. The directors' report must be attached to the financial statements laid before that meeting.

  3. The directors of every society must ensure that every copy of the financial statements of the society referred to in section 91 that is issued, circulated, or published has attached to it, or is accompanied by,—

  4. a copy of the directors' report; and
    1. a copy of the auditor's report on those statements.

      Notes
      • Section 95: replaced, on , by section 7 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).