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Building Societies Act 1965

Management and administration - Accounting records and financial reporting

96: Distribution of copies of financial statements and reports

You could also call this:

"Building societies must share their money reports with members before big meetings"

You need to know about how building societies share their financial information. The directors of a building society must make sure that members can see the society's financial statements, the auditor's report, and the directors' report before the annual general meeting. They have two ways to do this. They can either send these documents to each member or publish them in big newspapers where the members live. They need to do this at least 14 days before the meeting.

The directors also have to send their report to the Registrar for registration within the same time frame. This means they need to send it at least 14 days before the annual general meeting.

If the society chooses to publish the information in newspapers instead of sending it to each member, they need to follow the society's rules and any other conditions that might be set. This means they can't just decide to use newspapers without checking if it's allowed.

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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=DLM372054.

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Money and consumer rights > Banking and loansHousing and property > Buying and selling homes
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95: Directors' report, or

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

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97: Depositors and members entitled to be supplied with copy of financial statements, or

"Members can get free copies of the society's money reports"

Part 7Management and administration
Accounting records and financial reporting

96Distribution of copies of financial statements and reports

  1. The directors of every society must ensure that a copy of the financial statements to be laid before the society at the annual general meeting, a copy of the auditor's report on those statements, and a copy of the directors' report are, not less than 14 days before the date of the meeting,—

  2. sent to each member of the society; or
    1. published in major daily newspapers circulating generally in those parts of New Zealand where members reside.

      1. The directors of every society must ensure that a copy of the directors' report is sent to the Registrar for registration within the time frame referred to in subsection (1).

      2. Subsection (1)(b) is subject to the society's rules and to any conditions or requirements that may be prescribed.

      Notes
      • Section 96: replaced, on , by section 7 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).