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Building Societies Act 1965

Conversion to company

113Q: Regulations for purposes of this Part

You could also call this:

“Rules for changing building societies into companies”

The Governor-General can make rules about how building societies can turn into companies. These rules can cover:

  1. How a building society can become a company.

  2. How the new company should run ballots.

  3. How the new company should keep money safe to pay for prizes or loans from ballots.

  4. How the company should pay people who are part of the ballots and what to do with any leftover money.

  5. What happens if someone breaks these rules. They might have to pay up to $1,000 if they do.

  6. Any other things that need to be sorted out when a building society becomes a company.

These rules are made under section 137 of the law. They help make sure everything is fair and proper when a building society changes into a company.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM372350.

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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"

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113R: Taxes and duties, or

"A building society that becomes a company still has to pay the same taxes and fees"

Part 7A Conversion to company

113QRegulations for purposes of this Part

  1. The Governor-General may from time to time, by Order in Council, make regulations under section 137 for all or any of the following purposes:

  2. prescribing the procedure to be followed by a society for the purpose of becoming converted into a company pursuant to this Part:
    1. regulating ballots conducted by any company into which a society has become converted pursuant to this Part:
      1. providing for the maintenance of any fund or funds by any such company for the purpose of discharging the liabilities (whether existing, future, vested, or contingent) of any such company to any person interested in any ballots conducted by the company for the purpose of determining entitlements to prizes or loans:
        1. prescribing the procedure to be followed for the purpose of—
          1. discharging any liabilities to persons interested in ballots conducted by the company:
            1. disposing of any funds required to be maintained by the company in accordance with regulations made under paragraph (c):
            2. prescribing offences in respect of the contravention of or non-compliance with any regulations made under this section and prescribing fines, not exceeding $1,000 in any case, in respect of any such offences:
              1. providing for such other matters as are contemplated by or necessary for giving full effect to the provisions of this Part.

                Notes
                • Section 113Q: inserted, on , by section 26 of the Building Societies Amendment Act 1987 (1987 No 175).