Plain language law

New Zealand law explained for everyone

Building Societies Act 1965

Dissolution and winding up

120: Notice of dissolution or liquidation

You could also call this:

“Telling the official record keeper when a building society is closing down”

When a building society starts or finishes dissolving or liquidating, they need to tell the Registrar about it. The Registrar is a person who keeps official records. The society must send a notice to the Registrar so this information can be registered.

If the society doesn’t send this notice, they’re breaking the law. Not only the society itself, but any officer of the society who didn’t make sure the notice was sent, is also breaking the law. An officer is someone who has an important job in the society.

This rule is important because it helps keep track of what’s happening with building societies. It makes sure that official records are kept up to date about which societies are dissolving or liquidating.

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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=DLM372368.

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119: Liability of members on dissolution or liquidation, or

"Members don't have to pay everything back at once when a building society closes"

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121: Provision as to terminating societies, or

"Rules for ending special societies that are meant to finish at a certain time"

Part 8 Dissolution and winding up

120Notice of dissolution or liquidation

  1. Notice of the commencement and of the termination of the dissolution or liquidation of a society shall be sent to the Registrar for registration.

  2. Repealed

  3. If a society fails to send any such notice, the society, and every officer of the society who is in default, commits an offence against this Act.

Notes
  • Section 120: replaced, on , by section 8 of the Building Societies Amendment Act 1993 (1993 No 111).
  • Section 120(1): amended, on , by section 7 of the Building Societies Amendment Act 2007 (2007 No 43).
  • Section 120(2): repealed, on , by section 7 of the Building Societies Amendment Act 2007 (2007 No 43).