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Building Societies Act 1965

Conversion to company

113L: Application of Gambling Act 2003 to company ballots

You could also call this:

"Rules for prize draws by companies that used to be building societies"

The Gambling Act 2003 doesn't apply to certain ballots held by companies that used to be building societies. For three years after a building society becomes a company, the company can hold prize ballots for people who had bonus balloting shares in the old building society. These ballots must follow the rules about bonus ballots.

The Gambling Act 2003 also doesn't apply when these companies hold loan ballots. These are for people who had shares in the old building society that were meant to end after a certain time or when certain things happened.

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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=DLM372339.

Topics:
Money and consumer rights > Banking and loansMoney and consumer rights > GamblingHousing and property > Buying and selling homes
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113K: Employees, or

"Rules for employees when a building society becomes a company"

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113M: Prohibition on opening of new bonus balloting accounts after conversion date, or

"New companies can't start bonus prize accounts"

Part 7AConversion to company

113LApplication of Gambling Act 2003 to company ballots

  1. The Gambling Act 2003 shall not apply to any ballot which is conducted at any time before the expiry of 3 years from the conversion date by a company into which a society has become converted pursuant to this Part for the purpose of determining the entitlement for prizes of any person who, immediately before the conversion date, was a holder of any bonus balloting share in the capital of the society and which is conducted in accordance with any regulations relating to bonus ballots made under this Act.

  2. The Gambling Act 2003 shall not apply to any ballot which is conducted by a company into which a society has become converted pursuant to this Part for the purpose of determining the entitlement for loans of any person who, immediately before the conversion date, was a holder of any share in the society of a group that was to terminate at the end of a given period or on the attainment of specified results.

Notes
  • Section 113L: inserted, on , by section 26 of the Building Societies Amendment Act 1987 (1987 No 175).
  • Section 113L heading: amended, on , by section 374 of the Gambling Act 2003 (2003 No 51).
  • Section 113L(1): amended, on , by section 374 of the Gambling Act 2003 (2003 No 51).
  • Section 113L(2): amended, on , by section 374 of the Gambling Act 2003 (2003 No 51).