Building Societies Act 1965

Miscellaneous provisions

122A: Powers of inspection of Registrar

You could also call this:

"The Registrar can check if building societies are following the rules"

The Registrar or someone they choose can check if a building society is following the rules. They can ask to see the society's papers and records. If needed, they can also look at records from other places that have information about the society's money or property.

The Registrar can take these records away for a while to look at them more closely. This includes looking at bank records that are about the society.

After looking at the records, the person who did the check can only tell what they found to the Registrar or Deputy Registrar. If the Registrar or Deputy Registrar says so, they can also tell the Minister, the head of the government department in charge of this law, or anyone else the Registrar or Deputy Registrar chooses.

The Minister or the head of the department can tell the Registrar or Deputy Registrar to share this information.

If a society or someone from the society doesn't show the records when asked, or if they try to stop the Registrar from looking at the records, they might have to pay a fine of up to $1,000.

This law doesn't change the rules about keeping conversations between lawyers and their clients private.

The Tax Administration Act 1994 and the Data and Statistics Act 2022 are not affected by this law.

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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=DLM372374.

Topics:

Money and consumer rights > Banking and loansHousing and property > Buying and selling homes

122: General control of advertisements, or

"Rules about building society ads no longer exist"

122B: Registrar may refuse to disclose information relating to inspection, or

"Secret inspections: Sometimes the Registrar can keep information about building society checks private"

Part 9Miscellaneous provisions

122APowers of inspection of Registrar

The Registrar or any person authorised by the Registrar may, for the purpose of ascertaining whether a society or any officer of a society is complying or has complied with this Act, or of ascertaining whether the Registrar should exercise any of the Registrar's rights or powers under this Act, or of detecting offences against this Act,—
require a society or any officer of a society to produce for inspection any registers, records, accounts, books, or papers that are kept by the society; and
in any case where the Registrar or the person authorised by the Registrar considers that the aforesaid purpose cannot be achieved by inspecting only the documents specified in paragraph (a), or where such documents are not produced for inspection, require any person (including any officer employed in or in connection with any government department) to produce for inspection any registers, records, accounts, books, or papers that contain information relating to any money or other property that is or has been managed, supervised, controlled, or held in trust by or for the society; and
inspect and make records of any such registers, records, accounts, books, or papers; and
for the purpose of making records thereof, take possession of and remove from the premises where they are kept, for such period of time as is reasonable in the circumstances, any such registers, records, accounts, books, or papers.

Nothing in subsection (1) limits or affects the Tax Administration Act 1994 or the Data and Statistics Act 2022.
Subsection (1) shall apply also in relation to any registers, records, accounts, books, or papers of a person carrying on the business of banking so far as they relate to the society's affairs.
A person who has made an inspection under subsection (1) shall give, divulge, or communicate any records or information that that person has acquired in the course of the inspection to such of the following persons as may require such records or information, namely:
the Registrar:
a Deputy Registrar.

A person who has made an inspection under subsection (1) shall, upon being directed to do so by a person for the time being holding the office of Registrar or Deputy Registrar, give, divulge, or communicate any records or information that that person has acquired in the course of the inspection to such of the following persons as that Registrar or Deputy Registrar specifies, namely:
the Minister:
the chief executive of the department of State that, with the authority of the Prime Minister, is for the time being responsible for the administration of this Act:
any person authorised by that Registrar or Deputy Registrar to receive such records or information.

The Minister or the chief executive of the department of State that, with the authority of the Prime Minister, is for the time being responsible for the administration of this Act may, by written notice to that person, require a person for the time being holding the office of Registrar or Deputy Registrar to give a direction under subsection (5); and that person shall comply with any such requirement.
If any society refuses or fails to produce for inspection to the Registrar, or to any person authorised by the Registrar for the purposes of subsection (1), any document that the Registrar or authorised person has under that subsection required it to produce, the society commits an offence and shall be liable on conviction to a fine not exceeding $1,000.
If any officer of a society or other person refuses or fails to produce for inspection to the Registrar, or to any person authorised by the Registrar for the purposes of subsection (1), any document within the power or control of that officer or person that the Registrar or authorised person has under that subsection required that officer or person to produce, that officer or person commits an offence and shall be liable on conviction to a fine not exceeding $1,000.
Any person who wilfully obstructs or hinders the Registrar, or any person authorised by the Registrar for the purposes of subsection (1), while the Registrar or authorised person is making an inspection, or a record, or taking possession of, or removing any documents pursuant to that subsection, commits an offence and shall be liable on conviction to a fine not exceeding $1,000.
Nothing in this section limits or affects legal professional privilege.

Notes

Section 122A: inserted, on 1 September 1987, by section 29 of the Building Societies Amendment Act 1987 (1987 No 175).
Section 122A(2): amended, on 1 September 2022, by section 107(1) of the Data and Statistics Act 2022 (2022 No 39).
Section 122A(2): amended, on 1 April 1995 (applying with respect to the tax on income derived in the 1995–96 and subsequent income years), by section YB 1 of the Income Tax Act 1994 (1994 No 164).
Section 122A(4)(b): amended, on 20 September 2007, by section 7 of the Building Societies Amendment Act 2007 (2007 No 43).
Section 122A(5)(b): replaced, on 1 October 1995, by section 10(3) of the Department of Justice (Restructuring) Act 1995 (1995 No 39).
Section 122A(6): replaced, on 1 October 1995, by section 10(3) of the Department of Justice (Restructuring) Act 1995 (1995 No 39).
Section 122A(7): amended, on 1 July 2013, by section 413 of the Criminal Procedure Act 2011 (2011 No 81).
Section 122A(8): amended, on 1 July 2013, by section 413 of the Criminal Procedure Act 2011 (2011 No 81).
Section 122A(9): amended, on 1 July 2013, by section 413 of the Criminal Procedure Act 2011 (2011 No 81).