Building Societies Act 1965

Conversion to company

113O: Retention of approved status for accepting deposits in home ownership or farm ownership accounts

You could also call this:

"Companies can still accept special home and farm savings after changing from a building society"

If a building society changes into a company, and that society was allowed to accept deposits for home ownership or farm ownership accounts, the new company can still do this. The company is treated as if it's still a building society for this purpose. All the rules about these kinds of accounts still apply to the company, just like they did when it was a society. This means you can still put money into these special accounts with the company, even though it's not a building society anymore.

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This page was last updated on 15 April 2025

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM372346.

Topics:

Money and consumer rights > Banking and loansMoney and consumer rights > Savings and retirementHousing and property > Buying and selling homes

113N: Retention of trustee investment status for 5 years from conversion, or

"Building societies can no longer keep their special investment status after changing to companies"

113P: Prohibition of bonus ballots after expiry of 3 years from conversion date, or

"No more prize draws three years after a building society becomes a company"

Part 7AConversion to company

113ORetention of approved status for accepting deposits in home ownership or farm ownership accounts

Where a society becomes converted into a company pursuant to this Part and that society was, immediately before the conversion date, a society approved by Order in Council made under section 56D, or deemed to be so approved, as a society that may accept deposits from its members in home ownership accounts or farm ownership accounts, the company into which the society has become converted shall be deemed to be an approved society that may accept deposits from its members or from any other person in home ownership accounts or farm ownership accounts, and the provisions of this Act and any regulations made under this Act relating to the approval of societies as societies that may accept deposits in home ownership or farm ownership accounts, and the operation of such accounts, shall apply to that company in all respects as if it were a society.

Notes

Section 113O: inserted, on 1 September 1987, by section 26 of the Building Societies Amendment Act 1987 (1987 No 175).